Twitter's valuation is down to $19 billion. Will it become a dating site and digital bank next year?

According to a report by Fortune, the X Twitter, previously acquired by Musk for $44 billion and delisted, is now valued at only $19 billion. There are also rumors that Musk announced X will become a dating site and digital bank in 2024.

Valuation Plummets, Media Questions Advertisers' Return

Under new ownership and management for over a year, X platform's CEO Linda Yaccarino published "A Bright Future for X After One Year" on the X blog to inspire employees, stating that since mid-May, all major institutions have lifted their guidance to pause advertising on X, with over 1,700 advertisers returning to X last quarter.

Musk's One-Year Review of X Acquisition on Twitter, How Effective is the Super App After Restructuring

However, this data has been met with skepticism. According to data from marketing consultancy firm Ebiquity cited by Insider, most large advertisers have ceased spending on X. Ebiquity collaborates with 70 out of the top 100 advertisers, with only 2 of them placing ads on X last month. Before Musk's acquisition, the number was around 30.

X to Become a Dating Site and Digital Bank in 2024?

Insider also quoted insiders revealing that at a company-wide meeting hosted by CEO Linda Yaccarino on the one-year mark, Musk claimed that X will become a "mature" dating site in 2024, as well as a digital bank!

Musk tried to convey excitement about X's prospects for next year at the meeting, but did not elaborate on how X will become a dating app, whether users have any demand for such a feature, or what products need further changes to turn it into a dating app. This idea aligns with Musk's push for paid features, as most dating apps today are some form of subscription service.

Increasing user adoption of X for payments and providing banking information ties into Musk's long-standing vision. Musk stated at the meeting that he expects X to function like a bank by next year.

Rhode Island grants X a money transfer license, Musk sets sights on bigger dreams

However, as Musk continues to unveil astonishing moves, the sustainability of X should still be a factor in its revenue sources. Recent reports indicate that seven banks, including Bank of America, Morgan Stanley, and Barclays, are trying to sell a portion of the $13 billion debt they underwrote a year ago to fund Musk's acquisition of Twitter at significant discounts to mitigate losses on their balance sheets.