Technology
Tuesday, January 9th, 2024 3:10 pm EDT
Key Points
- Introduction of Peer-to-Peer Payments on X: The primary focus of the article is the announcement made by Elon Musk’s social media platform, X (formerly Twitter), regarding the upcoming launch of peer-to-peer payments later this year. According to a Tuesday blog post, these payments are expected to unlock “more user utility and opportunities for commerce.” However, specific details about how the payment feature will operate or the official launch date were not provided in the blog post. This move signifies a notable development as X continues to evolve under Elon Musk’s leadership.
- Transformation into an “Everything App”: Elon Musk, who acquired X for $44 billion in late 2022, has been actively working to transform the platform into what he refers to as an “everything app.” This vision encompasses a broad range of functionalities, allowing users to go beyond social posting and engage in various activities, including managing finances. The article notes Musk’s intention, expressed in a July post on X, to incorporate “comprehensive communications and the ability to conduct your entire financial world” into the platform. This transformation aligns with Musk’s overarching goal to make X a versatile platform for users.
- Diversification of X’s Features and Offerings: Alongside the introduction of peer-to-peer payments, the article highlights other initiatives and features that X plans to roll out in the near future. The platform is set to introduce more original content and talent, invest further in creators and content partnerships, and enhance its advertising capabilities in the coming year. This indicates a broader strategy for X to diversify its offerings, engaging users with a multifaceted experience. The platform aims to go beyond being perceived as just another app, with aspirations to become the “everything app” that seamlessly unites various experiences into one interface for all users. Despite the reported developments, X did not provide an immediate response to CNBC’s request for comment on these matters.
Elon Musk’s social media platform, X, formerly known as Twitter, has announced plans to launch peer-to-peer payments later this year, as revealed in a blog post on Tuesday. The move is described as unlocking “more user utility and opportunities for commerce,” aligning with X’s goal to “revolutionize 2024.” The blog post did not provide specific details about how the payment feature would operate or the official launch date. Since Elon Musk’s acquisition of X for $44 billion in late 2022, the platform has undergone significant transformations. Musk, who serves as the CEO of Tesla and SpaceX, aims to turn X into an “everything app,” allowing users to perform diverse functions, from social posting to financial management.
In a July post on X, Musk outlined plans to incorporate “comprehensive communications and the ability to conduct your entire financial world” into the platform. Months earlier, X collaborated with social trading company eToro to introduce a feature enabling users to access cryptocurrencies, stocks, and various financial assets. Alongside the peer-to-peer payments, X also announced intentions to introduce more original content and talent, invest in creators and content partnerships, and enhance advertising capabilities in the coming year, according to the Tuesday blog post. The vision for X is articulated as transcending the role of just another app, evolving into the “everything app” that seamlessly unites diverse experiences within a single interface for all users. As of now, X has not responded to CNBC’s request for comment on these developments.
For the full original article on CNBC, please click here: https://www.cnbc.com/2024/01/09/elon-musks-x-to-launch-peer-to-peer-payments-this-year-.html
