When Elon Musk is asked about the future of X, the media brand once known as Twitter that he bought for $44 billion in 2022, he offers a web of tantalizing possibilities. The site, he says, will be an “everything app” used by hundreds of millions to not only post videos but do online banking, bet on sporting events, hook up with other users on dates, and even search for jobs a la LinkedIn. It’s a bold plan, but is any of this actually happening? No, apart from users posting videos. What is happening—a reality Musk may be trying to...