Elon is either an egotistical villain or a saviour, depending on who you ask. With a net worth of approximately $200 billion, he is currently the world’s richest man. With that kind of money, it’s simple to develop products that have a direct impact on people’s daily lives–with far-reaching consequences.
Elon Musk is not your typical billionaire. Most of the time, he has won over the masses, much to the chagrin of big tech. As a result, he has become something of a cult figure, with a massive following and an enviable portfolio of companies that seek to challenge conventional beliefs and corporations. From Neuralink to Space X, Tesla to the Boring Company, he is an entrepreneur who seeks to “disrupt” global order by attempting to achieve what may appear to be impossible – until it is accomplished.
Twitter’s Purchase and Partnership with Dogecoin
Given the app’s influence in disseminating and sharing “truth,” Elon’s recent acquisition of Twitter may not have come as a surprise.
He offered to buy it for an absurdly high price (USD 44 Billion), possibly indicating that he thought the app was worth much more. Initially marred by accusations and counter-accusations, the purchase was finally completed at the end of October 2022. After purchasing it, he stated that he intends to use citizen journalism to make Twitter the most accurate source of information in the world.
“It is critical for the world to have a common digital square where a wide range of beliefs can be debated in a healthy manner without resorting to violence,” he said after the purchase.
He stated this in a statement following the acquisition.
Elon recently shared screenshots of an internal meeting he attended on Twitter, demonstrating the platform’s progress and future plans, which included the introduction of a payment system. This caused Dogecoin to surge, gaining approximately 19% as a result of the news. Elon and Dogecoin have a long history together. Since Elon bought Twitter, there have been rumours that the company is working on a development that will allow crypto payments, and the market interpreted this to mean Dogecoin would be the preferred cryptocurrency. Elon has also been posting dog-themed memes on his account, possibly confirming widely held beliefs that this is the cryptocurrency most likely to be adopted on the platform.
The All-In-One App
We don’t know how he plans to promote global truth, but one thing is certain: he is on a mission to redefine this space, and we are already seeing a lot of resistance from Big Tech – if recent rumours of Apple delisting Twitter from its App store are any indication. What we do know is that this acquisition may fit well with his desire to create an app he once referred to as the x app or the everything app–something akin to TenCent’s we chat or Alipay, but for the entire world.
An everything app, also known as a super app, is an app that allows you to do everything without leaving the app. Consider it a single app that contains all of the digital services you may require, such as chatting, booking a hotel, hailing a taxi, or making payments to your local store. These apps are extremely popular in Asia. In China, an app like Wechat is ubiquitous and indispensable for daily use. In China, more than a billion people have access to We chat and use it for everything from paying bills to booking medical appointments. This model has also been adopted by the Grab app in Malaysia and Singapore, as well as the Line app in Japan.
Elon once stated that acquiring Twitter would speed up the development of X, or the everything app, by three to five years.
We have already begun to see developments geared towards achieving this goal, most notably with the launch of Twitter 2.0. Elon appears to want to replicate the models of Wechat, Grab, and Line, but this time scale it up for a global audience. So, in essence, the X app would be similar to Wechat, but for the entire world. If the screenshots shared on his Twitter page are any indication, the new app will include video streaming, video chats, long texts, and payment platforms–the building blocks for a diverse platform.
When Neuralink is brought into the mix, the conversation about what this app might be capable of changes. Elon’s company, Neuralink, aims to implant coin-sized computer chips into human brains.
They recently stated that they are awaiting FDA approvals and will begin clinical trials within the next six months. So, perhaps Elon’s ultimate goal for the X app is to have it work as a computer chip implanted in human brains and do “everything” if it could.
Setup Issues with the Everything App
There will be obstacles to overcome as he works towards this goal. To begin with, he is not the only entrepreneur who wishes to develop this app.
Some businesses have already tried this and had success (within their respective geographies). As a result, he is bound to face stiff competition from these companies as well as other large tech companies working on this–Facebook is a good example. Facebook is attempting to build a platform that will serve as a hub for all online services, from payments to interactions and even appointment booking. Google, Tiktok, and even Uber are among the other major tech companies that have entered this market. Second, most people, particularly in the West, are not used to this and may find it difficult to adjust.
Despite all of these bottlenecks, Elon is not afraid of a good fight. He has repeatedly demonstrated his ability to enter industries that are thought to be “impossible to penetrate” and deliver game-changing products that reshape an entire industry. Wishing him away might not work.
be an efficient strategy. Savvy investors may try to invest in some of the companies/solutions that are most likely to be adopted in this trend.
At this point, cryptocurrency such as Doge is a good buy.
It will most likely continue to rise as long as Twitter intends to build a payment gateway. However, there is no guarantee that it will be the currency of choice for X app.