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Musk wants to turn Twitter into wechat, but he may struggle to pull it off

via:新浪科技     time:2022/10/7 22:03:25     readed:94

The first finance and economics,

Tesla CEO Elon Musk is taking inspiration from Chinese social media platform wechat as he plots his future with Twitter.

In the midst of a Twitter takeover battle, Musk has renewed his bid for the Internet giant, still valued at $44 billion. He also said he hoped to develop a super app called "X" after buying Twitter.

"Buying Twitter was an accelerator to create 'X,' a super App (Everything App)," Musk wrote on Twitter.

"X" will essentially become a "one-stop shop" like wechat, where users can achieve almost all of their daily consumption functions. Zuckerberg, the founder of Facebook, has previously expressed the same idea.

Mr. Musk is a global leader in technological innovation, but he doesn't seem shy about emulating wechat when it comes to using the Internet. He compared Twitter and wechat in a Twitter staff forum in June, saying that an important goal for Twitter is to reach as many places and people as possible so that people "basically live on it."

Just like wechat in China, which has enabled nearly 1 billion Chinese people to "live on it" due to its great convenience for daily life, in Musk's view, wechat is a success like nowhere else in the world. If Twitter can achieve this or come close to it, it will be a huge success.

In fact, super-apps like wechat are not limited to China. Similar apps have been created in other parts of Asia, such as Line in Japan and Grab in Singapore and Malaysia. Grab started as a car-hailing service and has since expanded into consumer finance, while Line started as a chat tool and has since expanded into other lifestyle services.

Musk's goal is to get a billion people on Twitter in the future with the X Super app, but he hasn't revealed detailed plans for the X super app. Twitter had 238 million users as of the second quarter of this year.

However, Musk's desire to build a super app in the U.S. won't be easy to achieve because of the differences between the U.S. and Asian market environments.

The biggest challenge is America's fiercely competitive landscape. When wechat first expanded beyond social functions, there were not so many mature apps in China, which allowed wechat to quickly take over the market, but now in the US market, Twitter is not the dominant, TikTok, WhatsApp, Facebook and others are trying to become super apps and occupy more time in People's Daily lives. The market is becoming saturated.

Moreover, one of wechat's most powerful features today is payments, thanks to the fact that when wechat Pay was first launched, there were no mature mobile payment services in China. But in the U.S., there are already Apple Pay, Google Pay, PayPal, Venmo, etc., so Twitter will also have a challenge to re-establish the payment function.

More importantly, the global Internet technology company regulation tend to be more severe, more than a decade ago loose flexible policy regulation boost the rise of a group of Internet companies, but now with the anti-monopoly law and tougher legislation for the protection of privacy, Internet companies to obtain the user's privacy authorization difficulty is greater, and if in violation of the relevant laws and regulations, The penalties are much greater.

On the other hand, due to cultural differences, Asian users and American users have fundamentally different views and acceptance of social media, which makes it difficult for American Internet companies to establish the same level of user trust.

Musk is also aware that this will be an uphill battle. He predicts it will take three to five years for Twitter to incubate "X."

But that may be too optimistic.

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