Users of the X social network will soon be able to trade and invest directly on the platform. This was announced by X Corp. CEO Linda Yaccarino during an interview, noting that the company aims to transform the social network into a comprehensive financial service.
This is reported by Finway
Plans for finance and a bank card
Yaccarino revealed that X Corp. is also considering launching its own bank card, which could appear as early as 2025. Details are not yet disclosed, but it is expected that the card will be integrated with the X Money peer-to-peer payment service. Visa is a partner in this project, and users will be able to pay for goods and services on the platform and support content creators through donations.
Initially, the functionality will be available to American users, but X Corp. plans to expand the service’s geography in the future.
Situation with advertisers and platform development
During the conversation, Linda Yaccarino also commented on the information regarding the social network’s collaboration with advertisers. After Elon Musk acquired Twitter (now X) in 2022, the platform underwent significant changes: there was a shift in strategy and personnel changes, resulting in the company’s market value dropping by 60% by June 2023.
In September 2023, Yaccarino stated that 90% of advertisers who left the platform after the ownership change had returned. In a new interview, she reported that this figure has risen to 96%.
“You will be able to come to X and conduct your entire ‘financial life’ on the platform. This applies to whether I can pay you for the pizza we shared last night, as well as investments or other transactions. So this is the future,” Yaccarino stated in the interview with the publication.
She also expressed confidence that the platform will soon reach the advertising revenue levels recorded in 2022. However, some advertisers have skeptically assessed these optimistic forecasts.
Additionally, in June of this year, there were reports that X Corp. allegedly threatened legal action against partners who refuse to purchase advertising. Yaccarino categorically denied these rumors.
Besides financial innovations, the CEO of X Corp. also commented on the integration of artificial intelligence solutions following the acquisition of the social network by Musk’s startup xAI. She positively noted the development of this direction in the platform’s functionality.