Elon Musk intends to transform Twitter into a super app similar to the Chinese app WeChat. Elon Musk moved closer to realizing this vision with the acquisition of Twitter on October 27, 2022. WeChat is an all-inclusive service that offers, among other things, video chatting, games, photo sharing, ride sharing, food delivery, banking, and shopping. Twitter's acquisition will result in the development of a super app known as "X," the first super app in the U.S.
Elon Musk Plans to Cut Cost and Explore New Revenue Streams for Twitter
Twitter was taken over by Tesla CEO Elon Musk, as he started the ownership by firing Twitter's top officials, as the top officials were accused of misleading Elon Musk and Twitter investors about the number of fake accounts.
Elon Musk plans to cut 75% of Twitter's workforce, relax content moderation policies, and expand new pockets to grow its earnings. Musk further intends to lift the user ban, restore free speech, and keep the platform from becoming an echo chamber for hatred and division.
Twitter V/S Meta
Meta is currently in a dominant position with the largest user base in the United States. Meta registered a revenue of $117,929 million in 2021, whereas Twitter earned around 4% of Meta's earnings and registered a revenue of $5,077.48 million in 2021.
Elon Musk's acquisition of Twitter and subsequent actions are expected to give Twitter a competitive edge, resulting in an increase in Twitter's user base and revenue and enabling it to compete with social media behemoths.
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