Elon Musk’s mysterious tweet is dominating the conversation on Wall Street
Elon Musk has changed his mind and now wants to buy Twitter, after all.
According to an own tweet on the microblog, the acquisition is a first step towards creating an “everything app”.
The question of what it is dominates the conversation in the American business press on Wednesday night.
What really is behind Elon Musk’s u-turn in the business and with Twitter appears unclear. One scenario, of course, is that the process does not seem to be going in the right direction and that the eccentric billionaire would rather withdraw his suit than lose in an open dispute.
He himself appears to want to spin the situation to the point that he himself sees a new, greater value for Twitter. In a popular tweet, Musk himself writes that buying the microblog speeds up the creation of the “X – everything app”.
What in the US has been called super-apps on Wednesday night has a clear model in China. It is the Tencent-owned service Wechat (the company itself writes “WeChat”) that is used as a yardstick for apps that are rather entire ecosystems. Wechat today has an Amazon-like e-commerce, its own payment system, is a taxi service and of course stands for social interaction.
The service as a whole is isolated to China and attempts to export the idea have failed.
Among the concerns with the scheme is of course the fact that one actor knows everything about the users; Who they talk to, what they buy and how they move. The advantage for the user is simplicity.
According to CNBC has Elon Musk previously expressed his approval of Wechat in particular.
“I think there is an opportunity to create it,” he is said to have said at an internal meeting at Twitter this summer.
The key to the success of ecosystems like Wechat—similar to Apple’s and Google’s respective mobile operating systems and app stores—is owning customers’ financial transactions. Elon Musk who made his first fortune on Paypal knows a lot about it.
Twitter is down 0.7 percent on Wednesday after surging over 22 percent on Tuesday.