Watch now (16 mins) | What everyone is missing about the strategy and opportunity.
I love you, my pirate fam but I'm skeptical of your analysis here. If there was a grand strategy, Elon would have had answers to basic interview questions like "What will a retweet be called?" Branding is important, but it's not everything. You have to have a good product too, and X/Twitter's experience has declined.
Elon has proven very skilled at certain aspects of branding (hype) but mediocre to abysmal on delivery. A lot of people make the same mistake about Trump - as in, "He can't be that foolish reckless and impulsive! There must be a genius plan!" No. Sometimes a cigar is just a cigar, and sometimes if it walks talks and acts like a carnival barker, it's just a carnival barker. Sometimes crazy is genius. Sometimes crazy is just crazy.
I do appreciate Elon's efforts to dispel the myth that when you're rich, that implies you are clever or worth listening to. When you're rich, it only means you're rich. It doesn't imply you're smart, kind, or competent.
I love the way you all think! Go Pirates! The world of value creation and value communication viewed through the lens of Category Design looks very different than Marketing, Selling, and Brand Management. And as you do, it is important to look at the past through this lens in order to see the possibility in the future that lies ahead. I'm framing my future with Category Design thinking.
He's still a turkey, but I like turkey especially when it's been roasted. love the content! thank you!
I’m excited about X for all the reasons you stated, but what I don’t get is how when FB wanted to make Lira they got shut down by the USG. How will Musk be able to do this without that happening? I feel like everyone will be trying to stop him.
Love the premise that as a co-founder of PayPal (lol) in the early 2000s, he totally gets how to do this in 2023
I totally agree with your analysis. I think Musk is making a mistake, but it’s probably one of timing, not overall strategy. Remember about Musk:
1. His first fortune came from founding PayPal, so he understands financial services.
2. He’s a lot smarter and has a better track record than his critics. A lot of people like to armchair quarterback him, including me on this X rebranding, but he’s always a step ahead.
3. He may not execute perfectly, but he has big resources with which to play the game. He can make mistakes (and he will) and recover better than anyone.
And yes, can confirm... The Cisco story is correct. Cisco licensed Apple the iPhone trademark and did a deal with them on some other stuff. They saw Apple as noncompetitive and knew that they were holding something valuable.
Thanks, Pirates, for sharing this insightful point of view about Twitter rebranding to X.
You can love or hate Elon, but no one can deny his legacy.
"You will recognize them by their fruits" Matthew 7:16
He's a legendary category designer!
Big Hugs to the Pirate family from Barcelona.
This discussion was very insightful. It's clear that Elon has a long term strategy behind what appears to be a flippant devil-may-care demeanor he displays on X. Wait and see is the best strategy here.
Eddie's example of the American Airlines frequent flyer program really stuck with me. 30 billion in value!? I had no idea. If X is able to create a similar system of financial incentives, it has the potential to have massive economic impact in the future for anyone taking part in it.
I'm on X daily (have been for the past year and a half).
What I see is higher quality discussion, more creators being compensated for their contribution to the platform and increasing efforts to make it a place where real conversations about important issues (AI, politics, breaking news, etc.) can happen.
This rarely happens in the open on Facebook.
LinkedIn is mostly people agreeing with each other to get jobs and feel good about themselves.
Instagram is a vanity contest.
TikTok is forever on shaky ground and is hard to have deep meaningful conversation on.
YouTube is ok, but the emphasis on video makes it a more one-way conversation.
I've spent significant time on most of the major social media platforms in the last 2 years and of them all, X is the best place to share perspectives and skills, and to run a digital-based business.
For a small creator like me, the rebrand is cosmetic. I'm more focused on using the platform to make connections, share my work, and eventually make money.
Musk's personality doesn't factor into my experience at all.