Abstract:
Social platform These benefits include the Original Content Rewards Program and creator subscription revenue.
X said that with the new payment method, creators can get paid immediately without having to wait for the end of the settlement cycle or reaching the minimum withdrawal amount. According to previous relevant instructions, X originally processed payments every two weeks through Stripe, and the minimum withdrawal amount was $30.
The current wording of the announcement shows that American creators may have no other payment options and must use X Money, instead of the payment methods previously provided by Stripe. X later confirmed that this change only applies to US creators, and creators outside the US will continue to use Stripe.
This adjustment comes as X is also reorganizing its creator income projects. The company will discontinue its Creator Revenue Sharing Program on September 7, after the program stopped accepting new members last month. After that, the relevant creators will be transferred to the "Original Content Reward Program", which as the name suggests will pay more attention to original content.
X Money began supporting creator income distribution earlier this month as part of Elon Musk’s plan to promote X to build a “super app”. The payment service offers cards with 3% cash back, instant payments, free ATM withdrawals, and other digital banking features. However, X Money is not a bank itself, and its accounts are held by Cross River Bank, which is insured by the Federal Deposit Insurance Corporation.
X also said that creator earnings will be included in the direct deposit requirements of X Money users, helping users obtain higher annual interest rates. Currently, the X Money website shows that X Premium users can get a preferential interest rate of 6%, and the standard interest rate is 4%.
For tax purposes, X will issue Form 1099-NEC to individuals who receive creator income. For LLCs, X will collect the organization's W-9 information to ensure that the information on subsequent 1099 tax forms is accurate. After the article was published, X additionally confirmed the change that American creators must use X Money.
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