Tesla CEO Elon Musk is considering making the social media platform Twitter a mega-application like WeChat, according to Cathie Wood. She added, “Elon Musk really believes in vertical integration, and Twitter would be a great example of vertical integration.”
“Sister Wood” said of Elon Musk’s revamp of Twitter at the Web Summit technology conference in Lisbon, Portugal, on Wednesday, “He’s thinking about a super app like WeChat.”
Elon Musk has previously hinted at plans to make Twitter a super app. Last month, he tweeted that the acquisition of Twitter was “the catalyst for building Everything App X.”
“You know Elon Musk started in the payments industry …… He sold his company to PayPal,” said “Woody. I think his partnership with Jack Dorsey, the co-founder of Twitter, could turn Twitter into a super app. They have a great opportunity.”
The future of Twitter could be more like a digital wallet, “Woody” continued. “So you can do all your banking on Twitter, some of the things that Cash App, the payments platform, does.” Cash App is an online payment application developed by Square, a fintech company led by Dorsey.
“You can shop here, you can get a loan here, it’s your bank on the go,” further elaborates “Sister Wood.” “I think they can do this.”
“Sister Wood has been bullish on Tesla, whose stock has been a large position in the Ark Innovation ETF, Ark’s main fund. Ark also invested in Twitter as part of Elon Musk’s $44 billion deal to buy the company, she said, adding that the company’s venture capital fund, ARK Venture Fund, currently has a small stake but intends to hold more shares in Twitter in the future.
“Elon Musk really believes in vertical integration,” Woody added, adding that Twitter “would be a great example of vertical integration.”
“Sister Wood” also said, “Elon Musk has designed and is building the ultimate mobile device, the Internet on wheels, the Tesla electric car.”
There are also public concerns that Elon Musk’s acquisition of Twitter will spread harmful content on the platform. When it comes to these concerns, “Sister Wood” said that the “darkness” of Twitter is that the content review mechanism is “not transparent” and “we don’t see the algorithms and how they work. We don’t see the algorithms and how they work.”
“Elon Musk could turn Twitter into open-source software, so that the platform code could be reviewed, improved and made public, according to “Woody.
