Say goodbye to Larry the Twitter bird because Elon Musk, has officially changed the social media powerhouse brand to “X”. Yes, just “X”.
The rebrand has only been just the name change so far—the social media company has not introduced new features related to the name. The name change, however, seems to be a shock as analysts believe it could wipe out anywhere between $4 billion and $20 billion in brand value.
Not only is the brand change surprising, but it could also be costly for Musk as other companies such as Meta (Facebook) and Microsoft own intellectual property rights to the letter X, leaving him open to legal complications.
Seeing competition from Meta-owned Threads, Musk has been making radical changes to the platform formerly known as Twitter by introducing Twitter Blue subscriptions and giving its users the ability to monetize on the platform.
As of July 2023, Twitter/X has 353.9 million active users on the platform, a 3.93% decrease from the previous year. Threads, on the other hand, achieved 100 million users within five days of its launch.
What’s the difference between Threads and Twitter/X? Here’s a quick breakdown.
How will Elon Musk’s Tesla affect EV shares and investments in Malaysia? Find out here.
