Kate Mills 
Jan 16, 2024
X, Elon Musk's social media platform which was formerly known as Twitter, on Monday obtained a money transmitter license from Utah.
By granting extending the license, Utah has become the 15th US state to grant approval. According to the Nationwide Multistate Licensing System & Registry, an online database, Utah provided its approval On Friday.
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The license handed the company capabilities similar to PayPal's Venmo, ensuring the facilitation of money transfers and paving the way for users to exchange money, as reported by Reuters.
The license allows the company to venture into the realm of payments. which would assist X in expanding its business scope beyond digital advertising, which has faced challenges since Musk took control of the platform last year.
Following Musk's agreement with an X user who promoted an antisemitic conspiracy theory last year, several significant advertisers either halted their spending or departed from the platform.
Subsequently, during a New York Times DealBook event later that month, the billionaire CEO made inappropriate remarks about brands that had suspended their advertisements on X.
After acquiring Twitter in October 2022, Musk expressed his anticipation of transforming the company into an "everything app," resembling the popular Chinese application WeChat. WeChat not only allows users to send messages but also facilitates tasks such as calling a taxi cab or making payments to merchants.
In June last year, X secured its initial state money-transmitter license in New Hampshire while also gaining approval in Pennsylvania, Arizona, Georgia, Maryland, and Michigan.
