Elon Musk’s 𝕏 soars to Top Spot in App Store after Carlson-Putin interview announcement 😲; JPMorgan doubles down on growing the old-fashioned way: branches 🏦; Entrust to acquire Onfido for $400M 💸
FinTech is Eating the World, 7 February
Hey Everyone,
Happy Wednesday! Today’s newsletter is super hot as we’re looking at Elon Musk’s 𝕏 soaring to the #1 spot in the App Store after the Carlson-Putin interview announcement (& what it has to do with FinTech + more bonus dives), JPMorgan that’s doubling down on growing its bank branches (why it makes sense + a deep dive into JPM and how it recently made history), and Entrust that is set to acquire Onfido for >$400M (a win-win in the age of deepfakes). Let’s jump straight into the captivating stuff 🌶
Elon Musk’s 𝕏 soars to Top Spot in App Store after Carlson-Putin interview announcement 😲
The news 🗞️ The announcement that controversial TV host Tucker Carlson will be airing the first major Western media interview with Russian President Vladimir Putin since the invasion of Ukraine has sent 𝕏, the platform formerly known as Twitter, soaring to the #1 app on the US Apple App Store.
Let’s take a quick look at this and see what it has to do with FinTech.
More on this 👉 According to data from app analytics firm Appfigures, downloads of the 𝕏 app began rapidly increasing around 7 PM EST on Tuesday shortly after Carlson revealed details of the forthcoming interview from Moscow.
By midnight, 𝕏 had overtaken the reigning #1 app Instagram Threads. Appfigures estimates 𝕏 gained over 117,000 downloads on Tuesday, a significant bump from the previous day.
Of course, we must understand that the App Store ranking is dynamic and often influenced by short-term trends. Reaching #1 doesn't guarantee long-term dominance.
So what happened? 🤔 The spike in interest stems from the intrigue around Carlson's exclusive Putin interview. Carlson has previously been criticized for appearing sympathetic to Russia's perspective on the conflict.
By speaking directly to Carlson's audience, Putin likely hopes to present his side of the story to a more receptive crowd.
What’s interesting is that the timing coincides with the public launch of 𝕏 competitor Bluesky, which garnered 800,000 users on its first day. However, Bluesky has yet to crack the top 100 apps.
✈️ THE TAKEAWAY
What this means? 🤔 First and foremost, this surge to #1 signals growing user interest in 𝕏 as it aims to evolve into an "Everything App" under Elon Musk's leadership. Exclusive content like the Putin interview is exactly what draws attention and traffic to the platform. As 𝕏 attempts to compete with social media giants like Meta META 0.00%↑, continuing to attract top creators & personalities as well as something you can’t find elsewhere will be key to fueling its growth. Looking at the big picture, this again serves as a good reminder that if you are in FinTech, you’re in a Media business as well. Companies like Robinhood HOOD 0.00%↑ have understood early that original content can be a great converter of new users and a tool to boost engagement.
ICYMI: If you’re in FinTech, you’re in Media: Robinhood acquires Chartr 📊 [+ a closer look into Robinhood]
The only way is up? Fidelity marks up the value of Elon Musk's 𝕏 by 11% 🤑 [a holistic overview of the latest developments & why they matter + lots of bonus deep dives]