What Elon Musk’s Strategy Is To Transform Twitter Into An “Everything App”?
In a tweet sent on Sunday, Elon Musk, the owner of Twitter, said that “we shall bid adieu to the Twitter brand” shortly. The app’s wealthy owner altered his profile image to the alleged “X” emblem and added a new domain address that points to Twitter in his bio.
In addition to changing the app’s name, logo, and domain, Twitter’s leadership wants to make it a “everything app” by altering how it functions. Twitter CEO Linda Yaccarino said in a tweet that “X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities.”
The new statement is the most recent in a slew of modifications Musk has made to the bird app since he assumed control of it in October 2022. The $44 billion buyout was completed by the wealthiest man in the world, who has since reduced Twitter’s staff by more than 75%, added a premium blue service with new features, eliminated legacy blue ticks, and made other significant modifications. He appointed Yaccarino, the previous chief of advertising at NBCUniversal, in May.
TweetX Program
Although the new adjustment has received a lot of attention, with some applauding the decision and others criticizing Musk, it has long been planned. According to sources, Twitter reportedly alerted its corporate partners in April that it had begun operating as X Corp. This happened when a court document for the business surfaced online, showing that it had been formed as X Corp.
Musk has long had aspirations to create an all-encompassing app similar to the well-known WeChat platform in China. He has referred to purchasing Twitter as the first step towards developing X, an all-encompassing program. It is part of a strategy to make Twitter into a massive financial institution, the Wall Street Journal reports.
Everything applications provide a wide variety of services, from placing restaurant orders to paying peers from inside the app. WeChat, which began as a messaging service, has evolved into a superapp where users may utilize these features in addition to the chat function. According to the most recent statistics, the app has 1.3 billion monthly active users globally.
According to reports, Musk has previously used WeChat as an example to support his aspirations to develop an all-encompassing app in the US. Musk reportedly said that it would be a tremendous accomplishment if Twitter could replicate WeChat’s performance in the transcript of his first meeting with Twitter staff, which Vox published in June 2022. Although WeChat is a fantastic app in China, there is no WeChat movement outside of China. And I believe there is a great chance to do it. The billionaire allegedly stated, “You practically live on WeChat in China because it’s so handy and helpful to your everyday life.
In 1999, Musk began experimenting with online banking when he founded X.com, which ultimately merged with Confinity to become PayPal. Despite the startup’s failure, Musk’s strategy did succeed when he acquired the X.com domain back from PayPal in 2017.
Musk reportedly believes that the new strategy has the potential to increase Twitter’s worth to $250 billion, which would be more than five times the price at when he purchased the bird app. The market value of Twitter was $20 billion in March. Musk recently disclosed in a tweet that the social media platform’s advertising income has decreased by more than 50%.
Along with declining ad revenues and corporate value, Meta’s Threads app, which attracted over 30 million signups within 24 hours after introduction, is a fierce competitor that the firm must contend with. Mastodon and BlueSky are two more applications vying for the attention of Twitter users who are dissatisfied with the host of modifications being made by the service’s owner.
