Elon Musk's Venture X to Redefine Finance, Wants to Compete with YouTube and LinkedIn
Summary:
Elon Musk is transforming his venture, X (previously Twitter), into a comprehensive financial hub to replace traditional banking. In an inaugural meeting, Musk discussed plans for X to encompass all financial aspects of users' lives by end of 2024. He envisions potential competition with platforms like YouTube, LinkedIn, and Cision PR Newswire as X evolves into an all-in-one app. The company's strategy also includes launching a news wire service named XWire. CEO Linda Yaccarino highlighted the platform's progress and upcoming features in a recent blog, indicating an addition of a $1 payment feature among others. Live-streaming of corporate discussions is also under consideration.
Elon Musk's enterprise, X (previously known as Twitter), seeks to create itself as a core financial center. The aim is to propel people to opt for X as their leading financial alternative, superseding conventional bank accounts for various financial demands. Based on sources, Musk conveyed his plan to morph the platform into a financial center during the launch meeting on Oct. 26 and disclosed a plan to add new attributes by the close of 2024. Musk sees X becoming a comprehensive financial medium, covering every financial aspect of users' lives – from currency to securities, eliminating the need for regular bank accounts. Reports indicate that Musk mentioned the formation of the PayPal platform, which he co-founded as X.Com, a broad financial platform later taken over by PayPal.
Future company-wide assemblies will be transparent to public viewing via live-streams, Musk tweeted on October 27, 2023. Musk is noticeably hands-on, supervising all feature creations and planning premium contributions for the enterprise. The focus extends beyond revenue generation, seeking more to carve out X as a multifaceted platform for users. Another report reveals that Musk sees platforms like YouTube, LinkedIn, and Cision PR Newswire as competition, as X evolves into an all-purpose app. Along with X's CEO, Linda Yaccarino, Musk announced plans to launch a news wire service named XWire, putting it in line with Cision PR Newswire as a potential rival. X is gradually getting recognized as a major platform for news generation and discussions, although the specifics of its services that will compete with YouTube, LinkedIn, and PR Newswire are still to be determined.
Linda Yaccarino, in a recent blog post, wrote about the progress and improvements made by the platform over the last year. She noted significant features like Community Notes, Audio and Video calls, and an anticipated addition of a $1 payment feature. Moreover, on Oct. 27, Musk indicated that X is considering the idea of live-streaming corporate discussions.
Published At
10/27/2023 12:35:55 PM
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