7 months ago
Elon's 24 year old dream finally coming true. He wants to copy WeChat for the world, THE EVERYTHING APP for 6.7 Billion users. @elonmusk has literally said this, hear him out: [img:vid-TTTYxh4XZ]
So his plan includes making X a global financial system. But why is Elon trying to do that? Let me tell you (continue reading) [img:vid-oJD9wPrE7]
The reason I can think of is because of Twitter's Natural growth limit: Twitter's user growth has plateaued in recent years. This suggests that Twitter has hit a natural growth limit. [img:ArjrHzTdp]
Twitter's previous business model was based on advertising. However, the company struggled to attract advertisers, and users often saw the ads as intrusive and annoying. As a result, Twitter's revenue growth was slow and the company was not profitable twitter.com/elonmusk/status/1621544497388875777
Elon hence added another line of revenue with a subscription. My guess is this will play a bigger role in the future. This model is expected to be more sustainable and profitable in the long run. He wants to compete with Youtube and Tiktok: [img:kwhV5YxzX]
They wanna compete with Amazon?? [img:FqiMpvPVG]
Now let's talk a bit about WeChat It's the Swiss army knife of apps in China. - chat - send money - play games - buy clothes - order food - live stream - pay for groceries - book cabs - consult a doctor Literally everything. This is exactly what Elon wants to do with X.[img:aZlVBF-1L]
WeChat users send more than 45 billion messages a day. 300 million use the app for video and voice calls. WeChat Pay has close to 1 billion monthly active users. [img:WVP61b3YF]
But if WeChat is so good, why isn't everyone using it? The reason is they are building WeChat primarily for China. And China has even banned all major global apps including Twitter, YouTube & Meta. Hence WeChat has no global competitors.
More than 50% of WeChat users spend over 90 minutes per day on the app: [img:s44dZiKwm]
It is the most downloaded app in China. People use it even in concerts - to select which song will be played: [img:vid-65z8ie2qh]
WeChat has all the features of WhatsApp, Facebook, Skype, Uber, Amazon & Tinder in one place. Now that's the reason Elon wants it. [img:sEYXQjJJJ]
X has around 541 million monthly active users. (WeChat has more than 2x of that, with 1.3 billion users) [img:XaevKB93L]
WeChat is responsible for 34% of all data traffic in China. WeChat's revenue is estimated to be around $50B/ year (catering to 1.3B people) Elon wants to do that for 6.7B people. [img:3ozVBi5KB]
Changing the name from Twitter to X was not just a rebranding move, it was much more than that. twitter.com/elonmusk/status/1683656350046232578?s=20
If this goes according to Elon's plans, he can get a big piece of the pie for himself. Remember that WeChat is limited to China and has failed to grow globally. And WeChat is not the only super app out there.
Here is a list of super apps: Grab - Singapore Gojek - Indonesia Paytm - India Zalo - Vietnam Line - Japan Kakao - South Korea If it is not obvious already, super apps have not been able to reach the US and European markets. They are only present in Asian countries.
As Elon said, Twitter is no more about just tweets, it is everything. Here is the full episode of The All-In Podcast that was uploaded on X and has more than 24 million views: twitter.com/theallinpod/status/1680967544339922944?s=20
Adding payment features to X is not easy. There are a lot of security and regulatory challenges, and the need for user trust in handling sensitive financial information. Since it's a social platform after all.
Imagine if your account is hacked and you lose all the money you had. It is not as easy as it seems. TLDR: twitter.com/elonmusk/status/1577428272056389633?s=20
If you found this story interesting, please retweet it & pay it forward ❤️ And don't forget to Follow @tibo_maker for more about audience building and startups as I am building mine to $10m ARR twitter.com/tibo_maker/status/1689619974082473985
Here are all the things that have changed since Elon took over: twitter.com/tibo_maker/status/1673324138235142147?s=20
And we did not even talk about the AI company competing with industry giants OpenAI, Microsoft, and Google:twitter.com/elonmusk/status/1679164661869182976?s=20
Here is Elon's take on copying something. We all are humans. lol twitter.com/elonmusk/status/1677042708756439041?s=20
@WalterIsaacson's new book will cover some interesting things:twitter.com/WalterIsaacson/status/1683228934773563395
Read more transcripts from his first meeting after taking over Twitter: theverge.com/2022/11/10/23452196/elon-musk-twitter-employee-meeting-q-and-a