Elon Musk continues to talk about his “everything app” ambitions, which would see X become a hub for all sorts of transactions and interactions.
The Insights: Elon Musk's ambition to create an "everything app" faces significant hurdles, exemplified by the Indonesian government's ban on social media sales due to concerns about predatory pricing and its impact on local businesses. TikTok, attempting to replicate its in-stream commerce success from China to Western markets, has struggled. The challenge lies in persuading users, particularly in regions with trusted established payment options, to conduct transactions within social apps needing a different level of trust than platforms like eBay or Amazon.
Additionally, the cryptocurrency push has encountered limited demand in Western markets. China's unique regulatory environment allows for more trust in apps like WeChat, but replicating this trust in Western regions remains difficult. Overall, achieving Elon Musk's "everything app" vision appears uncertain amid regulatory obstacles and declining trust.