The social media site X formerly known as Twitter, has said that YouTube and LinkedIn are future competitors while they pursue new business lines in video and hiring.
Elon Musk, owner, and Chief Executive Officer Linda Yaccarino have called out the social media sites during an all-company meeting on Thursday. The company commemorated Musk’s one-year anniversary of his takeover on Twitter Inc. The duo has also revealed plans to create a news wire service called Xwire, which will be going up against Cision’s PR Newswire.
The meeting was a first of its kind as they addressed the company together. The latter was hired as the company CEO in May and crossed over from NBCUniversal. She was in charge of the partnerships and advertising.
Yaccarino has been focused on rebuilding relationships with advertisers, while Musk has been revamping the product itself, according to the report. He introduced premium subscriptions, redefined account verification, and implemented a community-driven fact-checking system called Community Notes.
Musk being the world’s richest man, has closed a $44 billion deal to buy Twitter on October 27 last year. He fired most of the executives and cut or sparked resignations from most of the employees. Advertisers have fled the platform and are not showing signs of wanting to come back. Both the executives have touted record amounts of time spent on the platform, counting 500 million users. However, some third-party estimates have revealed the numbers have gone down since last year.
In a Thursday post on the social media platform, the X account said the platform has added more than 100 features over the last 12 months while giving users a chance to weigh in and suggest ideas.
The post on X read, “Our goal is simple: to make X the coolest and most enjoyable place on the internet. This includes maximizing prosperity for content creators, enabling better/more authentic conversations, and giving you more tools to express yourself.”
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