Musk aims to transform Twitter into an everything app. Credit: Souvik Banerjee on Unsplash.

Twitter is working on partnerships to boost the social media platform’s business, reported Reuters, citing a source. 

According to a presentation by Twitter owner Elon Musk and CEO Linda Yaccarino, under the new plan, the company aims to expand beyond digital advertising to focus on video, creator and commerce partnerships. 

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Yaccarino informed investors that the firm is in preliminary talks about prospective collaborations with news and media publishers, payment providers, and political and entertainment figures, the source said. 

Musk acquired the social media platform last October in a $44bn deal.

Last month, Musk stepped down as the CEO of Twitter and Yaccarino took over as the new chief earlier this month. 

Some ad buying companies had advised their clients to suspend their Twitter advertising after the takeover.

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As per the presentation, the recommendations have been reversed and none of the major advertising holding corporations are currently advocating a suspension.

After early pauses, well-known companies, such as Warner Bros., Mondelez, McDonald’s, and Walmart, have resumed Twitter advertising, the presentation said.

Musk aims to transform Twitter into an everything app, which will offer payment, DMs, video calling and over services. 

In line with the billionaire’s vision, the social media company is applying for “money transmitter licenses” in all 50 states of the US.

Additionally, the business has been focusing on expanding the platform’s video content. 

Over 10% of time spent on Twitter is now spent watching vertical videos, the presentation added. 

Recently, it was reported that Twitter has acquired Laskie, a technology-focused recruitment platform.