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Twitter is in the process of reinventing itself under a new brand name. The social network that we’ve long known as Twitter is now called X. It’s a brainchild of the company’s owner Elon Musk, who wants to make it an “everything app.” His plans include offering banking and payment services along with the existing core features. Twitter’s newly-appointed CEO Linda Yaccarino briefly discussed those plans in a recent memo to employees.
According to Yaccarino, the plethora of changes that have happened on Twitter over the past nine months or so (since Musk took over the company) have had a positive impact on the platform’s usage. More people are using Twitter today than ever before. “Everyone should be proud of the pace of innovation over the last nine months — from long-form content to creator monetization and tremendous advancements in brand safety protections,” she said.
Twitter wants to enter the fintech business following the X rebrand
However, it’s just the beginning. Musk’s long-term vision for Twitter or X is much broader. As said earlier, he wants to enter the fintech business while keeping social networking at the core. The new Twitter CEO reiterated this in her memo to employees, which was seen by CNBC.
“We’ll continue to delight our entire community with new experiences in audio, video, messaging, payments, and banking — creating a global marketplace for ideas, goods, services, and opportunities,” Yaccarino said. She added that the new Twitter has “an inventor mindset,” so it will continue to test out new approaches, which may see it constantly chopping and changing things until it gets them right.
“With X, we will go even further to transform the global town square and impress the world all over again,” the Twitter CEO stated. The platform will “preserve free expression and choice” to create limitless interactivity, while simultaneously creating “a marketplace that enables the economic success of all its participants.”
“You’re writing history, and there’s no limit to our transformation,” Yaccarino encouraged Twitter employees. “Let’s go make that next big impression on the world.” Unfortunately, her memo is light in details regarding the immediate plans.
However, Musk recently said that the platform will add “comprehensive communications and the ability to conduct your entire financial world” in the coming months. He added that the Twitter name does not fit well in these plans, hence the re-branding. It remains to be seen how Twitter will change over the next few months. We will keep you posted with all the latest information.
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