- Elon Musk hinted at his plans for “X,” an “everything app,” after Twitter reportedly merged into X Corp.
- Musk has discussed his plans for a WeChat-like app on Twitter and in private texts over the years.
- Here’s everything we know about the billionaire’s plans for X and Twitter.
Since Elon Musk bought Twitter last year, his master plan for creating an “everything app” has begun to take shape.
On Tuesday, the billionaire cryptically hinted at his plans when he tweeted “X.” While Musk did not elaborate on the tweet, it came after it was reportedly revealed Twitter had merged into a shell company called X Corp. On Tuesday, Bloomberg reported that Twitter had been absorbed into X Corp, citing a document from April 4 that was submitted as an exhibit in a lawsuit against Twitter and its cofounder Jack Dorsey.
The publication reported that the billionaire had created a “trio of holding companies in Delaware with a variation of the name ‘X Holdings”’ when he first offered to buy the company last year.
It’s unclear what the new shell company will mean for Twitter, though it hints at Musk’s larger plans for the social media company.
For the billionaire, Twitter represents the first step toward something he calls “X,” his vision for a new kind of social media platform that most in the US haven’t experienced before.
The Tesla CEO has said the acquisition of Twitter will act as “an accelerant” to creating X — jump-starting the process by three to five years.
Musk has been talking about building X for months. In August, when a Twitter user asked him whether he had considered creating his own social platform, he replied, “X.com” — a web domain he bought over five years ago. At Tesla’s annual shareholder meeting that same month, Musk said he had “a pretty grand vision” for X as “something that would be very useful to the world.”
While Musk hasn’t fully clarified whether he plans to turn Twitter into X or use it to build an entirely new platform, the billionaire has dropped several hints regarding his plans to shake up the world of social media.
Here’s what he’s said publicly — and privately — about the idea.
A new super-app
X wouldn’t be the first app trying to do a bit of everything. In fact, Musk indicated in May that he might look for inspiration from Tencent’s WeChat, a Chinese social media juggernaut that’s one of the largest super-apps in the world.
WeChat acts as an all-encompassing service that includes messaging and video chatting, video games, photo sharing, ride services, food delivery, banking, and shopping.
“If you’re in China, you kind of live on WeChat,” he said. “It does everything — sort of like Twitter, plus PayPal, plus a whole bunch of things, and all rolled into one, with a great interface. It’s really an excellent app, and we don’t have anything like that outside of China.”
At his first town hall with Twitter staff last year, the billionaire said there’s a “real opportunity” to create a similar app outside of China.
“I think if we could achieve that, or even close to that with Twitter, it would be an immense success,” he said.
Matt Navarra, a top social media consultant, told Insider it wouldn’t make sense to gut Twitter and turn it into a super-app, but it could become a sort of “mini-app” within Musk’s larger platform.
Private texts about a blockchain-based platform
Musk has also discussed creating a social media platform built on a blockchain. The billionaire is known for his love of cryptocurrencies, including Bitcoin and Dogecoin.
Last April, the billionaire privately outlined his idea for a “Doge” social media platform in texts to his younger brother, Kimbal Musk. The messages were made public as part of Musk’s court battle with Twitter.
“I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter,” Musk texted. “You have to pay a tiny amount to register your message on the chain, which will cut out the vest majority of spam and bots.”
Musk said the site would have a “massive real-time database” that would keep permanent copies of messages and followers, and a “Twitter-like app on your phone” that can access the database in the cloud.
In February, the Financial Times reported that the billionaire plans to add crypto functionality to Twitter after the site is approved for payments. The social media company has applied for a series of licenses to allow the platform to process payments, a major feature of superapps like WeChat, per the FT.
A subscription model
Musk’s idea for a blockchain-based platform feeds into some of his discussions around Twitter’s revenue model.
The billionaire has repeatedly expressed his distaste for ads, but advertising makes up the vast majority of Twitter’s revenue. In a since-deleted tweet from last April, Musk said the company should exist without ads.
Instead, Musk has talked about making money from Twitter via alternative methods, including charging some users to be on the site. Shortly after buying Twitter, Musk began charging Twitter users for the app’s blue check mark.
The billionaire has also noted the app could help foster payments directly to users. Twitter launched a “Tips” feature in 2021 that includes an option to pay users with Bitcoin.
“It’s important for content creators to have a revenue share,” Musk said at a May event for the “All-In” podcast.
In February, Musk said Twitter will soon launch an early version of a program that will allow some creators to get paid for their tweets.
An emphasis on free speech
Whatever Musk builds, expect it to have a far more free-wheeling free speech policy than Twitter today.
Musk often refers to Twitter as a “town square” and has said he is against censorship that “goes far beyond the law.”
The billionaire has been critical of Twitter’s ban on some users, including its permanent ban on former president Donald Trump following the insurrection at the US Capitol. In November, Musk followed through on his promise to reinstate Trump’s account.
Social media expert Navarro said companies are unlikely to want to advertise next to posts that could be labeled as unsavory, but noted it could be a good move for Twitter to diversify its revenue sources.
A battle against bots
One thing is clear throughout Musk’s dealings with Twitter — the billionaire’s social media platform will be tasked with eliminating scam accounts.
Musk has called bots on Twitter the “single most annoying problem” and made the number of scam accounts on the site the centerpiece of his attempts to wiggle out of the purchase months ago.
In an interview at TED 2022, Musk cited this issue as the first thing he would change as Twitter’s new owner.
Since taking over the social media company the billionaire has had less to say on the issue, but on Monday, he said Twitter’s subscription process will help eliminate “impersonation fraud” on the site.
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