Like the times, Twitter is a-changin'.
Elon Musk stirred controversy with his decision to charge $8 per month for the little blue checkmarks next to Twitter users' handles that in the past were only given to verified accounts. That change pales in comparison, though, to his ambitious plans for Twitter.
The multibillionaire wants to build an "everything app." But there's one competitor that may have already beat him to the punch.
Everything everywhere all at once
Musk tweeted in late 2022 that his purchase of Twitter was "an accelerant to creating X, the everything app." What did he mean by that statement?
His vision starts with Twitter's current functionality that allows sharing information and opinions and viewing what others share. He wants the new "everything app" to serve as a "digital town square" -- a description that arguably already applies to Twitter.
Musk also wants to incorporate digital payment capabilities along the lines of what PayPal offers. He served as CEO of PayPal years ago and was instrumental in its early success.
E-commerce also factors into Musk's goals for the "everything app." However, he hasn't provided many details publicly on exactly what e-commerce functionality might be included.
Been there, done that
Musk's description of his planned "everything app" mirrors an app that already exists. More than 1.3 billion people use Chinese tech giant Tencent Holdings' (TCEHY 3.23%) WeChat on a monthly basis.
WeChat, also known as Weixin, started off with messaging functionality similar to Meta Platforms' WhatsApp. Today, though, it checks off all the boxes that Musk seems to want in his "everything app."
In addition to messaging, WeChat allows users to place voice and video calls. It supports sharing photos and videos. A "friend radar" enables users to find nearby people who are using the feature.
WeChat offers extensive digital payments capabilities as well. Users can send peer-to-peer payments. Products can also be purchased on e-commerce sites using the WeChat app.
Perhaps most impressively, WeChat operates a platform called WeChat Mini that's a full-blown ecosystem of online services offered by third parties. These include ride-hailing, booking hotels, making restaurant reservations, and more.
Musk's challenges
Musk could have additional functionality in mind that would make his "everything app" more expansive than what Tencent offers with WeChat. But outdoing the Chinese company won't be easy.
WeChat isn't much of a threat right now to Twitter in the U.S., though. There's also a risk that the app could be banned if efforts to ban another popular Chinese app, TikTok, are successful.
But Musk isn't alone in envisioning something along the lines of an "everything app" for the rest of the world outside of China. Meta has already moved beyond social networking into e-commerce with its Facebook Shops and Instagram Shops. It's also offering digital payments capabilities with Meta Pay. In addition, Instagram is reportedly planning to launch its own rival to Twitter this summer.
There's also another potential obstacle for Musk. His desire to transform Twitter into a major digital payment app could face an uphill battle due to U.S. consumers' behavioral patterns. Currently, only one-third of American adults use mobile payments.
But Musk apparently still hopes to achieve his goal of increasing the number of Twitter users from around 200 million to over 1 billion. An "everything app" just might help him do it.
