During the Morgan Stanley technology, media, and telecom conference, Elon Musk announced that his social media platform X is close to receiving approval for a money transmitter license in New York. This development would bring X a step closer to offering payment features.

Musk also mentioned that X could obtain its license in California within the next month or so, but getting approval in New York could take “a few months.”

Since acquiring X, formerly known as Twitter, in 2022, Musk has been working to transform it into an “everything app” similar to Tencent’s dominant WeChat app in China. This transformation includes adding features beyond social media, such as the ability to send money to other X users.

To offer services nationwide, X will need a money transmitter license in each state. Musk has previously stated that approval in New York and California would be crucial, as these states have populous populations and relatively lengthy approval processes.

Some states, including Pennsylvania and Utah, have already granted money transmitter licenses to X. Musk also mentioned during the conference that X is considering removing the number of likes and reposts currently visible on each post, as this information could visually clutter the platform’s content.