SAN FRANCISCO – Elon Musk's social network X announced Wednesday that all U.S. creator payouts will now process through its X Money payments service. The change takes effect immediately, replacing Stripe's system.
The new mandate covers payouts from X's Original Content Rewards Program and creators' subscription revenue. Creators gain instant access to funds, eliminating previous bi-weekly payment cycles and a $30 minimum threshold.
X's previous documentation specified bi-weekly payments, requiring creators to reach a $30 minimum payout before funds were disbursed. The shift removes these constraints.
The announcement indicates X Money is now the exclusive payment method on the platform, suggesting creators have no alternative options. X has been asked for clarification regarding this apparent requirement.
The move aligns with changes to X's creator programs. The company will retire its Creator Revenue Sharing Program on Sept. 7, which ceased accepting new members last month. Existing participants are transitioning to the Original Content Rewards Program, which emphasizes original content.
X Money, launched this month, is central to Musk's vision of X as an "everything app." The service offers digital banking features, including a bank card with 3 percent cashback, instant payments and free ATM withdrawals.
While X Money provides these banking services, it does not operate as a bank itself. Creator accounts are held at Cross River Bank, which is FDIC-insured, providing security for user funds.
X Money creator payouts also count toward direct deposit requirements for users seeking a higher annual percentage yield (APY). X Premium subscribers receive a boosted 6 percent APY, while standard users qualify for a 4 percent rate.
For tax purposes, X will issue a 1099-NEC form to individuals receiving creator payouts. Limited Liability Companies (LLCs) in the programs must provide W-9 information to X for accurate tax reporting.
