Elon Musk, the owner of X, formerly known as Twitter, has set his sights on taking on YouTube and LinkedIn, according to executives at the social media site. Musk and X’s CEO, Linda Yaccarino, made the announcement during an all-company meeting to mark one year since Musk’s takeover of Twitter Inc.
The duo also revealed their plans to create a news wire service called XWire, which would rival Cision’s PR Newswire. This move signals Musk’s determination to diversify and expand X’s business lines beyond its traditional role as a social media platform.
Musk, who is currently the world’s richest man, acquired Twitter for $44 billion in October of last year. Since then, he has made significant changes to the platform, including firing most of the executives and implementing new features such as premium subscriptions and a fact-checking system called Community Notes.
Yaccarino, who joined X as CEO in May, has focused on building relationships with advertisers. Despite the platform’s turbulent year, both Musk and Yaccarino claim that users spend more time on X than ever before, with a reported 500 million users.
However, some third-party estimates suggest that there may be fewer active users compared to the previous year. Nevertheless, Musk and Yaccarino remain optimistic about X’s growth potential and believe the platform is now positioned for further innovation and success.
While details about X’s YouTube, LinkedIn, and PR Newswire competitors are scarce, Elon Musk and Yaccarino have expressed their commitment to expanding X’s offerings and providing new opportunities for users and businesses.
The company’s payment ambitions were also discussed during the meeting, indicating a potential move into the financial tools space.