Elon Musk Wants to Make ‘Everything App’: Here’s What to Know About It

Why is Elon Musk all of a sudden fascinated by creating an “everything app,” and what does that even imply?

The query arose after the billionaire Chief Executive of Tesla earlier this month reversed course on his determination to not purchase Twitter.

Musk accomplished his $44 billion (practically Rs. 3,62,300 crore) acquisition of Twitter on Thursday, however supplied little readability on how he’ll obtain the ambitions he has outlined for the influential social media platform.

The idea of an every thing app, also known as a “super app,” is massively widespread in Asia and tech firms internationally have tried to duplicate it.

What is a Super App?

An excellent app, or what Musk refers to as an “everything app,” has been described because the Swiss military knife of cell apps, providing a set of providers for customers comparable to messaging, social networking, peer-to-peer funds and e-commerce purchasing.

These mega apps are extensively utilized in Asia as a result of cell is the principle type of entry to the web for many individuals within the area, wrote Scott Galloway, a New York University professor of promoting and co-host of tech podcast “Pivot,” final yr.

What are some examples of Super Apps?

Chinese tremendous app WeChat has greater than 1 billion month-to-month customers, in response to one estimate, and is a ubiquitous a part of day by day life in China. Users can hail a automotive or taxi, ship cash to family and friends or make funds at shops. In 2018, some Chinese cities started testing WeChat for an digital identification system that might be tied to customers’ accounts, in response to the South China Morning Post.

Grab, a number one tremendous app throughout Southeast Asia, affords meals supply, ride-hailing, on-demand package deal supply and monetary providers and investing.

Why does Elon Musk need to make a Super App?

During a question-and-answer session with Twitter staff in June, Musk famous there isn’t any equal to an excellent app like WeChat exterior of Asia.

“You basically live on WeChat in China,” he mentioned, including he noticed a chance to create such an app.

Adding extra instruments and providers to Twitter might additionally assist Musk attain his lofty progress objectives for the corporate. During the Q&A with staff, Musk mentioned he needed Twitter to develop from its 237 million customers to “at least a billion”.

Musk and members of his interior circle texted a number of instances concerning the thought of including digital funds to Twitter, in response to messages launched within the discovery part of litigation between Musk and the social media firm.

In the textual content messages, Musk mentioned the potential for inserting Twitter on the blockchain, although he later appeared to resolve such a transfer wouldn’t work.

However, crypto alternate Binance, which has invested $500 million (practically Rs. 4,100 crore) into Musk’s buyout of the social media agency, is making a group to work on how blockchain and crypto could possibly be useful to Twitter, an organization spokesperson mentioned on Friday.

Have different US firms tried this? 

Yes, Snapchat dad or mum Snap beforehand launched peer-to-peer funds referred to as Snapcash, however ended the characteristic in 2018. It additionally made a push into cell gaming and not too long ago ended that enterprise as a part of cost-cutting plans.

Meta Platform’s Facebook and Instagram have additionally tried to broaden past social networking and messaging into e-commerce.

© Thomson Reuters 2022