Elon Musk's social media platform X is accelerating its transformation into a &#34;super app,&#34; planning to launch investment trading features and explore credit card services, aiming to replicate WeChat's one-stop service model.
On June 19, X CEO Linda Yaccarino stated in an interview with the Financial Times at the Cannes Lions International Festival of Creativity that users will &#34;soon&#34; be able to invest and trade on the X platform. She revealed that the company is also exploring the launch of X-branded credit or debit cards, which could debut as early as this year.
This series of new financial service initiatives is a key step in Musk's vision of building an &#34;everything app,&#34; aiming to transform X into a one-stop platform similar to WeChat, integrating messaging, payment, and shopping functionalities.
X has previously announced the launch of a digital wallet and peer-to-peer payment service called X Money, and has established its first partnership with Visa.
<h2>Comprehensive Financial Ecosystem Set to Launch</h2>
Yaccarino outlined the grand vision for X's financial services. &#34;You will be able to complete all your financial transactions on X,&#34; she stated in the interview, &#34;whether it's paying for the pizza we had last night or making investments or trades; this is the future.&#34;
According to Yaccarino, X Money will first launch in the United States and then expand to other regions. The service will allow users to purchase goods, store value, or tip platform creators.
&#34;A complete commercial ecosystem and financial ecosystem will emerge on the platform, which does not exist today,&#34; she said.
However, a large-scale entry into financial services will pose significant regulatory challenges for X, including compliance with licensing requirements and anti-money laundering regulations.
<h2>Advertising Business Recovery Faces Doubts</h2>
Since Musk's acquisition, X has struggled to restore its financial health. Due to concerns over content moderation policies and Musk's controversial statements on the platform, many advertisers have left, with advertising revenue accounting for a large portion of X's total income.
Yaccarino claimed that 96% of advertisers who left before the acquisition have now returned to the platform, and the company will &#34;soon&#34; achieve its goal of restoring 2022 advertising revenue levels.
However, according to the Financial Times, some advertisers and agencies at Cannes expressed caution about advertising on X and skepticism about whether the platform can meet its goals in the short term.
Research firm Emarketer predicts that X's revenue will increase to $2.3 billion this year, up from $1.9 billion last year. But this is still far below the $4.1 billion when Musk took over in 2022.
<h2>Tensions with Brands Remain</h2>
The relationship between X and advertisers remains tense. According to the Wall Street Journal last week, six brands, including Verizon and Ralph Lauren, reached advertising agreements with X after receiving threat letters.
Yaccarino dismissed these allegations in the interview, calling the reports &#34;rumors.&#34; &#34;These are all unnamed sources and casual third-party commentators,&#34; she said
Last summer, X filed a federal antitrust lawsuit against the Global Responsible Media Alliance and other brands, accusing the organization of coordinating an &#34;illegal boycott&#34; against X under the guise of online safety initiatives. Over time, the platform added or removed several brands from the lawsuit, and after Unilever resumed advertising on the platform in October, X withdrew its accusations against it

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According to X's CEO, users will be able to invest and trade on the X platform "soon." She revealed that the company is also exploring the launch of X-branded credit or debit cards, which could be introduced as early as this year. This series of new financial service initiatives is a key step in Musk's vision of building an "everything app," aimed at transforming X into a one-stop platform similar to WeChat, integrating messaging, payment, and shopping functions

- X, the social media platform owned by Elon Musk, is accelerating its transformation into a "super app" by planning to introduce investment trading features and explore credit card services.  
- CEO Linda Yaccarino announced that users will soon be able to conduct financial transactions on the platform, aiming to create an all-in-one service similar to WeChat.  
- Despite ambitious plans for a comprehensive financial ecosystem, X faces significant regulatory challenges and skepticism from advertisers regarding its recovery of advertising revenue.

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Elon Musk fully studies "WeChat," incorporating investment transactions, exploring credit cards and payments, X aims to become a one-stop platform