X, Formerly Twitter, Targets Expansion into Video and Recruitment spheres to Challenge YouTube and LinkedIn

In an ambitious move, executives of X - the social media platform once-known as Twitter - have hinted at diversifying its operations to rival video and employment platform giants, YouTube and LinkedIn. This bold statement emerged during a commemorative session marking one year since business tycoon Elon Musk’s unprecedented acquisition of Twitter Inc.. Musk and newly appointed CEO, Linda Yaccarino, headlined this all-company meeting.

Privy to the matter, an anonymous source disclosed that Musk and Yaccarino flirted with the idea of inaugurating an innovative news wire service, XWire, aiming to compete with Cision’s PR Newswire. While the contents of their discussion remain private, the event marked a strategic juncture, being the maiden occasion Musk and Yaccarino made a joint address to their workforce.

Known for her work stint at NBCUniversal overseeing advertising and partnerships, Yaccarino assumed the role of X's CEO in May. Musk, undeterred by his label as the world's wealthiest man, finalised the transaction to take Twitter private - a move that cost him $44 billion a year ago. Following this handover, Musk sent shockwaves through the organisational structure, resulting in the departure of most of the original executive team and staff, in addition to causing an exodus of advertisers.

Despite the tumultuous transition, both Musk and Yaccarino reported record-breaking user-engagement duration on the platform, claiming an impressive 500 million users, although third-party approximations cast doubts on these declarations. Musk's focus on revitalising the product involved the introduction of premium subscriptions, the redefinition of account "verification", and the deployment of a crowd-sourced fact-checking system known as Community Notes.

The dynamics of what the executives envision as competition for YouTube, LinkedIn, and PR Newswire remains vague, with the pair offering only short glimpses into their strategic thinking. An internal communique to the X staff, viewed by Bloomberg News, quoted the executives saying that X is “now positioned for growth” and promised “a decade's worth of innovation in just 12 months”.

An unforeseen revelation was the unveiling of X's enterprise into the digital payments sector. Musk and Yaccarino are enthusiastic about financial tools that would "give people and businesses more opportunities."