No Mention of Dogecoin as Elon Musk’s X to Offer Investment and Trading Features

Elon Musk’s social media platform X is set to roll out new trading and investment functionalities.

This move seeks to make the platform a one-stop financial services and social networking shop. Linda Yaccarino, the CEO of X, revealed the development during an interview with The Financial Times today.

She suggested that users can utilize X for their everyday financial transactions, including paying for goods and services, as well as investing in certain assets. 

No Dogecoin? 
Notably, Yaccarino did not mention the names of financial assets users can invest in via the social media platform. Speculation suggests that Musk might integrate his favorite meme coin, Dogecoin, into the new service. 

However, Yaccarino did not confirm whether users can trade or invest in Dogecoin once the service goes live. 

“You can transact your financial life on X. With this initiative, you can reimburse a friend for the pizza you both shared the previous night and invest or trade [certain financial instruments],” Yaccarino remarked. 
X Money and X Payment Card to Launch Soon 
In addition to the investment functionality, Yaccarino revealed that the team is exploring the potential launch of an X credit or debit card later this year. 

These initiatives align with Musk’s vision to transform the social media platform into a “Super App,” mirroring China’s WeChat, which allows users to send messages, make payments, and shop. 

Recall that Musk and his team have been working behind the scenes to bring the Super App vision to reality. As part of this effort, X partnered with Visa last month and confirmed the upcoming launch of X Money, a digital wallet and peer-to-peer (P2P) payment service. 

During the Financial Times interview, Yaccarino stated that the X Money service will make its initial debut in the United States before undergoing a full-scale global expansion. 

According to Yaccarino, X users can leverage X Money to store digital assets, purchase merchandise, and tip content creators. She emphasized that X will soon host fully integrated commerce and financial ecosystems.

Meanwhile, the Financial Times indicated that X could be subject to stringent regulatory requirements. These include compliance with anti-money laundering (AML) rules, as it moves to integrate commerce and financial services into its social media platform. 
Yaccarino Addresses X’s Advertising Tension 
Furthermore, Yaccarino addressed the advertising tensions on X. Many advertisers have moved away from X to other social media platforms since Musk’s $44 billion acquisition in 2022.

In the interview, she refuted a recent Wall Street Journal report about X threatening to sue brands for not advertising on the platform. 

The CEO claimed that 96% of brands advertising on the platform before Musk’s takeover are back. As a result, she asserted that the platform’s ad revenue will soon revisit its 2022 level.