Why Twitter Change it's Name?
Elon Musk explained the reasons for his decision to rename Twitter to "X" in a tweet Monday night, saying it was part of his broader effort to transform the social media platform into a so-called "everything app" and claimed the bird brand had done just that. does not meet this objective.
“Twitter’s corporate brand is already heavily intertwined with Musk’s personal brand, with or without the name X, and much of Twitter’s established brand equity has already been lost among users and advertisers,” said Jasmine Enberg, an analyst with Insider Intelligence.
How Much Cost Spend to Change Name of Twitter To X ?
Other tech companies have also changed their names in recent years. Google became Alphabet Inc. to allow its various businesses to grow without being limited by search. Facebook has changed its name to Meta Platforms Inc. to show its commitment to the Metaverse. However, the product name remained the same. We still go to Google and Google things.
It's worth a lot According to brand valuation consultancy Brand Finance, Twitter's brand value is estimated at around $4 billion. The value of this company for the Facebook brand is 59 billion dollars and the Instagram brand is 47.4 billion dollars. Vanderbilt University estimates Twitter's brand value at $15-20 billion, comparable to Snapchat.
Changes in new twitter aka X?
The billionaire said he bought Twitter "to ensure free speech and to be a catalyst for X, which is all programs," and that the rebranding was "more than a company name change. We're doing the same thing." "
Musk said that while Twitter's name meant "when 140-character messages came and went like birdsong," the site is now very different, with users "posting videos for hours." "Almost everything, including" can be posted.
Musk then hinted at his earlier promise to expand the platform into financial services, saying in the coming months it would add "comprehensive communications and the ability to operate across the financial world."
Company X's chairman announced that with these changes, "the Twitter name has no meaning...so we have to say goodbye to that bird."
Musk's comments are the first time he has provided further details about the company's intentions for the name change since the sudden announcement of the company's name change on Saturday night.
On Sunday, the company's CEO, Linda Yacarino, gave a vague overview of the changes, saying that X will focus on voice, video, messaging, payments/banking, and help with artificial intelligence.
Is Right Decison or Wrong ?
Despite Musk and Iaccarino's bold claims, some commentators and brands have expressed bewilderment as to why the company would abandon such a well-known and respected brand. Others claim to still call it Twitter. Some advertisers have expressed concern that the rebranding will drive users away from the platform, while others worry that the sudden change will disrupt existing campaigns. Bloomberg columnist Matt Levine also said that Musk "doesn't want his employees (he's been fired), his code (which he frequently throws away), his brand (he's been let go) or his dedicated users. I wondered, 'Why? Mr. Musk will pay 44 billion dollars to buy this company? (She is trying to get rid of him.)
Analysts and brand agencies say that changing the name of the product was a mistake. Todd Irwin, founder of brand agency Fazer, said Twitter is one of the most recognizable brands on social media. Along with Instagram and Facebook logos, bird decals adorn small businesses and websites around the world.