Logll Tech News β In a bold move to reinvent itself, the company formerly known as Twitter, referred to as X, has set its sights on becoming the Western counterpart of WeChat in China, Gojek in Indonesia, Grab in Singapore, and Gozem in Africa.
- The ambitious plan is to transform the social media platform into a super-app that offers a plethora of services, including food delivery, ride-hailing, payments, investing, and even identity authentication. X aims to attract “hundreds of millions of highly-qualified users” by incorporating real-time financial data and content into its app, signaling a significant departure from its current form. In this article, we explore X’s daring venture, the challenges it faces, and whether it can truly achieve its vision.
If Elon Musk understood anything about China, he'd know his attempt to make X a super app like WeChat is doomed to fail https://t.co/N2mPQghIGz
— Insider Business (@BusinessInsider) July 31, 2023
πΉ Seeking Financial-Data Giant for a Trading Hub
The first step in X’s grand transformation involves partnering with a financial-data giant to create a trading hub within the app. The company has issued a request for proposals to major providers, seeking financial content, real-time stock data, and other related features. This integration of real-time information aims to empower investors with the latest data and insights, revolutionizing the way users engage with financial markets.
π° No Free Lunch: A Risky Proposition
Despite the enticing prospect of reaching millions of qualified users, X’s request does not come with any financial compensation. Bidders are asked to state how much money they are willing to invest in the project themselves. This approach raises questions about the feasibility of finding a partner willing to foot the bill for such a transformative undertaking. The lack of immediate returns may deter potential bidders, leading to uncertainties about the project’s future.
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π‘ Elon Musk’s Vision for X
Elon Musk, the owner of X, envisions the platform as a versatile super-app, akin to the successful models in other regions. He believes that by offering a Swiss army knife set of tools, X’s user base could skyrocket to at least a billion users. The idea is to create an all-in-one app that becomes an indispensable part of users’ lives, just like WeChat in China. However, implementing such a vision is no easy feat and requires overcoming several significant hurdles.
π Cashtag Feature and Its Growth Potential
As a glimpse into its super-app ambitions, X introduced a limited offering this spring based on its “cashtag” feature. When a user searches for a specific cashtag, such as $GM, they are presented with a live stock chart powered by TradingView, a data startup. X claims that cashtag clicks have grown by an impressive 51% over the past two months, indicating that users are receptive to this financial data integration.
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π± Super-App Failures in the U.S.
While X strives to emulate the success of super-apps in other regions, history shows that such endeavors have not fared well in the United States. Other social media companies like Snapchat and Meta attempted to integrate payments, savings, and e-commerce features, but these efforts ultimately proved unsuccessful. Learning from past failures, X faces an uphill battle in convincing users to adopt a single app for their various needs.
β FAQs About X’s Super-App Transformation
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The Association of Arkansas Counties has developed a model ordinance that counties can adopt to regulate noise and other activities related to crypto mining.
Residents are primarily concerned about the constant noise disruptions caused by crypto mining facilities, affecting their daily lives and peace of mind.
π The Decline of Twitter’s Financial Influence
Once considered the heartbeat of the financial community, Twitter’s real-time, public platform held significant value as a source for breaking news and gauging public sentiment. In the late 2010s, tweets even found their way into algorithmic trading feeds. However, with the changing landscape of social media and financial markets, Twitter’s influence has diminished.
π X’s Current Struggles and Skepticism
X faces challenges on multiple fronts. Its value has declined substantially since last fall, and it is grappling with high-interest payments and rebuilding trust with advertisers. Additionally, skepticism surrounds the viability of turning a social media platform into a full-fledged financial super-app, especially in the well-established Western markets.
π‘ Amazon: A Better Bet for Super-App Success?
As X embarks on its transformational journey, many industry experts believe that Amazon may hold the keys to a successful super-app in the Western world. With its vast array of services and established presence in payments, Amazon appears better positioned to lead the charge in this space. While X’s vision is ambitious, Amazon’s existing infrastructure and customer trust give it a significant advantage.
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π Conclusion
X’s ambition to evolve into a Western super-app is undoubtedly audacious, but its path to success is fraught with challenges. Convincing financial-data giants to invest in the project, gaining users’ trust, and competing with established players in the finance and technology sectors will be no easy task. Nevertheless, if anyone can ignite the fervor of the masses, it is the enigmatic memelord, Elon Musk. Only time will tell whether X can transform Twitter into a Western super-app that reshapes the way we engage with financial services.