Cathie Wood, Managing Director and Chief Investment Officer, Ark Invest gestures as she speaks during the Bitcoin 2022 Conference at the Miami Beach Convention Center on April 7, 2022 in Miami, Florida.
Mark Bello | Getty Images
LISBON, Portugal — Ark Invest founder Cathie Wood thinks Elon Musk might be onto something with his take 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 Chinese messaging app WeChat. It’s often used in China for things like instant messaging, social media, and payments.
WeChat has been touted as the archetype of a phenomenon known as “super apps”. These apps act as all-in-one platforms that cater to a range of user needs spanning instant messaging, banking, and travel.
You’re 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] started out in the payments industry…he sold his business to PayPal,” Wood said. “He and [Twitter co-founder] Jack Dorsey working together I think could turn this into a great app.”
Twitter could 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 online payment app. line developed by Dorsey fintech company Square.
“You do all your shopping there, you get your loans there – it’s your bank branch in a pocket,” she added. “I think they can do it.”
Wood, a famous Tesla bull, said Ark invested in Twitter as part of Musk’s $44 billion deal to take the company private.
“[Musk] really believes in vertical integration,” she said, adding that Twitter “would be a wonderful vertical integration.”
“He’s already designed and built the ultimate mobile device, the Internet on Wheels – it’s called Tesla cars,” she added.
Still, Musk’s takeover of the company is under intense scrutiny from regulators and civil rights activists who fear he is allowing the proliferation of harmful content.
Responding to these concerns, Wood said Twitter’s “darkness” lies in its “opacity” around content moderation decisions. “We haven’t seen the algorithms and how they work,” she said.
She added that she thinks Musk could turn Twitter into open source software, where code can be reviewed, modified and shared by the public.