Twitter's official rebrand to X is in progress, and CEO Linda Yaccarino has provided insights into its implications for the company. In a memo for its employees, Yaccarino hinted at the possibility of a significant focus on payments and banking features in Elon Musk's new vision.
(Photo : CHRIS DELMAS/AFP via Getty Images)
This illustration photo taken on July 24, 2023 shows the Twitter bird logo upside down in the background of Elon Musk's screen advertising an "X" as a replacement logo, in Los Angeles.
Rebranding with Fintech Features
After Elon Musk, the owner, declared that Twitter would officially be rebranded as "X" over the weekend, the platform is now undergoing a significant transformation. In a memo on Monday, CNBC reported that CEO Linda Yaccarino acknowledged the dedication of the employees and applauded their hard work in relation to this change.
This change relates to Owner Elon Musk's new vision for the company, providing every service that any user can utilize. "Our usage is at an all-time high and we'll continue to delight our entire community with new experiences in audio, video, messaging, payments, banking - creating a global marketplace for ideas, goods, services, and opportunities," she stated.
Yaccarino alludes to revisiting Musk's aspirations for Twitter, suggesting a potential transformation into an "everything app." The comparison is drawn to WeChat, a widely-used messaging app in China that serves as a central platform for various daily activities.
While the specifics remain undisclosed, the memo indicates a renewed focus on expanding Twitter's capabilities to encompass a broader range of functionalities, drawing inspiration from the success of WeChat's multifaceted approach.
Yaccarino's memo remains intentionally vague, leaving room for future interpretation. Engadget reported that she envisions X taking the transformation of the global town square even further, alluding to recent updates on creator monetization and long-form content made by the company.
Musk's Vision
For quite some time, there have been rumors about Musk's interest in introducing banking features to Twitter. Back in January, several reports revealed his desire to provide users with fintech services like peer-to-peer transactions, savings accounts, and debit cards, along with additional tipping and shopping options.
As per a report from Financial Times, the company was said to have applied for the required regulatory paperwork in the US to implement these features. However, the executive responsible for overseeing the project reportedly left the company in February.
The initial steps taken to enable payments on the platform play a pivotal role in Musk's strategy to explore new revenue streams. Since Musk's acquisition of Twitter for $44 billion in October, the company's $5 billion-a-year advertising business has suffered a decline, primarily due to concerns expressed by marketers about its management and content moderation.
Also Read: Twitter to Rename 'Notes' to 'Articles,' Allowing Users to Post Long-Form Content With Mixed Media
The shift from Twitter to X signifies a move towards Musk's vision of transforming the platform into an "everything app." In an email to employees, Yaccarino emphasized the company's "inventor mindset" and its agility in operating at a rapid pace, comparable to the speed of light.
Related Article: Iconic Twitter Logo "Larry the Bird" Will Be Replaced By An "X" Symbol
