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The X Managing Director Linda Yaccarino said that users will be able to make investments or shops on the Social Media platform, since they outlined a advance against financial services in the search by owner Elon Musk after building an “everything app”.
“You can come to X and handle your entire financial life on the platform,” Yaccarino said in an interview with the Financial Times at the Cannes Lions Advertising Festival. “And that is whether I can pay it for the pizza that we shared last night or make an investment or trade. So that’s the future.”
She added that the company also examined the introduction of an X -credit or debit card that could come this year.
The proposed entry into the financial services comes when Musk, according to China Wechat, the platform he bought in 2022, modeled to China’s Wechat-a one-stop shop for messages, payments and purchases.
X has already announced that X Money, a digital wallet and a peer-to-peer payment service to present Visa as the first partner later this year.
On Tuesday, Yaccarino added that X Money would start in the USA first before it was introduced elsewhere, and said that the service would allow users to buy goods, save value on the platform or to store them.
“An entire commercial ecosystem and a financial ecosystem will appear on the platform that does not exist today,” she said.
However, X would open a great advance in financial services for the stressful regulatory challenges, such as: B. compliance with license and money laundering regulations.
X has tried to return $ 44 billion after advertisers who make up most of his income according to Musks via the platform known as Twitter. Many cited concerns about his trade approach to moderation, which means that their ads near uncomfortable content and the provocative use of the billionaire contractor’s platform could be set up.
The tensions between the guidance of X and the advertisers are expanded. In the interview, Yaccarino fought against the allegations that the social media company recently threatened brands with complaints if it did not buy any advertising for X.
Last week, she declined a report “hearsay” in a Wall Street Journal report, in which half a dozen brands, including Verizon and Ralph Lauren, had made offers to buy advertisements after receiving the threats. “They are unnamed sources, random commentators of third -party providers,” said Yaccarino.
X filed a antitrust legal action against the Global Alliance for Responsible Media last summer, a coalition of brands and advertising agencies as well as several other brands. The social media company accused the group of violating the Competition Act by coordinating an “illegal boycott” under the guise of an online security initiative.
Over time, X has added or removed several brands from the complaint. Unilever fell out of the lawsuit after it started advertising on the Social Media platform in October.
Yaccarino said that 96 percent of the company’s advertising customers had now returned to the platform before the acquisition and that the company would achieve its goal of returning to its 2022 advertising level.
Some advertisers and agencies in Cannes informed the FT that they were still cautious to make advertisements on X and skeptical that it would achieve its goals in the near future – which indicates the toxicity of content on the platform.
Others had put themselves under pressure, according to the people familiar with the discussions, and one claimed that they should spend a certain amount or an action. Musk’s close relationship with US President Donald Trump had caused advertisers to meet the requirements, the person said.
The research company of Emarkter projects that the turnover of X this year will increase to USD $ 2.3 billion compared to USD 1.9 billion a year ago. The global turnover in 2022, when Musk took over, was $ 4.1 billion.
Yaccarino also observed plans to strengthen the functions for artificial intelligence of X after it was bought for $ 45 billion in March by Xai, Musk’s artificial intelligence start-up. She argued that the improvement would help to provide advertising against trend content better in real time, and added that she now had “twice the number of engineers” to improve the platform.
