On the anniversary of Elon Musk’s $44 billion acquisition of Twitter, the businessman held an internal video conference for employees and discussed future plans. His intention is to make
According to anonymous meeting participants cited by Business Insider and Gizmochina, Musk is giving the team one year (until the end of 2024) to turn X into a comprehensive platform for digital financial services, potentially replacing traditional banks.
The billionaire hopes that X will become a platform that can handle everything from sending money to friends and family to investing in securities. He also wants the network to offer features beyond traditional banking services: the billionaire mentioned high-yield instruments and accounts with no overdraft fees.
Transforming X into a financial center is an ambitious goal that will require a lot of work with documents and permits: it will be necessary to obtain the necessary licenses and approvals from the regulatory authorities of each US state and other countries of presence.
At the same time, experts wonder how exactly X will attract the audience if they already have many convenient and stable financial products at their disposal. A similar question arises regarding a “full” dating site.
Musk did not go into details about how exactly X will become a dating app (what specific changes will be made to the platform). He did not specify whether users have demand for such features. However, both ideas definitely fit the entrepreneur’s desire to provide as many paid services as possible.
Most dating apps today offer some type of paid subscription. So do financial platforms. That is why Musk is confident in success and said that he is willing to invest a lot in X to achieve his goal.
Continuing with the “hype”, the billionaire also stated that the new features of X Video are in no way inferior to those of YouTube and advanced the version that the network will soon become a “video-focused multimedia channel” that will be available on Smart TV Systems.
Participants in the meeting, however, note that the boss’s always brilliant plans do not distract employees from pressing problems: before the meeting, many sent questions to the management about the financial situation of the company, while advertisers and Users continue to leave the platform.
Staff also noted that there remains “zero transparency” within the corporation. But none of these issues were raised during the video conference.
Author:
Ekaterina Alipova
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
