Elon Musk is planning to morph X into a Venmo-style payment app

New documents revealed that X has been struggling financially since Elon Musk took over the company and what the social media platform plans to evolve into.

1 minute & 17 seconds read time

The Elon Musk takeover of Twitter was certainly tumultuous, and since the popular social media platform is now private, many of its inner workings have been removed from the public spotlight.

However, Bloomberg has obtained new documents that have revealed some details about what X, formerly Twitter, is experiencing behind the scenes and what it plans to do next in its quest to become "the everything app". According to the documents, which were submitted by X to state regulators to obtain money transmitter licenses, in the first full year Musk owned the company, X's revenue shrunk by nearly 40% compared to the same period a year prior.

More specifically, during that aforementioned time period, X's then-Twitter's revenue was $1.48 billion. During the first three months of 2023, X lost a staggering $456 million, which can be attributed to the mass abandonment of advertisers paying the platform. At the time of Musk's takeover, advertisers consisted of 90% of the company's revenue, and following Musk's acquisition and rollout of critical changes to what content can and cannot be posted, advertisers pulled out their ad expenditures.

As for what X has in store for the future to fix its seemingly declining revenue, the documents state that X is planning on integrating a Venmo-style payment service called X Payments. This new service would act the same as PayPal and Venmo, enabling users to send and receive money that would be stored in their X account.

Furthermore, Musk has previously stated that he would like users to be able to open up a savings account with X that has "extremely high yield".

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NEWS SOURCE:bloomberg.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest science, space, and artificial intelligence news. Jak's love for science, space, and technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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