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

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".