Look past the Musk mayhem, and you'll see the beginnings of his master plan for Twitter taking shape
- Elon Musk's plans to turn Twitter into a super-app appear to be taking shape.
- The billionaire discussed plans for longer videos and a payment system on Wednesday.
Even as Elon Musk continues to crack jokes and promises that Twitter will do "lots of dumb things in the coming months," his overarching plans for the platform are already taking shape.
On Wednesday, the billionaire appeared to take his first step toward turning Twitter into a super-app — an idea Musk has continually promoted in public and private discussions.
Musk shared plans for Twitter to branch out into video and payment processing during a public meeting with advertisers, calling the decisions "no-brainer moves." He said he plans to make Twitter "as useful as possible" and turn the app into more than just a competitor to classic social media companies like Facebook or Snapchat.
"The more useful and entertaining the system is, the more people will use it," Musk said during the event, which was held in Twitter Spaces. "If nothing else, I am a technologist and I can make technology go fast."
Musk is well known for accomplishing ambitious production goals at Tesla and SpaceX — though not always on the timelines that he promises. In the case of Twitter, his timeline may be tight. Musk said Thursday at a meeting with Twitter employees that "bankruptcy isn't out of the question" if his plans to drive more revenue don't pan out.
Musk has also repeatedly discussed his plans to create a platform that could compete with a super-app like China's WeChat, initially saying he would create an "everything app" called "X." WeChat acts as an all-encompassing service, with features like messaging, video chatting, video games, photo sharing, ride services, food delivery, banking, and shopping.
On Wednesday, Musk said Twitter would start hosting longer videos and provide a space for creators to monetize content. He also said Twitter's new $7.99 monthly verification fee could pave the way for people to use the platform as a "conventional payment system" where users could send money within Twitter as well as deposit it into their bank accounts. The billionaire said the system could even extend into a banking system — complete with high-yield savings accounts, checks, and debit cards.
It wouldn't be the first time Musk, who helped found PayPal, has ventured into payment processing. And Twitter has already taken strides toward that goal. The New York Times reported on Wednesday that Twitter filed registration paperwork last week that would allow the company to process payments.
Social media expert Matt Navarra told Insider that while Musk's decisions since taking over Twitter last week might seem haphazard to the untrained eye, the billionaire clearly has a "master plan."
"I'm sure that he has a very clear idea, at least in his head, of core changes he needs to put in place to get it to his end goal," Navarra said, noting that smaller feature changes might be more "instinctual."
Over the past week, Musk has solicited feedback on Twitter — even jokingly changing his bio to "Twitter Complaint Hotline Operator" — and replied to users with new ideas for the platform, in some instances rolling back new features within hours of releasing them.
"He's recognized that you can create a lot of free media coverage from being a big character on Twitter and he's identified accounts like Stephen King's which will generate headlines and user engagement," Navarra added, noting Musk's offer to King to make Twitter's verification fee $8 was likely not a spontaneous decision.
Ultimately, Navarra said Musk faces a slew of competition when it comes to creating a super-app.
"It's a very well-trodden path and not a novel idea" he said. "There's a lot of other social media companies that have more features and are better positioned for that type of role. It's certainly a grand idea, but whether he can pull it off is something I don't know."