Ark’s Cathie Wood bets Elon Musk will turn Twitter into a “super app”

Cathie Wood, Managing Director and Chief Investment Officer, Ark Invest makes the gestures during the Bitcoin 2022 conference at the Miami Beach Convention Center on April 7, 2022 in Miami, Florida.

Marco Bello | Getty Images

LISBON, Portugal – Ark Invest founder Cathie Wood thinks Elon Musk might be involved in something with her opinion on Twitter.

“He’s thinking of a great app like WeChat Pay,” Wood said at the Web Summit technology conference in Lisbon, Portugal on Wednesday.

Wood was referring to the digital payment service of the Chinese messaging app WeChat. It is often used in China for things like instant messaging, social media, and payments.

WeChat was touted as the archetype of a phenomenon known as a “super app”. These apps serve as all-in-one platforms that cater to a wide range of user needs ranging from instant messaging, banking, and travel.

You are here CEO Musk has already hinted at plans to make Twitter a super app. Last month, he tweeted that buying Twitter was “an accelerator to create X, the app for everything.”

“Remember [Musk] he started in the payments business … he sold his business to PayPal, “Wood said.” He and [Twitter co-founder] Jack Dorsey, working together, I think it could turn it into a great app. “

Twitter may be more like a digital wallet in the future, Wood said: “So you do all your banking there, maybe they do something with Cash App,” the line of online payment apps developed by the Dorsey Square fintech firm.

“Do all your shopping there, get your loans there – it’s your bank branch in your pocket,” he added. “I think they can make it happen.”

Wood, a famous Tesla bull, said Ark invested in Twitter as part of Musk’s $ 44 billion deal to make the company private.

“[Musk] he really believes in vertical integration, “he said, adding that Twitter” would be a wonderful vertical integration. “

“He’s already designed and built the ultimate mobile device, Internet on Wheels – it’s called Tesla cars,” he added.

However, Musk’s takeover of the company is under scrutiny by regulators and civil rights activists who fear it is allowing malicious content to proliferate.

Responding to these concerns, Wood said Twitter’s “obscurity” lies in its “opacity” around content moderation decisions. “We haven’t seen the algorithms and how they work,” she said.

He added that he thinks Musk can turn Twitter into open source software, where the code can be reviewed, edited and shared by the public.

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