X Introduces In-App Trading and Investing Features

Elon Musk’s X app is set to introduce a range of financial services, including in-app trading and investing features. This move is part of Musk's broader vision to transform X into an "everything app," similar to China's WeChat, which offers a wide array of services from messaging to payments and shopping.

X CEO Linda Yaccarino announced that users will soon be able to conduct their entire financial life on the platform, including making investments, trades, and payments. This initiative includes the potential launch of an X credit or debit card, which could be available as early as this year.

The addition of these financial services is a significant step for X, which has faced challenges since Musk's acquisition in 2022. Many advertisers left the platform due to concerns about content moderation and Musk's use of the platform, leading to a decline in revenue. However, Yaccarino has stated that 96% of the company’s advertising clients before the acquisition have returned to the platform, and the company aims to reach its 2022 advertising levels soon. The introduction of financial services could provide a new revenue stream and help stabilize the platform's financial health.

X has already announced plans to launch X Money, a digital wallet and peer-to-peer payment service, with Visa as its first partner. This service will allow users to buy merchandise, store value, or tip creators on the platform. The launch of X Money in the US will be followed by a global rollout, further expanding the platform's financial ecosystem. Yaccarino emphasized that a comprehensive commerce and financial ecosystem will emerge on X, offering users a seamless experience for all their financial needs.

However, the foray into financial services comes with regulatory challenges. X will need to comply with licensing and money laundering regulations, which could be burdensome. Despite these challenges, the move aligns with Musk's vision of creating an all-encompassing app that can handle various aspects of users' lives. The introduction of in-app trading and investing features, along with the potential X credit or debit card, positions X as a formidable competitor in the financial services sector. This strategic shift could attract a new user base and provide additional revenue streams, helping X to regain its financial stability and continue its growth trajectory.

Ultimately, the new feature will let users trade and invest directly in the X app. This change makes the app a single place for both content and financial services. It is worth noting that the launch will start in the United States with a new brand called X Money.

Meanwhile, this new initiative expands X’s digital payments and financial technology efforts. Musk wants to change how people use financial tools by directly adding stock trading, crypto investing, and digital payments into the platform.

The new X Money wallet will support regular cash transactions, peer-to-peer payments, and possibly digital assets, making it more versatile than current apps.

Last year, Elon Musk’s X removed the Bitcoin hashtag emoji, sparking diverse reactions from the cryptocurrency community. This decision is part of a broader update by the platform, which has eliminated all hashtag emojis, not just the one associated with Bitcoin. The removal, however, was not publicly announced, leaving users speculating about the reasons behind this apparent change.

Some users are disappointed, as they felt the emojis brought a unique and enjoyable aspect to their social media interactions. On the other hand, some users think that X might be removing the feature to clean up the platform and reduce clutter. Others speculate that this decision could be influenced by changing regulations and X’s need to remain neutral about cryptocurrencies.

Meanwhile, the enigmatic boss revealed his intention to stop using his phone number and instead use the X app for texts and audio/video calls. Under Musk’s leadership, this recent addition is part of a series of improvements to the platform’s core experience. Following his acquisition of the social media company, Musk indicated his plans to turn the platform into a super-app.

He also plans to provide several services, including messaging, social networking, and peer-to-peer payments. Furthermore, Musk plans to take out traditional banks. He envisions that X will cover all aspects of a person’s financial life, from money to securities, thereby mitigating the need for traditional banks.