Elon Musk's X to release peer-to-peer payments in 2024

Elon Musk's social media network X, formerly known as Twitter, declared it will provide peer-to-peer payments this year.

According to X, the payments will open up "more user utility and opportunities for commerce" as the network strives to bring about a "2024 revolution", according to CNBC. 

When the payments will formally debut and how they will operate have not yet been revealed.

Peer-to-peer trade on the platform would be the most significant development at X since Musk bought the business for $44 billion in late 2022. 

Elon Musk, the CEO of SpaceX and Tesla, has been promoting the idea of turning X into an "everything app" that allows users to do anything from post to handle money.

Musk stated that the business intended to include "comprehensive communications and the ability to conduct your entire financial world" in a post on X in July. A few months prior, X unveiled a tool that lets users access stocks, cryptocurrency, and other financial assets through a collaboration with social trading startup eToro.

According to a blog post, the firm also said that it will increase the amount of original content and talent, keep funding content partnerships and creators, and improve advertisements this year.

“X is not just another app — it’s becoming the everything app, seamlessly uniting experiences into one interface, for everyone,” the company wrote.