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Here’s the full transcript of Musk and Yaccarino’s all-hands meeting with X employees on October 26th, lightly edited for clarity:

Linda Yaccarino: It’s our all-hands, and I want to say thank you to everyone on this call, and especially for everyone in acknowledging what we’ve been able to accomplish in what has been a remarkable first year since the acquisition. It would be absolutely impossible not to acknowledge all the hard work from everybody around the world who’s on this call, especially as we’ve had to come together since the terrorist attacks by Hamas in Israel. Unspeakable times we’re living through. It has been 20 days since our teams have been working around the clock to keep this platform safe and a place of connection for those most in need. So, I genuinely say thank you.

I’ve been here about 16 weeks. And that means that for about half the year, I was actually on the outside looking in. That outside view is actually what drew me here. And I have to tell you, the insider view: intoxicating. I’m grateful to be with all of you. What’s most incredible since I joined the company is the scope of our ambition. The pace of innovation at this company, seriously, nothing else like it exists. No analog for what’s going on here. Before I came to X, I was always trying to push our customers, my company, to move faster. No worries. I don’t have to do that here. Speed is at our core. The hustle and pace is enviable, and what we’re building here is completely reshaping what our users and our clients expect of a platform.

We have to take a moment and think about what we’ve done in just a year. The advancements we’ve made in video, growing our communities, our creator program, X Hiring. I don’t know about you, but some of you may have been victims to all my video calling last night. It doesn’t stop. And with payments around the corner, I think it’s pretty exciting to say that there’s no surrogate for X, which is why everyone watches our every move—

Elon Musk: And copies us.

LY: When you’re as consequential as X is, watching every move, I guess it’s to be expected. We need to get used to it. We need to lean in and own it. And I’m intentionally using the word consequential because we’re creating something a lot more meaningful here. We’re working to protect the freedom of expression. What we’re doing here in building at X is helping humanity thrive.

Listen, I know the decisions we make are not always expected ones, not always the easy ones. Change, innovation, pushing against legacy. It’s not simple. It’s actually really hard. But this company, everyone on the call, [are] exceptional people. We’re writing history. Really creating a new playbook. And we know there are skeptics out there, but our momentum — we all know — it’s catching on. And in the process, we’re creating more and more advocates.

So, I’m long on X. I certainly am long on all of you. And I just want to say congrats on a great big year. Ready for year two. And with that, I will pass it to Elon.

EM: Thank you, Linda. Thank you for joining. A tremendous amount has been accomplished in the past year. It’s really lightning speed execution. We’re rapidly transforming the company from what it was, Twitter 1.0, to the everything app. [An] all-inclusive feature set that you can basically do anything you want on our system. Obviously, that’s not to the exclusion of other apps, but I think the fundamental thing that’s missing that would be incredibly useful is a single application that encompasses everything. You can do payments, messages, video, calling, whatever you’d like, from one single, convenient place.

They have this in China, to some degree, with WeChat. We just don’t have that. It doesn’t exist outside of China. This doesn’t mean that we just want to copy WeChat. I think we can actually create something ultimately that exceeds WeChat. We can do some pretty incredible stuff here.

So, I’ll just run through the list of all the accomplishments the team has made in this year. And I should say that we’ll try to do this every quarter as opposed to every year. A year is quite a long time. Every three months or so, we’ll do this. And the next one we will do with X live video. We’ll just livestream it to earth, basically. We’re a company that believes in transparency, so maximally transparent would be anybody who wants to watch our company talk can do so. And it’s helpful that we’re not publicly traded actually because you can say what we want to say without some sort of class action lawsuit.

LY: [Laughs]

EM: It’s honestly a plague. When I looked at the list, I was like, “Wow, this is really incredible.” So, most recently, we launched audio / video calling, and I had a number of people actually call me—

LY: Did you pick up, Elon?

EM: I did. I thought it was like a FaceTime or Signal call or something like that. It’s X audio / video calling. Super cool. That’s the most recent thing that’s still kind of like a beta version. But it’ll have all the functionality that people have come to expect from FaceTime or Signal.

We’ve also made radical improvements to video in general. So our live video stream is much better, dramatically better. You can now upload long videos, including an entire movie. I thought it was very cool that Apple, for example, uploaded an entire episode of the Silo show, which is actually quite a good show. I was told that it was the number one biggest social media event that Apple has done in its entire history, which is wild. Obviously, companies should do more than that.

LY: That certainly got everyone’s attention, and when you think about that, in addition to the immersive video product or vertical video product, a lot of people, or a lot of customers that I talk to, are surprised at the growth, right? Seventy percent growth in the last six months but driven by Gen Z. So, when you think about the strides we’re making so quickly in video, it’s certainly getting everyone’s attention.

EM: Yeah. Video is the highest bandwidth way to consume information. Sometimes people wonder [about] Gen Z, “Is their mind rushing or something because they’re just watching short videos over and over again?” But actually, video is the highest bandwidth means of communication. Certainly, what video you are watching, of course, that can be dubious, but obviously, that is the best way to consume information. You can think of a meme as really compressed information, where you’re conveying many different ideas in a single image with some text.

So, I’ll go through the list, which is pretty, pretty amazing. It’s a fun list, actually.

LY: Yes.

EM: We launched the ad revenue share for creators or really anyone on the platform. This has made a big difference to the lives of many people. We’ve paid over $20 million to creators, and we expect that number to rise significantly. Our number of creators has increased by more than an order of magnitude, and that’s just since the middle of this year. In less than six months, we’ve seen a 10x increase in creators.

Communities is growing fast. There’s a lot of work to do to make Communities compelling. But we’re seeing rapid percentage growth in Communities. I’m excited about some of the changes we made to Communities. One of them I think will be quite powerful is for a community administrator to be able to include any X account. You can add any @ handle that hasn’t joined the community.

Take this Diablo community, which I’m on. What you’d want to see there is obviously anything from Blizzard and maybe top video game commentators who are talking about Diablo, in addition to people who have joined that. So think about it as a community but it also includes a list of accounts, which will, I think, really bring life to Communities. I think that’s a simple change but a profound one.

LY: And Elon, think about it. When you’re talking about all of our innovation and extending to longform video or movies, all the way to Communities, it’s what’s driving time spent on the platform. With video calling, they’re showing up to do more, which will make it more enjoyable for them, more useful. And they stay longer, so there’s a lot more to experience, which is beneficial to everyone, all our partners.

EM: Yeah, absolutely. I think people will find that it’s incredibly compelling to move from a text comment or video comment to direct messages then to an audio / video call, which will include group audio and video calling, and then do payments. For payments, we’re really just waiting for all the approvals, which we should hopefully get in the next few months.

We’re at over half a billion monthly users, roughly half a billion posts per day, and over 100 billion impressions a day. These are monster numbers. We’re seeing roughly a million new users sign up per day and an increase in the amount of time each user spends on the system. So, this is all good. If there is one goal, it’s to maximize unregretted user time on the system. It’s not just maximize the time that people spend but maximize the unregretted time. We’re making good progress on that front.

We also introduced the beginnings of recruiting, kind of like a LinkedIn competitor, essentially. If you are a company that is offering jobs or you’re looking for jobs, this is going to be a good spot to find great people. Historically, I’ve done a lot of recruiting on here.

LY: And we’ve talked about it a lot, right, Elon? Just that authentic filter and how hiring just naturally, organically, emerged. I’ve actually been maybe a little surprised but really excited about our advertising partners [being] interested in X Hiring. Because you’re right, LinkedIn is overdue for some competition. Because of the filtering nature and the authenticity of our platform, they know that they’ve already started to explore that. So that’s been a really interesting kind of new stream of conversation with customers.

EM: Frankly, I would place more emphasis on what somebody has posted in the past on the X platform than anything else. Have they posted interesting material? That would be probably the single biggest indicator for whether they are excellent and someone you’d want to hire.

I think the same is true also on the romantic front. Finding someone on the platform. Obviously, I found someone and friends of mine have found people on the platform. And you can tell if you’re a good match based on what they write. So—

LY: So, X Dating around the corner then?

EM: Yeah. There’s already some stuff happening to some degree. But I think we might be able to improve the dating situation. Part of it is how do you discover interesting people? Discovery is tough.

LY: Next quarter, we’ll do a livestream. You want to share some vision on any of your streaming visions for the future? Just overall content-wise, just how you see it?

EM: I think video livestreaming is going to be incredibly important for sporting events, for political events, for people who are actually on the spot. Instead of going through the lens of media, you can actually just have people who are literally at ground zero do a livestream or upload video. And so you actually can see what’s happening in real time. My understanding is that it was actually quite helpful in Israel for helping people get to safety and highlight issues there.

There’s really, I think, a profound shift in news. When you really think about information, I sort of approach this as like the collective consciousness, where if you can think of humanity as a superorganism and all the humans are basically the eyes and ears of the collective mind of humanity, you want to have all those eyes and ears feeding information into the collective mind. Not going through the slow and often distorted lens of media but actually just directly.

People who are actually in a particular industry or in a particular region actually know what’s going on better than reporters do. I’m not saying that reporters shouldn’t write stuff, but how many reporters are there? And how many are actually on the ground? How many were really there versus [those who] read something on the internet or wrote an article? It’s really some very tiny number of actual reporters. Most of them are not at the scene, and most of them are not industry experts. Whereas that is the case for X. People are on the scene. They’re industry experts.

We’ve got one of my favorite features, which is Community Notes, that is helpful to distinguish fact from fiction. Community Notes is completely open source, including the data. As I posted, sometimes I get either blamed or I get asked, “Hey, can you take this Community Note down?” I’m like, that’s actually not possible. I don’t actually have that ability.

LY: Particular to your comments about people being force-fed certain types of media that have certain types of bias, I think we often underestimate people’s ability to seek out the real information and actually make the decisions for themselves.

EM: Yes.

LY: And that’s the beauty of how this works, right? The power of the platform, right? To be able to seek out that information. That’s when Community Notes comes in to give you a little fact-check from people on the ground. And as we’ve seen, particularly in the last 20 days, how Community Notes has become so powerful, so meaningful, and now that you have so many new readers and contributors through Community Notes, and it’s quite a unique capability that X offers.

EM: Community Notes started off as Birdwatch. It existed before the acquisition, but it was in a very nascent form and just limited to, really, the US. I put a massive emphasis on this. This is something that we need to make a top priority at the company.

LY: Forty-four countries and over 100,000 contributors. Growth has been really just explosive. So it’s great.

EM: I’m always amazed at the sort of batting average of Community Notes. Nothing’s perfect, but if a community note has been voted in and stays, the batting average is high 90s with accuracy. In fact, it’s the most accurate thing. If I want to know what’s going on, I’m going to look at the community note to figure out if it’s real or not.

LY: I think it’s really important to bring up because it’s one of the singular, most powerful pieces of feedback that we get, even from our biggest skeptics, is our approach to what we’re doing here that is completely transparent for all to see. When you’re talking about Community Notes, I think, in the last 20 days, I’ve probably posted five or six times about the evolution and the sophistication and maturation of Community Notes alone. But the way this company is innovating with complete transparency may invite some more of those skeptics. But like no other company in real time, tell them exactly what’s going on. And it’s been really powerful, positive feedback.

EM: Community Notes is infinitely better than some sort of mysterious censorship bureau where nobody knows who they are or why they make decisions or anything. That’s the kind of thing that lends itself to manipulation of information. I want to be clear, Community Notes will be the single best source of truth on the internet, period.

I want to just go through the list quickly just to acknowledge the great work that has been done. We have picture in picture for videos on web. A ton of video features. We’re rapidly reaching parity with YouTube and may exceed them. I test it with an occasional video game that’s livestreamed, and we’re also synchronizing the live video and the stored video because they really should be the same thing. A video that’s being uploaded or a video that’s live with a delay are essentially the same thing. So we’re making sure the interface is going to be the same.

I also want to acknowledge those who have deleted code. My general philosophy on software is that you get one point for adding a line of code and two points for deleting. This is a really big deal. So thank you to everyone who has worked hard to simplify the code base and delete and simplify the software.

We are working toward money transmission licenses. Hopefully, those will come through in the next few months. We’ve added ID verification, the ability to hide likes. We made it clear that we will support someone if their employer picks on them or fires them for what they post on the system. We will provide them with legal support.

We’ve encrypted DMs, and that’s also something that we will expand upon. The acid test for DMs, as with Signal, is that if somebody has a gun to my head, I still can’t tell you what somebody’s DMs are. Basically, they need to be definitively private or you really can’t trust them. The team has done a lot to reduce child exploitation material. That has gone down dramatically, I think somewhere on the order of 90 percent-plus.

LY: Not to interrupt you, Elon, certainly. But it is one of the biggest areas of support we get from the partner groups or the interest groups that we work with specifically in this area of what it was like a year ago on the platform and our philosophy of zero tolerance on the platform now. So it’s something really important that we should celebrate.

EM: Totally. There are a ton more. We’re also working to improve search dramatically. We want to have a semantic search. So if you type in search terms, it knows what you mean and then can bring up the text, pictures, and video that are what you mean. Not just strictly a text comparison. We’re seeing the beginnings of that with the “see similar posts” capability. That is sort of an AI-based system.

Really, what we need to move toward is the entire system, all the “recommended for you” posts being AI-based. Essentially, you populate a vector space around the user and then any given post would also have a vector space. You correlate the two vector spaces, and you show people what is most likely interesting to them. And that will update all of the heuristics that we currently have.

We went through a similar process at Tesla with Full Self-Driving where it started off with almost entirely C++ code and then gradually became more and more a neural net. And now, the latest version of Full Self-Driving, called Rodeo, is entirely neural nets. I think that’s going to be very compelling for the recommended feed. It’s going to be a game-changer. And it will also mean that if somebody posts a very interesting reply, normally that is buried by default, that is buried with very little exposure, but sometimes the reply is more interesting than the original post. And we currently lose all that. With a purely AI-based system, whatever the reply is, if the reply is compelling, that will be shown more prominently than the original post if it’s compelling.

LY: Elon, can we talk a little bit about potential continuing efforts that we really are leading the marketplace in, in fighting spam and bots? Because when you look at our user and performance numbers, those are net of everything that we’ve done aggressively fighting the spam and bots.

EM: Yeah. Where things are today is that even generally available AI, very basic AI much less the sort of cutting-edge stuff, is easily able to overcome the various “are you a human?” tests. Like, solve this puzzle or tell me which of these pictures have a traffic light. AI is faster and better than people at identifying and passing these “are you a human?” tests. You don’t even need to initially have bots.

You can have, you know, 100 people in a warehouse, each with 100 phones, that are all just going through the “are you a human?” tests because they are human, and they actually will also be way better than the average human because they do it all day. This is a really big deal, addressing the bots and trolls. It’s important to avoid platform manipulation, where someone will spool up 100,000 bots or 100,000 fake accounts to make something seem more viral than it really is or to just spam users with crypto scams, or whatever the case may be. It essentially adds noise to the system and makes our platform less useful.

It’s certainly possible if you turn a blind eye to bots for something to seem far busier than it really is. And so, there are other things that may seem incredibly busy, but they’re just really bots. But obviously, bots don’t buy things, so advertisers should not find bots very appealing unless the bots are actually buying, which they won’t. And then a bunch of the bots will be spam. That means there is bad content. Content that is not interesting. I regard bots and trolls as reducing the signal to noise of the collective mind that is the X platform.

LY: And safe to assume that the Not a Bot program will expand at the right time beyond Singapore and New Zealand, right?

EM: Yeah. We’re running an experiment to see what the consequences would be if there’s literally $1 a year, which is 0.3 cents per day. Sometimes, I get this absurd thing where it’s like, “How will people in poor parts of the world afford?” I’m like, “They are somehow on the internet. They have an electronic device, and they are on the internet, and a dollar a year is 0.3 cents a day.” This is affordable for anyone, obviously.

My experience from X.com way back in the day — X / PayPal — was that the spammers and fraudsters are the ones who complain the loudest. Whenever some action was taken, it would get the most righteous indignation from the fraudsters because they don’t like being shut down. So we expect the same thing here again. But we are being careful about this. That’s why we didn’t just start worldwide. Just trying it out in the Philippines and New Zealand. So, we’ll see how it goes [and] make some adjustments.

Even $1 a year, while obviously a tiny amount of money for anyone, any human, is still expensive if you want to do 100,000 bots. Now, you have to have $100,000 to get 100,000 bots, and you need 100,000 payment methods, which is even harder. We have to proceed carefully on that front.

LY: And when we think about the hiring business ready to be disrupted with X Hiring. Also when you think about the PR business with X Wires, [it’s] pretty exciting, too. Approaching something that I don’t think many people ever have thought needs, you know, contemporizing, right?

EM: Yeah. Really, there’s no need for PR Newswire. We are PR Newswire. How many individuals actually subscribe to PR Newswire? Basically no one. If you actually want to put out information as a company, we’re by far the best method of doing so. That’s obviously something we just need to highlight to companies. Corporations that have been around for a while do the same thing they’ve been doing for a long time until we point out, “Hey, there’s a lower cost, easier way to do it, which is just put it on the platform.” And that’s what we’re going to do.

LY: I should get the numbers and the result because we just had two pretty nice size agencies merge: Camelot and PMG. They came to me the night before. I don’t know if they had heard this weeks ago. They asked us to help them launch the announcement of the merging of the company. They experienced a response that was, you know, just 10x what they could ever imagine going from journalist to journalist or publication to publication to spread the word out. So I think we’re onto something.

EM: Sounds good. Cool. Yeah, forgive me if I’m forgetting to mention because there are so many things that have been accomplished in a year. I think this is the fastest rate of innovation maybe ever for any internet company. Maybe X / PayPal back in the day was similar, but other than that, it’s certainly a faster rate of innovation for any mature company that has been around for a while by far.

LY: I think the rolling list of numbers is somewhere around 200 product innovations. I’m not sure in most companies’ lifetimes or life cycles that they can talk about those. And even as, you know, consequential as the rollouts have been here, it’s just one year. And I think that’s why — because we’re pushing so much against legacy — people are paying a lot of attention to what we’re doing.

EM: Indeed. The time to be concerned is not when, say, there are media stories about our company dying but when they don’t bother to write the stories.

LY: Right. If they stopped writing about us, then we have become irrelevant. Or we always say we’ve become quite boring, and I don’t think we’re boring. [Laughs]

EM: There’s also longform content. We can do longform posts now with actually pretty good editing in the posts. We’ll be releasing the ability to have a very sophisticated text output comparable to what someone would do on some of the other platforms out there. Basically, complete rich text posting that [will let you] post a novel, basically, including an illustrated novel with video. Anyways, there’s a ton. We are leaving out a few things. That’s a partial list of accomplishments. There’s a lot more to come in the future, obviously.

LY: We’re all looking forward to that. There is no way any of this long, long list of accomplishments could have happened without the unconditional dedication of this team. It’s one of the biggest things I’ve experienced and am in awe of since I joined the company.

A company that was 8,000 [employees] has gone to a little under 1,500 and accomplished what we have accomplished. I think it’s pretty much writing a rule or a playbook that other companies should pay attention to. So thank you to everyone. It’s incredible output.

EM: Super exciting. I look forward to doing the next one live on our platform.

LY: That’ll be next quarter. And we can talk about a lot more then. Alrighty.

EM: Are there any questions? I’m happy to just keep going.

LY: Yeah, if we send them to Elon, we’ll answer them.

EM: Just reply to my post.

LY: There was one question from someone I thought was interesting of what they haven’t heard about yet: what in your mind could come next that’ll surprise everybody?

EM: I think payments and just generally being a financial hub is going to surprise people [with] just how powerful it is. I really understand this world, obviously. The X / PayPal product roadmap was written by myself and David Sacks, actually, in July of 2000. For some reason, once it became eBay, not only did they not implement the rest of the list but they actually rolled back a bunch of key features, which is crazy. PayPal is a less complete product than what we came up with in July of 2000, so 23 years ago.

When I say payments, I actually mean someone’s entire financial life. If it involves money, it’ll be on our platform — money or securities or whatever. It’s not just, you know, send 20 bucks to my friend. I’m talking about, like, you won’t need a bank account.

LY: And that we see coming full opportunity in ’24, right?

EM: Oh, yeah. I mean, it would blow my mind if we don’t have that rolled out by the end of next year.

LY: Someone asked me, which was interesting. I’ll take a shot at it first, and maybe you riff on it a little bit. And it was, “What is the one thing that we should stop doing in year two and one thing we should start doing in year two?” And I thought about it. Everything we’ve talked about today. But for people who don’t see our vision yet, people who don’t see what’s happening here at X, stop giving any of that oxygen. Don’t pay attention to it. Heads down. See what’s happening here and realize everything that we’re building here. So we make sure payments makes it, you know, actually as robust [an] offering as possible.

Because you have to focus on what we’re trying to realize: the full vision of X. You gotta lean in and own it. Keep the noise out and just pay attention to what we’re building here. I think it’s good advice for all of us because what we’re doing is something pretty special here.

EM: Yeah, absolutely. Just heads down. Focus on improving the product.

One thing I was going to mention. This rule is sort of implicitly implemented at SpaceX and Tesla, but I’m going to be much more explicit about it and also apply at our company, X Corp. In any given meeting, make sure there’s at least one piece of bad news. You can have more than one piece of bad news. If you’re in a meeting with me, try to bring up at least one bit of bad news or more than that. My meetings at SpaceX are really good in this regard. They lead with the bad news. Generally, bad news should be loud, repeated, and immediate. Good news can be said quietly once. So just consider it mandatory to at least have some bit of bad news in any given meeting, and start with that. Another way to think of it is we’re looking for a feedback loop that is as good as possible, and sometimes it is uncomfortable to bring up bad news. We need to make it explicit that bad news should be brought up in every meeting, not just with me or Linda, but in general within the company. Basically, what do we need to improve and make better?

LY: Right. And be open to disagree and debate. That’s where the innovation is going to happen. It might be hard to hear it, but that’s where you’re going to make a difference.

EM: SpaceX is extremely good at bringing up the bad news, because if you don’t bring up the bad news, a rocket explodes. And that’s really bad news.

LY: High stakes.

EM: Yeah. SpaceX has been traumatized. We’ve had three Falcon 1 failures [and] two Falcon 9 failures, and that is seared into the minds of people in the company. People know that bad news in a meeting is nothing compared to a rocket blowing up. So, SpaceX is very good at bad. Tesla is pretty good at it. I just want to emphasize: this is really mandatory and very important.

LY: Got it. [Four-second pause.] Thank you.

EM: I’m literally just scrolling through the replies.

LY: I’m doing the same.

EM: Seeing if there’s anything I haven’t covered yet. Livestreaming quality could be better. We are working on improving livestreaming. And obviously, we want to be able to offer a full 4K livestream, that’s pretty important, especially if you’re watching a sports game or a rocket launch or something like that.

LY: I don’t know if it’s just me, but the video quality on this phone is spectacular.

EM: Oh, yeah. I think we’re actually fine for phone resolution. But if you put it on, say, a big-screen TV, then the resolution is not as good as the TV.

LY: Alright, so there you have it. Thoughts on X making it to the big TV screen?

EM: Yeah, absolutely. We want to be everywhere that YouTube is or other video. That means you want to have the X app accessible on any TV. If anyone just buys a TV, the X app is just one of the items. You can watch YouTube, or you can watch X.

We’ve made some progress in this regard by being able to do that Apple thing where you, like, cast it to the screen, basically. We want to be natively in the TV, just like YouTube or anything else. That’s really essential because, especially if people are putting [up] longform content, like long videos or something like that, holding your phone for two hours is going to make your arm tired. While it’s possible, it’s not the optimal way of consuming long video. You want to be able to sit down and watch your experience.

LY: I think all of our content partnerships will help spur some thinking there, and I could help take on that assignment, certainly.

EM: Great. We might have covered everything. As much as has been accomplished in the first year, I think we’ll do perhaps even more in year two. As mentioned, every three months we’ll do a company talk, and we’ll answer questions dynamically. It’s a very exciting future we have ahead of us, and thank you all for helping make that happen.

LY: Thank you, Elon. And thanks everybody for hanging in there for [the] first year. Year two’s future is bright. Thank you all.