Elon Musk, the new CEO of Twitter, has outlined his new business plans to make the social network “an app for everything,” which includes crypto.
Twitter as an “app for everything”: Elon Musk’s new plans with crypto and more
Elon Musk reportedly laid out his new plans that will lead Twitter to become “an app for everything.”
The new owner compared Twitter to classic social networks such as Facebook and said that it will make money from content creators, as well as engage in video and business segments that TikTok masters.
Not only that, Musk’s vision for Twitter also includes payment processing with debit cards and linked bank accounts, somewhat like what happens with PayPal, the digital payments company he helped found.
“The app for everything,” as Musk himself has called it, takes its cue from the model of WeChat, a Chinese social media platform used by more than a billion people to find news, hail cabs and order food.
Musk’s new plans for doing business with Twitter were laid out during a meeting on Spaces, Twitter’s live audio feature, attended by the social network’s advertisers.
Doubling the cost of Twitter Blue, creator policy and crypto
The fact that Musk wants to do business with Twitter was already apparent from his innovations introduced last week, such as nearly doubling the cost of the Twitter Blue subscription.
And indeed, the new cost will be $8 per month, up from the previous $5 per month. This service will also allow users to get the infamous “blue tick,” or profile verification. For those who want to get the verification without paying for the subscription, they will have to follow the usual rigmarole made up of very narrow requirements.
Not only that, Musk would have also announced with his usual tweets, his new policies for content creators, hinting that the idea is that through the social network they can earn from their content production activities. Sort of like what is happening with YouTube.
Another innovation in the pipeline could also be the introduction of new roles for cryptocurrencies within the social network. And this is where Binance CEO Changpeng CZ Zhao takes over, who, after investing $500 million to acquire Twitter, could support such an initiative.
In this very regard, CZ also reportedly held an AMA session on Twitter in which he anticipated how cryptocurrencies could be integrated into Twitter.
Mass layoffs to Twitter employees
A few days ago, Musk executed a mass layoff against what are now former Twitter employees. Those same employees then filed a class action lawsuit against the social network’s new CEO.
From what has transpired, it appears that Musk’s action resulted in a workforce reduction of 7,500 people.
This cut on employees that the world’s richest man wanted to make is reminiscent of the mass layoffs carried out last June 2022 at his Tesla electric car company.
Indeed, on that occasion too, Musk had cut about 10% of his workforce, and received a subpoena at that time as well.