X, the social media platform formerly known as Twitter, is preparing to allow users to conduct investment and trading activities directly on its app, according to its chief executive, Linda Yaccarino.
Speaking at the Cannes Lions advertising festival, Yaccarino said the company is advancing its ambitions to transform the platform into a comprehensive financial ecosystem, echoing owner Elon Musk’s vision of an “everything app.”
“You’ll be able to come to X and be able to transact your whole financial life on the platform,” Yaccarino told the Financial Times.
“And that’s whether I can pay you for the pizza that we shared last night or make an investment or a trade. So that’s the future.”
Musk’s superapp plans
As part of this expansion, Yaccarino revealed that X is exploring the launch of its own credit or debit card.
While she did not provide a timeline, she indicated that such a product could be introduced as early as this year.
The move is consistent with Musk’s stated aim of replicating aspects of China’s WeChat, a multipurpose platform that integrates messaging, payments, and e-commerce.
Musk acquired Twitter in 2022 for $44 billion and has since been repositioning the company under its new identity, X.
X had earlier announced plans for a peer-to-peer payment service called X Money.
The service is expected to launch first in the United States in partnership with Visa, and later expand to other markets.
Yaccarino said X Money would allow users to store funds, tip content creators, and purchase merchandise directly within the app.
Challenges remain for X
X’s expansion into financial services is likely to trigger significant regulatory scrutiny.
Offering investment and trading capabilities would require compliance with a range of financial regulations, including those governing licensing, anti-money laundering, and consumer protection.
The company has not disclosed how it plans to navigate these challenges or which regulatory bodies it is engaging with.
The push into financial services comes as X continues to grapple with the fallout from Musk’s controversial takeover.
Following the acquisition, many advertisers suspended spending on the platform, citing concerns over content moderation and the risk of their ads appearing next to objectionable material.
Advertising has historically accounted for the bulk of X’s revenues, and the company has struggled to stabilise its financials in the wake of the exodus.
Yaccarino rejected a recent Wall Street Journal report that alleged X threatened to sue brands that did not resume advertising.
The report claimed companies such as Verizon and Ralph Lauren returned to the platform after receiving legal threats.
Yaccarino called the report “hearsay” and questioned its credibility.
“It’s unnamed sources, random third-party commenters,” she said in the interview.
In response to the advertising pullback, X filed a federal antitrust lawsuit last year against the Global Alliance for Responsible Media (GARM), a coalition of brands and advertising agencies.
The suit accuses the group of orchestrating what X described as an “illegal boycott” under the guise of promoting online safety.
X has since amended the lawsuit, removing some companies from the complaint.
Unilever, for instance, was dropped from the case after it resumed advertising on the platform in October 2023.
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