Elon Musk's social media company X recently applied for a money transmitter license in Alabama, according to the Alabama Securities Commission (ASC).
X was formerly known as Twitter before Musk acquired the company in April 2022. He rebranded the company and changed its name to X in July 2023.
Amanda Senn, ASC director, told 1819 News on Friday, "We are in the process of reviewing the application."
"Generally, businesses apply for money transmitter licenses when they plan to engage in business activity that involves transmitting money or stored value from one party to another for a fee," Senn said. "These services often include payment processing, debt consolidation management, and check cashing, to name a few. For example, PayPal, Cash App and Venmo are all licensed as money transmitters. Bitcoin and other cryptocurrency ATM's are licensed money transmitters as they are being used to transmit stored value."
Musk has previously said he wants to turn X into an "everything app" with features beyond social media, like the ability for users to send money to others on X. According to Reuters, X will need a money transmitter license in each state to offer those services across the United States.
To connect with the author of this story or to comment, email caleb.taylor@1819News.com.
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