TECH CRUNCH - X unveils plans for 2024, featuring the launch of peer-to-peer payments, AI-powered experiences, and continued investment in creators. Elon Musk envisions users sending money on the platform, potentially introducing high-yield money market accounts. The company, licensed for payment processing in 14 U.S. states, aims to enhance user utility and commerce opportunities. AI advancements will power X's user and advertising experiences, including improved search, ads, and customer understanding. The roadmap outlines commitments to creators, content partnerships, original content, full-funnel ads, and brand safety, addressing concerns from advertisers.
703 posts categorized "Twitter"
X Promises Peer-to-Peer Payments, AI Advances in 2024
|
Elon Musk's X Faces 72% Value Drop Since Twitter Purchase
IMORE - Elon Musk's company, X, has reportedly faced a significant drop in value, estimated at 72% less than the $44B Musk paid for it just a year ago. Fidelity's revaluation of private shares, although on a one-month lag, suggests a decline in X's worth, with advertisers leaving the platform following Musk's controversial statements. Despite Musk's attempts to introduce new features and subscription plans, the challenges for X include increased competition and negative public perception, requiring strategic efforts to regain advertiser confidence and sustain the company's growth.
|
X Loses Legal Battle Against California's Anti-Hate Speech Law
READ WRITE - X Corp. fails to overturn California's anti-hate speech law. The law, signed by Governor Gavin Newsom in 2022, mandates disclosure of content moderation policies, targeting hate speech and extremism. X Corp.'s legal claim, arguing infringement on free speech rights, is dismissed by a federal judge. This follows Musk's endorsement of antisemitic posts, leading to advertiser withdrawals. The court ruling coincides with U.S. Supreme Court deliberations on similar laws, impacting social media regulation. Musk's "free speech absolutist" approach faces challenges amid content concerns and advertiser confidence issues.
|
US Judge Rules X Corp Violated Contracts by Withholding Bonuses
REUTERS - A federal judge ruled that Twitter, now referred to as X Corp, violated contracts by failing to pay promised bonuses to employees. The case, brought by Mark Schobinger, Twitter's former senior director of compensation, alleged that the company, under Elon Musk's ownership, failed to fulfill promises of 50% of 2022 target bonuses. The judge denied Twitter's motion to dismiss, stating that Schobinger had a plausible breach of contract claim under California law and that the alleged refusal to pay the promised bonus constituted a violation of the contract.
|
Elon Musk Announces Video Integration for X Spaces
TECH CRUNCH - Elon Musk, CEO of X, revealed plans to introduce video to Spaces, the social network's live audio conversation feature. The feature is expected to launch by the end of the year or early next year. Users will have the option to toggle video on or off during Spaces sessions. If multiple speakers are present, the video feed will switch to the active speaker, enhancing communication through body language. The move aims to increase user engagement within the platform and provide an integrated solution for live conversations with both audio and video components.
|
X Begins Rolling out Grok, Its 'Rebellious' Chatbot, to Subscribers
TECH CRUNCH - Grok, developed by xAI, Elon Musk's AI startup, is now live on X. Available to X Premium Plus subscribers initially, Grok offers conversational answers, leveraging real-time data from X for up-to-the-minute information. Musk emphasizes Grok's "wit" and "rebellious streak," highlighting its willingness to answer unconventional questions. While some users find Grok more entertaining, it still has limitations, such as text-only interactions and potential rough edges. As X focuses on subscriptions, Grok is introduced as a distinctive feature, aiming to attract users with its edgy personality.
|
X Is Now Licensed for Payment Processing in a Dozen US States
TECH CRUNCH - X is pushing ahead with plans to transform into an "everything app," including its payments system. X recently secured 3 more money transmitter licenses in the U.S., bringing the total to 12 states where the company can transfer money. The move aligns with Musk's vision of turning X into a payments platform, enabling users to send and receive money. These ambitions could also involve supporting cryptocurrencies, as a money transmitter license is necessary for such operations. However, X faces challenges, including an advertiser exodus following Musk's endorsement of an antisemitic post.
|
Threads Surpasses X (Formerly Twitter) in New Downloads
TECH CRUNCH - Threads has gained momentum in terms of new downloads, surpassing X in recent trends. While X has seen 27M new downloads since September, Threads has recorded 41M during the same period. Threads' growth is primarily driven by international markets, with India leading in new downloads. The analysis suggests that the rebranding of X and advertiser exodus may have impacted its download numbers. Despite its smaller user base, Threads is gaining traction and has positioned itself as a competitor to X.
|
X May Lose up to $75M in Revenue as Advertisers Pull out
JAPAN TIMES - X, formerly Twitter, confronts a potential advertising revenue loss of up to $75M by year-end as major brands, including IBM, Apple, and Disney, pause marketing campaigns following Elon Musk's endorsement of an antisemitic conspiracy theory. Internal documents reveal ~200 companies, including Airbnb, Amazon, Coca-Cola, and Microsoft, considering or halting ads on the platform. Concerns about Musk and content moderation decisions contribute to advertiser hesitancy, with ~100 brands fully pausing ads.
|
Facebook Remains a Dominant News Source Despite Shifts in Content Focus
YAHOO FINANCE - Despite Facebook's reduced emphasis on news content, a Pew Research study reveals that three out of ten US adults still regularly get their news from the platform. Facebook outpaces other social media sites, with YouTube and Instagram following with 26% and 16%, respectively. While TikTok, X, and Reddit also serve as news sources, Facebook remains a key player in delivering current affairs. The study indicates shifting trends in news consumption on various platforms, emphasizing the continued importance of social media in delivering news to users.
|
Musk to Integrate xAI With Social Media Platform X
REUTERS - Elon Musk's AI startup, xAI, is set to be integrated into his social media platform X, in addition to being available as a standalone app. xAI has released its first AI model, Grok, to X Premium+ subscribers. Musk aims to create AI tools that seek the truth and understanding of the universe, with Grok designed to answer questions with wit. The integration provides real-time access to information via the X platform and is separate from Musk's other ventures, such as Tesla.
by Urvi Dugar
See full article at Reuters
|
Social Network X Started Selling Inactive Usernames Starting at $50K
TECH NEWS SPACE - Reports suggest that Elon Musk's social network, X, is selling inactive usernames for as much as $50K. The initiative started after Musk expressed his intention to free up usernames on the platform that had been taken over by bots and trolls. X network has been gradually clearing inactive accounts, and Musk himself may be interested in acquiring unique usernames, highlighting a potential shift in the platform's policies.
|
Elon Musk's First Year at X Sees a $70M Daily Value Loss
BUSINESS INSIDER - Since Elon Musk's acquisition of the social media company formerly known as Twitter, its valuation has been dwindling at an average rate of ~$70M daily. Recently, employee stock grants valued the company at ~$19B, marking a 55% drop from the $44B Musk paid to take the company private a year ago. Musk and X CEO Linda Yaccarino remain optimistic, citing efforts to rescue the company from bankruptcy and a vision of a positive future for the platform.
by Grace Kay & Kali Hays
See full article at Business Insider
|
X Launches New Premium Subscription Tiers for Enhanced Features
TECH CRUNCH - X is introducing 2 new subscription tiers: Premium+ and Basic, alongside its existing Premium tier. Premium+ offers a "largest reply boost," ad-free feeds, revenue-sharing, and creator tools for $16 monthly. The Basic tier, priced at $3 monthly, provides editing and posting longer text and videos. These subscription offerings aim to boost X's revenue as it grapples with ad revenue losses under Elon Musk's leadership and offer users additional features and choices.
|
Social Media Platform X Rolls out Audio, Video Calling
REUTERS - The social media platform X has launched an early version of video and audio calling for select users. Elon Musk, the owner and CTO, shared instructions for enabling these features, highlighting X's transformation into a comprehensive "everything app." This development follows a series of changes under Musk's leadership since he acquired the platform, with plans to expand X's services from messaging to peer-to-peer payments.
|