Social media X intends to develop new business lines in video and recruitment. With this in mind, its management sees YouTube and LinkedIn as future competitors, writes Bloomberg.

According to knowledgeable sources, the news was announced by X owner Elon Musk and the network’s CEO Linda Yaccarino during a meeting with employees on the occasion of the anniversary of the billionaire’s acquisition of Twitter.

In addition, during the meeting, they announced their intention to create a news service. It will allegedly be called XWire and will compete with Cision’s PR Newswire.

Elon Musk bought the social network on October 27 last year for $44 billion. Shortly after the deal, he dismissed most of the platform’s executives. Linda Yaccarino became Twitter’s CEO in the spring of this year. She focused on relationships with advertisers, and the billionaire on overhauling the platform.

By the way, many companies are leaving X. For example, in the spring of 2023, several American radio stations decided to leave the platform, but six months later, they did not notice a significant drop in their traffic.