X (formerly Twitter) is preparing to launch a full suite of financial services on its platform, including the ability for users to invest, trade, and make payments, according to CEO Linda Yaccarino. The announcement was made during an interview with the Financial Times at the Cannes Lions advertising festival.
“You’ll be able to come to X and be able to transact your whole financial life on the platform,” Yaccarino said, adding that future capabilities will range from paying a friend for pizza to making investment trades. This move aligns with Elon Musk’s vision of transforming X into an “everything app” similar to China’s WeChat, which combines messaging, payments, and shopping.
The company is also considering launching an X-branded credit or debit card, potentially as soon as this year.
As part of its push into fintech, X plans to roll out X Money, a digital wallet and peer-to-peer payment service. Backed by Visa, the service will debut in the United States later this year and will enable users to tip creators, store funds, and purchase merchandise directly on the platform.
“A whole commerce ecosystem and a financial ecosystem is going to emerge on the platform that does not exist today,” Yaccarino said.
However, the expansion into finance brings potential regulatory hurdles, including the need for compliance with money laundering and financial licensing regulations.
Meanwhile, X continues to face advertising revenue struggles following Elon Musk’s $44 billion acquisition in 2022. Major advertisers had withdrawn, citing concerns over content moderation and Musk’s personal use of the platform. Though Yaccarino claimed that 96% of pre-acquisition advertisers have now returned, some agencies at Cannes expressed skepticism, citing lingering brand safety concerns.
She also dismissed a Wall Street Journal report that alleged X had threatened advertisers with legal action unless they resumed ad spending. Calling it “hearsay,” Yaccarino denied any coercion.
X had previously filed a federal antitrust lawsuit against the Global Alliance for Responsible Media and several brands, accusing them of coordinating an “illegal boycott.” Some brands, including Unilever, have since been dropped from the complaint after resuming advertising.
Yaccarino also highlighted X’s recent merger with xAI, Elon Musk’s AI startup, acquired for $45 billion in March. She said this partnership will enhance ad targeting and real-time content delivery, with engineering resources now doubled.
Despite challenges, market research firm Emarketer projects a revenue increase to $2.3 billion for X this year, up from $1.9 billion in 2023 — still below the $4.1 billion recorded in 2022.