Here is what we learn about Musk’s plans for X

At first look, Elon Musk’s rebrand of Twitter to X seems to have been simply as chaotic as lots of his different modifications to the app. It was inevitably the topic of a lot ridicule on his personal website, the App Retailer wouldn’t initially permit him to vary the app title to a single letter, and journalists nonetheless really feel the necessity to consult with it as “X (previously Twitter)” to keep away from it wanting like they only forgot to complete the sentence. However Musk is unphased. Will the entrepreneur have what it takes to achieve his purpose of growing the “all the pieces app” that renders different apps out of date?

We’ll clarify what Musk is making an attempt to do and the way doubtless we predict he’s to succeed.

It’s a daring transfer, for certain. Not solely was Musk’s acquisition of Twitter for $44 billion seen as a big overpayment, however a lot of the worth that Twitter did have was within the model. Twitter was acknowledged and used the world over, and it redefined ‘tweet’ as a phrase. In altering the title to X and ditching tweets in favor of posts, Musk seems to have taken a torch to a big quantity of that model worth.

However the transformation of Twitter into X is greater than only a change of title; it’s a manifestation of Musk’s long-standing imaginative and prescient. Earlier than the world was shocked by the rebranding, Musk had been dropping hints about his aspirations for the platform. Weeks earlier than the Twitter acquisition, Musk instructed in a tweet that buying Twitter was a strategic transfer in direction of creating X, the “all the pieces app” that goes nicely past a mere social media platform. As highly effective because the Twitter model could also be, he clearly doesn’t see it as an applicable title for an app that caters to a number of aspects of the person’s digital life. It would all the time be related to its communicative operate.

So the title change was all the time on the playing cards, however why X? It’s in all probability honest to say that Musk is kinda obsessive about this title, and it isn’t even the primary time he has tried to create X as an organization. In 1999, he launched an internet financial institution known as X.com. His unique imaginative and prescient for X.com was to show it right into a “one-stop everything-store for all monetary wants.” This firm finally merged with Confinity and later grew to become what we acknowledge right now as PayPal. Musk tried to revive the X title throughout his time at PayPal however was unsuccessful. His aerospace producer and house transportation firm is called SpaceX, through which the X apparently stands for exploration. Since his rebranding of Twitter, X.com now redirects to Twitter.com.

Musk’s thought of turning Twitter into the subsequent tremendous app resonates with well-liked multifunctional platforms in Asia, equivalent to WeChat in China. In a podcast interview in 2022, Musk emphasised the necessity for an excellent app within the US, suggesting that the nation both wanted to remodel Twitter into one or begin one thing solely new. Drawing parallels with China, the place residents rely closely on WeChat for a plethora of each day duties, Musk’s imaginative and prescient for X is to create a platform that integrates a number of functionalities, providing customers a seamless and complete digital expertise.

Musk’s ambition for X is to take it past the social interactions of Twitter and create a digital ecosystem. He envisions X as a “digital city sq.” the place customers cannot solely talk but in addition carry out a myriad of different duties. From posting movies to creating funds, Musk needs X to be a one-stop answer for digital wants.

Let’s check out a number of the options we are able to count on to see if and when his imaginative and prescient has been absolutely realized. A few of these have already been alluded to by the tech magnate, whereas others are a pure development we are able to count on from X.

Messaging

The transformation to X seeks to usher in a brand new period of communication. Whereas Twitter’s direct messaging system has been practical, X goals to raise the expertise. We are able to anticipate end-to-end encryption to reassure customers about privateness and safety. Moreover, chats might grow to be extra dynamic, permitting for multimedia sharing and even perhaps voice or video calls. This might place X not simply as a social media platform but in addition as a complete communication software within the model of Zoom or Skype.

Funds

Musk’s imaginative and prescient for X is to make it a hub of digital transactions on which customers might seamlessly switch cash to friends and even companies. Whereas the specifics are but to be unveiled, there’s potential for a built-in cost system, presumably integrating Musk’s affinity for cryptocurrencies — his title is synonymous with Dogecoin. Collaborations with third-party cost suppliers might supply customers a bunch of different transaction strategies, with the hope that X turns into a flexible monetary software.

E-commerce

Fb has Market and Instagram has Purchasing. Elon needs in. The digital market is booming, and X goals to carve its area of interest. Customers may have the ability to record merchandise, uncover distinctive finds, and transact securely inside the platform. Whether or not by a devoted market or direct user-to-user transactions, X might assist redefine e-commerce in Musk’s eyes, making shopping for and promoting a social expertise.

Stay streaming

Whereas Twitter has dabbled in reside streaming, X is poised to take it to the subsequent stage. Enhanced options might embody 360-degree streaming, permitting viewers a panoramic view of occasions. Actual-time interactions may be amplified, with viewers probably influencing the content material or participating straight with streamers.

Digital actuality and augmented actuality

The realms of VR and AR are already right here and are getting extra superior every year. Elon received’t need to cede this digital territory to the likes of Google, and X’s foray into these domains might revolutionize person interactions. Think about attending a reside live performance by VR or utilizing AR to preview merchandise within the e-commerce part. The probabilities are huge, and X could possibly be the platform that brings these experiences to the plenty.

Monetary know-how

Fintech is reshaping the best way we handle cash. X’s potential integration with banking, investing, and different monetary providers might make it a one-stop store for all monetary wants past in-app funds. From checking account balances to creating funding choices, X might seamlessly mix social media with fintech, providing customers a holistic expertise.

The transformation of Twitter into the completed product of X was by no means going to be an in a single day affair. Whereas Musk has been tight-lipped about particular timelines, his feedback and the tempo at which issues have been transferring trace at an aggressive roadmap. Statements like “Twitter in all probability accelerates X by three to 5 years” give us a glimpse into Musk’s formidable plans.

Given Musk’s historical past with different ventures, the place he has typically fast-tracked tasks and achieved milestones forward of time, we in all probability received’t have to attend lengthy to seek out out extra. The swift metamorphosis of Twitter, a platform that has been round for years, into one thing as revolutionary as X guarantees to be is certain to run into obstacles, however Musk received’t need to grasp about now that his plans are clear. We’ll doubtless see new improvements each few months quite than each few years.  

We’ve already seen a bunch of modifications to the app since Elon took the reigns, with the 2 most notable in all probability being the modifications to the Twitter Blue service, which included verification ticks being purchased quite than earned, and the more moderen title change. However we’ve additionally seen some preliminary monetary parts being launched. It’s restricted to a revenue-sharing service with sure customers thus far, nevertheless it’s an indication of modifications to return.

That is the $44 billion greenback query. The tech panorama is plagued by formidable tasks that by no means took off. However Musk’s endeavors have typically bucked that development, primarily as a consequence of his unwavering dedication and talent to suppose outdoors the field. The concept of an all the pieces app isn’t new — tech giants like Mark Zuckerberg have beforehand harbored comparable ambitions. However what units Musk’s X aside is the readability of imaginative and prescient and the teachings he can draw from each successes and failures of the previous.

A number of components will decide X’s success, together with person adoption, seamless integration of options, competitors, and the platform’s capacity to repeatedly innovate. Musk could have overpaid for Twitter, nevertheless it did give him an enormous headstart in terms of adoption. Twitter had over 450 million customers as of early 2023, and whereas many have been delay by Musk’s actions and the courting of controversial figures on the platform, alternate options like Instagram’s Threads app haven’t but managed to supply an insurmountable risk to Musk’s imaginative and prescient.

The mixed model energy of Twitter and Elon provides the latter a powerful likelihood of making an app within the mould of WeChat. Whether or not we’ll all be utilizing it and even eschewing nearly all of our different apps in favor of the assorted aspects of X stays to be seen.