US EditionEU says it is probing corporate structure of Musk's X months after xAI deal
- Elon Musk's social media platform X, formerly Twitter, plans to launch financial services including investing, trading, and payments in 2025 in the United States.
- This move follows Musk's April 2022 $44 billion acquisition amid advertiser departures over moderation concerns, with most advertisers now returned.
- Earlier this year, X collaborated with Visa to introduce X Money, a platform enabling users to send funds directly to each other, along with plans to roll out branded credit and debit cards.
- CEO Linda Yaccarino explained that the platform will evolve to support a comprehensive commerce and financial ecosystem, enabling users to manage all their financial activities directly on X.
- The expansion could challenge existing payment and banking services while X faces regulatory compliance and licensing scrutiny in multiple states.
79 Articles
79 Articles
According to an original report, the mobile app intelligence firm, App Sensa, has discovered intriguing references in the X application code.It seems that the app has been preparing to introduce a physical debit card that can be customized with the X user name.The app code not only mentions this customization, but also details functions such as verifying the sending status of the card, activating it, reporting it as lost or stolen, blocking it a…
New EU inquiry into Musk's X acquisition opens the door to a bigger fine
European Union regulators are scrutinizing Elon Musk’s X after the company’s $33 billion buyout by xAI. Musk’s X has already been facing a steep fine from the European Commission under the Digital Services Act, but a new request from regulators could increase the fine further. EU tech enforcers sent additional questionnaire to the corporation Thursday. This recent questioning stems from how xAI’s acquisition of X in March changes the size of the…
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