Inspired by WeChat, Elon Musk wants to make Twitter “the all-in-one app”



After flirting with the idea, making an offer and being forced by a court to follow through, Elon Musk finally acquired Twitter (NASDAQ: TWTR) two weeks ago. It’s been a storm since then that has seen nearly half of the staff fired amid growing questions over how Musk intends to make Twitter profitable. His response: make Twitter a multipurpose application, just like WeChat.

While he toyed with several ideas on how to generate revenue with Twitter, the Tesla (NASDAQ: TSLA) CEO finally laid out his plan for the social media company via a Twitter Spaces gathering this week.

Musk’s big plan is to make Twitter the everything app where users can stay up to date with the latest news, make payments, conduct business, monetize their content, and more. The idea, inspired by Chinese super app WeChat, which has 1 billion users, would see Twitter expand beyond its business model and return Musk to its online payment roots.

“Twitter’s rate of evolution will be a huge change from what it’s been in the past. You know, if nothing else, I’m a technologist and I can move technology forward quickly. And that is what you’ll see happening on Twitter,” Musk said.

The Space session included key advertisers that Twitter relied on for over 80% of its revenue. However, with Musk’s antics and upheaval within the company, including the firing of the CEO and CFO, several major advertisers considered cutting back on their relationship with Twitter.

Musk rejected these measures and claimed that Twitter could generate revenue in other sustainable ways. One of them is an $8 Twitter Blue subscription model that will hand users the coveted verification tick.

During the Space session, Musk took a step back from his extremist positions, pledging to improve Twitter for advertisers by eliminating bots and trolls.

“We’ve actually been more rigorous in cracking down on bad content, bots and trolls, not less. So my observation from Twitter over the last few weeks is that the content is actually improving,” Musk noted.

As Musk works to stabilize Twitter after a tumultuous few weeks, the crypto brethren hope that translates to better fortunes after what has been a year to forget. Binance CEO Changpeng Zhao is said to be among those with the most to gain after investing in the Twitter takeover, but others, like the Dogecoin Army, hope the meme token could become the de facto currency of the new app everything.

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