Haofei Wang, X’s Director of Engineering, has left the company under unclear circumstances. He joined X (formerly Twitter) in July 2023 and quickly became a key link between Elon Musk and the engineering team. Internally, he was seen as the company’s de facto head of engineering and product. His exit raises questions about the company’s direction, especially as it prepares to launch X Money, a new digital payment system.
Wang’s Key Contributions at X
During his tenure, Wang played a crucial role in implementing major changes. One notable update was making “likes” private to promote more authentic interactions on the platform. This change aimed to reduce the pressure of public engagement.
His leadership helped drive many of X’s engineering initiatives. However, his departure comes at a time when Musk is shifting focus to xAI and other ventures.
X Money: The Future of Payments on X
Despite Wang’s exit, X continues to push forward with its transformation into an “everything app.” The company has announced the launch of X Money, a new digital payment system. This feature will allow users to make peer-to-peer transactions directly on the platform.
CEO Linda Yaccarino confirmed that X Money will debut in 2025, a move that aligns with Musk’s long-term vision for the platform.
Visa Partnership and Payment Features
To ensure a smooth rollout, X has partnered with Visa. This partnership will allow users to transfer funds from their bank accounts to X Money accounts. With Visa’s involvement, X hopes to create a seamless and credible payment experience.
X has already secured money transmitter licenses in 41 states, marking a significant step toward regulatory approval.
Challenges and Leadership Concerns
The introduction of X Money is an ambitious move, but it comes with challenges. Regulatory approvals and competition from established payment platforms like PayPal and Cash App may slow its adoption.
Additionally, Wang’s departure raises concerns about leadership stability. With Musk’s focus shifting toward other ventures, questions remain about who will drive X’s engineering roadmap moving forward.
Conclusion
Haofei Wang’s resignation comes at a critical time for X. As the company moves forward with X Money, leadership transitions and regulatory hurdles could impact its success.
Will X be able to execute its vision and become the “everything app” Musk envisions? That remains to be seen.
