Elon Musk aims to discontinue legal action by the SEC concerning his 2022 Twitter equity ownership
In an exciting development, Elon Musk, the new owner of Twitter, has announced plans to transform the platform, now rebranded as X, into a "super app" with the addition of in-app investment and trading features. This ambitious move is part of Musk's broader vision during Linda Yaccarino's tenure as the CEO of X, who was appointed in May 2023.
Yaccarino, in her New Year's post, teased the upcoming launch of X Money and X TV. She further stated that a whole commerce and financial ecosystem will emerge on the platform, suggesting a comprehensive overhaul of the social media giant.
The team behind X is also preparing to launch financial services through a single app. According to reports, the integration of X Money is expected to come with a collaboration with payments giant Visa. Other possible integrations into the rumored "super app" include Polymarket and Vine.
However, Musk's plans have not been without controversy. An Ethereum-based gaming network called xAI by Ex Populus has lodged a lawsuit against him over trademark infringement. The lawsuit is due to the name similarity of Musk's artificial intelligence company, also named xAI.
As for the regulatory landscape, the SEC has yet to respond to a request for comment regarding Elon Musk's involvement with X. It remains to be seen how the regulatory environment will shape the development and implementation of the "super app" vision.
With these developments, Musk's X is poised to disrupt the tech industry, potentially combining social media, commerce, and finance in a single platform. As more details emerge, the world eagerly awaits the evolution of this innovative venture.
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