Executives at X, formerly Twitter, are preparing to face off against potential competitors like YouTube and LinkedIn. They’re also expanding into video and actively increasing their workforce.
During a company-wide meeting that marked one year since Elon Musk took control of Twitter Inc., owner Elon Musk and CEO Linda Yaccarino discussed these strategic initiatives.
In addition to this, they unveiled their vision for XWire, a news service aiming to rival Cision’s PR Newswire. Notably, this meeting was the first time Musk and Yaccarino jointly addressed the company.
Notably, this meeting marked the first occasion when Musk and Yaccarino jointly addressed the company. Linda Yaccarino, who assumed the role of X’s CEO in May, previously led advertising and partnerships at NBCUniversal.
Exactly one year ago, Elon Musk, the world’s wealthiest individual, completed a $44 billion deal to take Twitter private. This transition resulted in the departure of numerous Twitter executives and staff and a subsequent decline in advertiser interest.
Despite these challenges, Musk and Yaccarino have emphasized increased user engagement, claiming a user base of 500 million. Nevertheless, some third-party estimates suggest a reduction in user logins compared to the previous year.
Yaccarino has concentrated on cultivating relationships with advertisers, while Musk has undertaken a comprehensive platform overhaul. This includes introducing premium subscriptions, redefining account “verification,” and implementing a crowd-sourced fact-checking system called Community Notes.
In an internal memo to X staff, Musk and Yaccarino expressed optimism, stating that the company is “now positioned for growth” and has achieved “a decade’s worth of innovation in just 12 months” on the platform.
The executives also discussed X’s payment ambitions during the talk with staff, adding in the memo that financial tools will “give people and businesses more opportunities.”