Elon Musk recently provided updates on X (formerly Twitter) during an all-hands meeting for xAI and SpaceX, highlighting the platform’s progress amid broader ambitions like moon colonization and AI development. Musk reassured staff after executive departures, emphasizing X’s role in his vision for an all-in-one app where users can communicate, shop, and transact seamlessly, akin to China’s WeChat.
Subscription Success and User Metrics
X has achieved a $1 billion annual run rate from subscriptions, a significant milestone despite only about 1% of users paying for X Premium. This growth is partly fueled by interest in Grok AI tools. Musk clarified user figures, noting 600 million monthly active users but over a billion app installations, with many engaging only during major events. He aims for over a billion daily actives as X adds features like communications, Grok, and X Money, making the app indispensable for daily life.
Engagement Surge and X Money Developments
January saw a spike in X’s engagement, with February projected to surpass it and first-time downloads up 50%. Long-form articles on the platform have increased 10x, with reading up 17x, boosted by initiatives like a $1 million prize for popular content. Musk discussed X Money, an in-app payment system already operational internally, with a public launch expected within two months. Despite past regulatory hurdles delaying features like in-stream transfers, Musk remains optimistic, positioning X Money as a key evolution for the app’s utility and revenue diversification.
These updates underscore X’s pivot toward subscription-driven growth and expanded functionality, integrating with Musk’s xAI ecosystem. While ad revenue remains dominant, these developments could reshape social media, though regulatory approvals in states like New York pose ongoing challenges.