X gets money-transmitter license from Utah

Elon Musk's social media platform X, formerly known as Twitter, has obtained a money-transmitter license from Utah, marking the 15th US state to grant approval as the company explores incorporating payment features.
The approval from Utah was granted on Friday, as reported by the Nationwide Multistate Licensing System & Registry, an online database. This license provides X with capabilities similar to PayPal's Venmo, enabling the facilitation of money transfers and opening the door for users to send funds to each other. This strategic move into the realm of payments aims to diversify X's business beyond digital advertising, which has faced challenges since Musk assumed ownership.
X experienced a setback in advertising when major advertisers paused their spending or withdrew from the platform after Musk, in the previous year, endorsed an X user promoting an antisemitic conspiracy theory. At a New York Times DealBook event later that month, the billionaire CEO made a profane comment addressing brands that had suspended their ads on X.