X is set to roll out investment and trading features as Elon Musk advances plans to transform the platform into a full-fledged financial and social ecosystem, said X CEO Linda Yaccarino in a recent interview with the Financial Times. According to Yaccarino, the ambition is to house not only social networking but a full range of financial tools within a single app.
“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,” said the X CEO.
Last month, Elon Musk confirmed that X Money, a peer-to-peer digital wallet service, will launch soon in partnership with Visa. The feature will allow users to link debit cards to their digital wallets, with a tightly controlled initial rollout focused on safeguarding personal savings.
Speaking to the FT, Yaccarino said the service will debut in the US before expanding internationally, enabling users to store value, purchase merchandise, and tip creators directly on the platform. The company is also exploring the launch of an X-branded credit or debit card, which could arrive later this year.
“A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today,” Yaccarino said.
The expansion comes as X works to recover advertising revenue following Musk’s $44 billion acquisition of the platform in 2022.
Yaccarino reported that 96% of pre-acquisition advertising clients have returned to the platform. Research firm Emarketer projects X’s revenue will reach $2.3 billion this year, up from $1.9 billion last year, though still below 2022’s global sales of $4.1 billion.
The CEO also addressed recent reports about advertising disputes, dismissing as “hearsay” a Wall Street Journal report that claimed several brands received threats to buy ads on X.
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