Elon Musk Announces Plans to Compete with YouTube and LinkedIn with New Products

X, the social media platform previously known as Twitter, has revealed that it considers YouTube and LinkedIn as potential rivals in the future. The company’s executives also shared their plans to explore video-related ventures and expand their workforce.

Owner Elon Musk and CEO Linda Yaccarino invited the two sites to a company-wide meeting Thursday to celebrate one year since Musk bought Twitter Inc., according to a person familiar with the matter. The two also hinted at efforts to create a news service called XWire to compete with Cision’s PR Newswire, the person said, asking not to be identified because the conversation was private.

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The meeting was the first time Musk and Yaccarino have addressed the entire company together, the person said. Yaccarino was hired as CEO of X in May, joining from NBCUniversal, where he was responsible for advertising and partnerships.

Musk, the world’s richest man, struck a $44 billion deal to take Twitter private on October 27 a year ago. He quickly fired most of the social platform’s executives and fired or fired most of the staff. Advertisers fled the platform and have shown reluctance to come back. Both Musk and Yaccarino have touted a record amount of time spent on the platform, with 500 million users — though some third-party estimates say fewer have logged in than at this time last year.

While Yaccarino has focused on relationships with advertisers, Musk has focused on revamping the product by promoting premium subscriptions, changing the meaning of account “verification” and relying on crowdsourced, community notes.

It’s unclear what X’s YouTube, LinkedIn and PR Newswire competitors look like, and executives provided scant details.

In a joint internal memo sent to X staff seen by Bloomberg News, Musk and Yaccarino said the company is “now in growth mode” and cited “a decade of innovation in just 12 months” on the platform.

Executives also discussed X’s payment goals when speaking with staff, adding in the memo that financial tools “give people and businesses more opportunities.”

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