Finance

Elon Musk’s X partners with Visa to offer digital wallet

Published

3 months ago

January 28, 2025

Visa and X to partner on peer-to-peer payments for "X money account"

Elon Musk’s social media platform X on Tuesday announced the launch of a digital wallet and peer-to-peer payments services provided by Visa.

X struck a deal with Visa, the largest U.S. credit card network, to be the first partner for what it is calling the X Money Account, CEO Linda Yaccarino announced in a post on the platform.

She said Visa will enable X users to move funds between traditional bank accounts and their digital wallet and make instant peer-to-peer payments, like with Zelle or Venmo.

It’s the first concrete move from X to create a financial ecosystem for the social media site, which was called Twitter before Musk purchased it in 2022. At the time, Musk said the $44 billion acquisition was a way to create an “everything app.” He later said the platform would enable users to conduct their “entire financial worl d” on it.

In 2021 while Jack Dorsey was at the helm of Twitter, the company launched a bitcoin tipping feature that allowed users to add their crypto wallet addresses and receive payments in the world’s largest digital token.

But attaining status as a money service business in the U.S. required navigating a far more complex regulatory landscape.

For over a year, Musk has been applying for these licenses for X. According to its website, X Payments LLC is licensed in 41 states and registered with the Financial Crimes Enforcement Network, or FinCEN.

The X Money service is expected to launch in the first quarter, and deals with more financial partners are likely, according to a person with knowledge of the situation.

One of the first use cases for X Money is to allow creators on the site to accept payments and store funds without external institutions, said this person, who spoke on the condition of anonymity to discuss internal matters.

In November 2022, Musk suggested to the platform’s advertisers in a meeting publicly broadcast on Spaces that its coming payments product might ultimately offer certain banking features, such as a high-yield money market account.

Representatives of Visa declined to comment on the matter.

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Finance

Goldman Sachs (GS) earnings Q1 2025

Published

4 hours ago

April 14, 2025

Business Finance News

David Solomon, CEO of Goldman Sachs, testifies during a Senate Banking Committee hearing at the Hart Senate Office Building in Washington, D.C., on Dec. 6, 2023.

Win Mcnamee | Getty Images

Goldman Sachs is scheduled to report first-quarter earnings before the opening bell Monday.

Here’s what Wall Street expects:

Earnings: $12.35 per share, according to LSEG
Revenue: $14.81 billion, according to LSEG
Trading Revenue: Fixed Income of $4.56 billion and Equities of $3.65 billion, per StreetAccount
Investing Banking Revenue: $1.94 billion, per StreetAccount

Goldman Sachs may prove to be a beneficiary of the recent market environment.

On Friday, rivals JPMorgan Chase and Morgan Stanley each topped expectations for first-quarter results on booming equities trading.

Equities trading revenue surged 48% and 45% at the banks, respectively, thanks to volatility in the opening months of President Donald Trump’s tenure amid his efforts to reshape global trade agreements.

Buoyant markets during most of the quarter, which ended March 31, should also support the bank’s wealth and asset management division, which CEO David Solomon has called the growth engine of the bank.

But markets have churned since Trump escalated trade tensions last week, sowing uncertainty across the world’s largest economy. Goldman shares have dropped 14% this year through Friday.

Analysts will be keen to hear what Solomon has to say about his conversations with corporate clients and institutional investors during the tumult.

This story is developing. Please check back for updates.