Elon Musk's strategy to transformXinto an "everything app" includes integrating a payments network into its core social networking service, according to a new report.

What Happened: Although specifics have been scarce, newly revealed documents submitted to state regulators provide insight into the plan, Bloomberg reported.

The proposed features resemble those ofVenmo, allowing users to store money, make payments to others, and purchase goods and services in physical stores.

Musk has emphasized the need for X to diversify its revenue streams beyond advertising, which has traditionally accounted for over 90% of its income.

He has even suggested that...