X to launch new products challenging YouTube and LinkedIn: Yahoo Finance

X sees YouTube and LinkedIn as future competitors while pursuing new business lines in video and hiring, quotes Yahoo Finance as reported by Bloomberg. Linda Yaccarino, CEO of X and Musk have called out three ambitious sites during the full company meeting. X will also create a news wire service called XWire, rivaling Cision’s PR Newswire, according to a person known with the matter.

It remains unclear how X's YouTube, LinkedIn, and PR Newswire competitors will be structured, as the executives have provided limited information.

Musk completed a $44 billion acquisition of Twitter a year ago, taking it private. Shortly thereafter, he made significant changes, including the removal of many of the platform's executives, leading to the departure of many staff members. Both Musk and Yaccarino have emphasized the platform's increased user engagement and claimed 500 million users, though some third-party estimates suggest a decrease in user activity compared to the previous year.

Yaccarino has been focused on strengthening relationships with advertisers, while Musk has been working on product enhancements, such as promoting premium subscriptions, redefining the concept of account verification and implementing a crowd sourced fact-checking system called Community Notes.

In an internal memo sent to X employees, as reported by Bloomberg News, Musk and Yaccarino expressed that the company is now poised for growth and highlighted a ‘decade's worth of innovation in just 12 months’ on the platform.

During their discussions with the staff, the executives also touched upon X's ambitions in the payments sector, indicating that the introduction of financial tools will provide individuals and businesses with more opportunities.