According to X's CEO, users will be able to invest and trade on the X platform "soon."

Written by: Ye Zhen

Source: Wall Street Journal

Elon Musk's social media platform X is accelerating its transformation into a "super app," planning to launch investment and trading features while exploring credit card services, aiming to replicate WeChat's one-stop service model.

On June 19, X CEO Linda Yaccarino stated in an interview with the Financial Times at the Cannes Lions International Festival of Creativity that users will be able to invest and trade on the X platform "soon." She revealed that the company is also exploring the launch of X-branded credit or debit cards, which could debut as early as this year.

This series of new financial service initiatives is a key step in Musk's vision of building an "everything app," aiming to turn X into a one-stop platform similar to WeChat, integrating messaging, payment, and shopping functionalities.

X has previously announced the launch of a digital wallet and peer-to-peer payment service called X Money, and has formed its first partnership with Visa.

A Comprehensive Financial Ecosystem is Coming Soon

Yaccarino outlined the grand vision for X's financial services. "You will be able to complete all your financial transactions on X," she stated in the interview, "whether it's paying for the pizza we had last night or making investments or trades, that's the future."

According to Yaccarino, X Money will first launch in the United States and then expand to other regions. The service will allow users to purchase goods, store value, or tip creators on the platform.

"A complete commercial ecosystem and financial ecosystem will emerge on the platform, which does not exist today," she said.

However, a large-scale entry into financial services will pose significant regulatory challenges for X, including compliance with licensing requirements and anti-money laundering regulations.

Advertising Business Recovery Faces Doubts

Since Musk's acquisition, X has struggled to restore its financial health. Due to concerns over content moderation policies and Musk's controversial statements on the platform, many advertisers have left, with advertising revenue accounting for a large portion of X's total income.

Yaccarino claimed that 96% of advertisers who were on the platform before the acquisition have now returned, and the company will "soon" reach its goal of restoring advertising revenue levels from 2022.

However, according to the Financial Times, some advertisers and agencies at Cannes expressed caution about advertising on X and were skeptical about the platform's ability to meet its goals in the short term.

Research firm Emarketer predicts that X's revenue will increase to $2.3 billion this year, up from $1.9 billion last year. However, this is still far below the $4.1 billion revenue when Musk took over in 2022.

Tensions with Brands Remain High

The relationship between X and advertisers remains tense. According to the Wall Street Journal, six brands, including Verizon and Ralph Lauren, reached advertising agreements with X after receiving threat letters.

Yaccarino dismissed these allegations in the interview, calling the reports "rumors." "These are all unnamed sources and casual third-party commentators," she said.

Last summer, X filed a federal antitrust lawsuit against the Global Responsible Media Coalition and other brands, accusing the organization of coordinating an "illegal boycott" against X under the guise of online safety initiatives. Over time, the platform has added or removed several brands from the lawsuit, and after Unilever resumed advertising on the platform in October, X dropped its allegations against them.

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