Elon Musk is reportedly planning to launch his news distribution service called XWire which will rival existing platforms for disseminating company PR news and press releases.
In an all-hands meeting with employees addressed by both Musk and X CEO Linda Yaccarino, the news wire initiative was discussed, reports Bloomberg.
“The duo also referenced ambitions to create a news wire service called XWire, which would rival Cision’s PR Newswire,” the report mentioned.
Musk and Yaccarino did not divulge much on how X would better compete with platforms that distribute company news and press releases.
As Instagram Threads was moving away from news, X would double up on news and even incentivise journalists posting original content and asked users to become citizen journalists.
Betting big on making X Corp a trusted news platform, Musk said last week that the platform was an “open source news” and whatever was relevant in legacy media was already available on X. “When fake news spreads on CNN, MSNBC, or in The New York Times or Washington Post, they get the final say and can double down on their false narrative,” the X user posted.
Musk said “yes,” adding that X was an open source news platform. “That is the right way to think about it. Anything relevant in legacy media is reposted here anyway,” he added.
Musk last month encouraged people to do citizen journalism on X.
“Please encourage more citizen journalism! You can do live video easily from your phone. More on-the-ground reporting from regular citizens will change the world,” he said.
In August, Musk invited journalists to publish directly on X and earn a higher income.
The company has also set its sights on competitors like YouTube and LinkedIn in terms of both video and hiring with @XHiring account. X’s value falls to $19 billion, lower than Elon Musk’s $20 billion estimate and $44 billion that he paid for it
Elon Musk’s X, formerly known as Twitter, has seen its value drastically fall under the tech mogul – by over half of what he paid last year, as per a Bloomberg report. Musk shelled out a hefty $44 billion for the social media site in 2022. Now, restricted stock units awarded to employees value the company at just $19 billion or $45/share.
It can be noted that while buying the company, Musk had tried to tune down the price tag citing market conditions, but Twitter executives sued and held the Tesla chief to his initial word. As per an internal email in March, Musk himself had said the company was worth $20 billion. However, this figure too is a whole $1 billion lower than the assessed value.
Elon Musk plans XWire to take on news distribution platforms
