Elon Musk, the CEO of Tesla and owner of the social media platform X, recently celebrated a major milestone for the app. On July 14, 2024, X achieved an all-time high (ATH) of 417 billion user-seconds globally. In the United States alone, the app recorded an impressive 93 billion user-seconds, marking a 23% increase from its previous high of 76 billion user-seconds. This surge in engagement was achieved in just one day, indicating that users are not only visiting the app but spending substantial time on it.
The user-second metric highlights the quality of interaction, showing that X users find the content engaging, likely due to an improved content strategy. This enhanced user experience is expected to boost the platform’s long-term revenue prospects.
Musk and his team at X are committed to providing an enriched user experience, which is crucial for user retention. Commentators suggest that as users continue to spend significant time on the app, they are less likely to abandon it, potentially leading to unprecedented user retention levels for X.
In addition to user engagement, X Payments, a subsidiary of the firm, has been expanding its capabilities. As of June 24, X Payments held licenses in 29 U.S. states, including South Carolina, with plans to launch later this year. The list includes states like Arizona, Arkansas, Colorado, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Louisiana, Maryland, Michigan, Mississippi, Missouri, and Nebraska.
Recently, X Payments increased its licenses to 31 by obtaining a money transmitter license in Washington D.C., adding to its previously acquired license from the District of Columbia. This expansion reflects Musk’s vision of transforming X into an “everything app,” broadening its functionality and appeal.
These developments underscore Musk’s commitment to innovation and user satisfaction, positioning X for continued growth and success in the competitive social media landscape.
