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Elon Musk

Elon Musk, the name behind social media platform X, is working to turn the platform into an all-encompassing application. A key part of this ambitious plan involves integrating a payment network into the primary social networking service.
Although details of this project are difficult to obtain, a series of documents filed with state regulators offer a new perspective on the company's direction. These heretofore undisclosed documents reveal plans for a Venmo-like payment feature. Thanks to this feature, users will be able to deposit money to their X accounts, make payments to other users or businesses, and even purchase goods and services from physical stores.
Musk has frequently said that X needs to diversify its revenue streams beyond advertising, which has historically accounted for more than 90% of its sales. He also suggested that X has the potential to become the world's largest financial institution. The documents show that X did not intend to charge significant fees for payment services. Instead, the company conveyed to regulators that it views the provision of payment services as a strategy to improve its business by encouraging “increased participation and interaction” in the app.
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The financial details shared with regulators also shed light on the business difficulties the company has experienced since Musk took control in late 2022. It reveals that X generated $1.48 billion in revenue in the first half of 2023, a decline of approximately 40% compared to the same period in 2022 before Musk acquired the company. The company reported a loss of $456 million in the first quarter of 2023.
Musk's interest in cryptocurrencies is well known. Automotive company Tesla once held approximately $1.5 billion in Bitcoin on its balance sheet and briefly allowed customers to buy Teslas using Bitcoin. However, this option was quickly suspended and the company has since sold a significant portion of its Bitcoin holdings.
Musk also supports Dogecoin, although he humorously calls it a “scam.” However, X users hoping to transfer their Dogecoin assets to their X wallet will have to wait. The company notified regulators in Maine earlier this year that it currently has no plans to facilitate the sending and receiving of virtual currencies.
*This is not investment advice.
 Continue Reading: <a href="https://en.bitcoinsistemi.com/claims-that-elon-musk-is-making-a-cryptocurrency-move-will-dogecoin-payments-come-on-x-here-is-the-truth-of-the-claims/" rel="noopener noreferrer nofollow">Claims That Elon Musk Is Making A Cryptocurrency Move – Will Dogecoin Payments Come On X? Here is the Truth of the Claims</a>

Claims That Elon Musk Is Making A Cryptocurrency Move – Will Dogecoin Payments Come On X? Here is the Truth of the Claims

Bitcoin Sistemi EN

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