There is very little surprising aboutElon Musk ’s method of running X , the societal media platform formerly known as Twitter , on the face of it into the ground . A class after Musk formally choose over the program , both he andrecently installed tenner CEO Linda Yaccarinoheld a joint all - hands Thursday to address some of the changes at the party and suggested that X might be a novel financial platform .
Neither Musk himself nor Yaccarino usher up , according to areportfrom Fortune Thursday . The two executives dialed in remotely from Austin and New York City , severally , cite an anonymous informant within the company . Musk and Yaccarino skipping out on an in - person appearance during the all - men come after the former demanded employees repay to position 40 hours per week last November , according toInsider , in one of his first wholesale changes as possessor .
Musk says that future all - hands meeting would pass quarterly , with the next exercise set to cover the platform ’s new video calling characteristic , which Yaccarinotweetedabout on Wednesday .
Image: JOSH EDELSON (Getty Images)
The substance and tater of Thursday ’s meeting are about as surface - degree as you’re able to imagine , with the brace vaguely touting all of the grand new matter coming to X. Asreportedby The Verge , Musk — who co - founded a precursor to PayPal — tell his employee that the program was readying to release financial direction and dealings feature some time in the next year . That ’s correct , Musk want to roll out characteristic that are entice enough to get users to shift their bank provider from whatever FDIC - guarantee mental hospital they rely on to X. The release report that X is presently assay money transmission system licenses across the body politic .
“ When I say payment , I in reality mean someone ’s entire financial lifespan , ” Musk said during the group meeting , according to audio obtained by The Verge . “ If it involves money . It ’ll be on our political program . Money or securities or whatever . So , it ’s not just like send $ 20 to my friend . I ’m talking about , like , you wo n’t need a banking company account . ”
Musk also voiced his own illusion of splendor alongside Yaccarino regarding the next iteration of what the weapons platform could be . Bloombergreportedthat the possessor and CEO lean YouTube and LinkedIn as succeeding challenger for X. A YouTube contender could be a welcome increase to the digital landscape — especially as the video - divvy up internet site clamp down on ad - blocker — but X thus far is scarce a David to Google ’s picture stager Goliath . Musk and Yaccarino also reportedly tease a newswire service telephone XWire that could vie with Cision ’s PR Newswire .
While there are negotiation about big plan for what X could be , the world of the matter is that a year post - putsch , the platform is skin . datum from Sensor Tower argue thatin the yr since October 2022 , daily active mobile user on XTC fellapproximately 15 % . Its contender such as YouTube , Snapchat , Instagram , TikTok , and Facebook all saw growth , in contrast . SimilarWeb report standardised , languishing figure withglobal traffic to X via desktop down 14%year - over - year in September 2023 while roving dealings languishes at 17.8 % on Io and Android combine in the U.S. during the same timeframe . At the same time , the bank that fund Musk ’s purchase of Twitter areplaying hot white potato with the debt they still holdover one year later , with most make to sell it at a $ 2 billion loss .
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