Elon Musk plans to add a dating element to the struggling social media platform he acquired as Twitter a year ago and rebranded as X in July.
Insiders say the billionaire told employees during a video call Thursday to mark the anniversary that he plans to add a “full-fledged” coupling component in 2024, but that he is not sure how the single site will operate. Details have not been disclosed.
Musk also reportedly plans to make X function as a digital banking tool. Musk has previously said he wants to turn social media platforms into “apps for everything.”
New revenue streams appear to be essential for Company X, with Mr. Musk buying the company for $44 billion in October after it was temporarily hamstrung by a chaotic sale.
The 52-year-old entrepreneur immediately began cutting staff and reinstated suspended accounts of users who, in some cases, spread hate, disinformation, and bizarre conspiracy theories promoted by Musk himself.
Advertisers fled and the platform lost more than half its value. According to Forbes, abandoning the established Twitter brand could have wiped out as much as $20 billion in value.
A person familiar with Thursday’s meeting told Insider that Musk’s likely vision for X includes users paying for the growing service.
“That doesn’t seem to be what users really want,” said an Insider source.
Forbes states that Musk’s worth is $225.5 billion, making him the richest person in the world. His electric car company Tesla and exploration brand SpaceX have been widely successful.