Elon Musk is a moving target – and good luck trying to catch him. When the mainstream media said that he was going to lose $75 million on ad money, I commented that it was a pure lack of awareness from those pundits. Yes, Musk is not building X (Twitter) for advertising, but pursuing a clear fintechnolization playbook. As I posited, fintechnolization is about digital platforms offering fintech or broad financial services on their platforms, even if they did not begin their journeys in fintech. My point is that every digital platform is destined at maturity to fintechnolize!
Looking at Chinese digital platforms (Tencent, Alibaba) and US counterparts (Google, Facebook), my conclusion is this: every platform will become a fintech company at the end. So, I do want to see how Tekedia would become an investment club, a lending ecosystem, etc, at the lowest marginal cost, to members and readers in the ecosystem. This construct tracks the recent trajectories of Facebook and Google. Alibaba and Tencent have validated my thesis as I have studied their evolutions and revolutions in the markets.
Today, X has provided clarity on its path: “X, the popular social media platform, has announced that it has obtained a money transmitter license in ten states across the United States. This license will allow X to offer its users the ability to send and receive money through its app, as well as to access other financial services such as loans, savings, and investments.”
X is going to be fine because there is no digital service that offers political commentaries better than X. Post anything academic, technology, etc, good luck getting someone to notice it. But post something political, you will trigger a wave. So, in the social media space, X has won the political category. Interestingly, that category covers every aspect of commerce and industry, because Political Economy is the most important element in business because politics drives nations! With that, X will continue to have people!
Tekedia Mini-MBA edition 13 (Feb 5 - May 4, 2024) has started, join Prof Ndubuisi Ekekwe and our global faculty here.