Elon Musk’s X to provide investment and trading in “Super App” Push

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The CEO of X Linda Yaccarino said that users “will be able to make investments or trading on the social media platform, as it has been paid for financial services in the owner’s Elon Musk’s pursuit to build” application of everything. ”

“You will be able to reach X and be able to deal with your entire financial life on the platform,” Yaccarino said in an interview with Financial Times at the advertising Cannes Lions. “This is whether I can pay the price of the pizza that we participated last night, investment or trade. This is the future.”

She added that the company was also exploring the entry of a credit card or X discount, which could come as soon as this year.

The proposed invasion comes in financial services where Musk seeks to design the platform, which he bought in 2022, after WeChat in China-one of the messages, payments and shopping.

X has already said that she will provide X Money, a digital payment service and a counterpart to counterpart, with Visa as her first partner later this year.

Yaccarino added on Tuesday that X Money will be launched in the United States first before it is put forward elsewhere, and said that the service will allow users to buy goods or creators in the store or creators on the platform.

She said: “A full commercial ecosystem and a financial ecosystem will appear on the platform that is not present today.”

However, a big batch of financial services will open X to exhausting organizational challenges, such as compliance with licensing and money laundering.

X has struggled to return to financial health after the advertisers, which represented the majority of its revenues, were in large numbers after MUSK acquisition of $ 44 billion for the platform known then as Twitter. Many concerns were martyred regarding his hands -to -moderate approach, which means that their ads can be placed near rejected content, as well as the use of the billionaire businessman for the platform.

The tensions between the leadership of X and the advertisers strained. In the interview, Yaccarino pushed back against allegations that the social media company recently threatened brands with lawsuits if they failed to buy ads on X.

The “thunderbolt” rejected the Wall Street Journal report last week, which said half of the trademarks, including Verizon and Ralph Lauren, have concluded deals to buy ads after receiving threats. Yakarino said: “They are sources that have not been named, randomly suspended by a third party.”

X filed a federal lawsuit to combat monopoly last summer against the global alliance of responsible media, a coalition of brands and advertising agencies, as well as many other brands. The social media company accused the group of violating the competition law by coordinating an “illegal boycott” under the guarantee of the online safety initiative.

Over time, X added or removed many brands of the complaint. UNILEVER was dropped from the lawsuit after the declaration of the social media platform in October.

Yaccarino said that 96 percent of the advertising customers in the company before the acquisition have now returned to the platform, and that the company will reach its goal to return to advertising levels 2022 “Super soon.”

Some advertisers and agencies at the Fort Festival Festival were told that they were still cautious about the operation of ads on X and skeptical that they would strike their goals in the near future – noting the toxicity of the content on the platform.

Others felt the announcement of the advertisement, according to people familiar with the discussions, while claiming that they were told to spend a specific amount or face a lawsuit. The person said that Musk’s close relationship with US President Donald Trump made advertisers be concerned about compliance with the demands.

Emarketer research projects that will increase X’s revenues to $ 2.3 billion this year, compared to $ 1.9 billion a year ago. However, global sales were in 2022, when Musk took 4.1 billion dollars.

Yaccarino also described plans to enhance X’s artificial intelligence capabilities after it was purchased by Xai, the start of Musk for artificial intelligence, for $ 45 billion in March. She said the draw will help to better provide ads against the actual running content, adding that she now has “twice the amount of engineers” to improve the platform.