Flipping the Bird: Musk Rebrands Twitter, Ditches Iconic Logo in Pursuit of Building X ‘Super App’
Key takeaways
- Twitter has been rebranded to X as part of owner Elon Musk’s bid to create a ‘super app’
- Other one-stop shop apps exist in Asia, such as China’s WeChat and India’s PayTM
- Twitter’s advertising revenue is still down 50% and the company is now cash-flow negative
Twitter is dead, long live X. Elon Musk has ditched the famous blue bird logo in favor of his ‘X’ vision to build a social media empire, but users and advertisers aren’t convinced at the flurry of changes that have happened since he took charge. Can the social media app thrive under the new branding? Let’s get into it.
The roaring tech market doesn’t have to be an out-of-reach mirage. With Q.ai’s Emerging Tech Kit, you can participate safely. It offers a broad collection of tech stocks and ETFs to balance the risk, and a state-of-the-art AI algorithm stands ready to augment your investment.
Download Q.ai today for access to AI-powered investment strategies.
What’s happening with Twitter?
Twitter, the ubiquitous brand with the face of a cute little bird tweeting, will be no more. Instead, owner and billionaire Elon Musk has replaced the site’s logo with an ‘X’, with x.com set to be the new location for the social media site.
Twitter (or X?) CEO Linda Yaccarino had more to say about the transition. “X will go further, transforming the global town square,” she tweeted, adding that X will be centered on audio, video, messaging, and finances. Yaccarino also mentioned X would be powered by AI, which is an exciting direction for the new super-app.
It’s all part of Musk’s goal to create a ‘super app’, with the business name officially changed to X Corp some months ago. Similar apps exist in other countries, such WeChat, which has 1.29 billion users in China alone, and India’s PayTM.
What’s next for X?
Elon certainly has a fascination with the letter — he first owned X.com in 1999 as an online banking platform before rebranding to PayPal; two of his other companies involve the letter, SpaceX and xAI; even his child with singer Grimes is called X Æ A-12 Musk.
But either way, Twitter/X needs to make money — and advertisers still aren’t convinced by the rapid-fire changes since Musk took over the company in October last year. Musk has said advertising revenue remains down 50%, while the social media site is cash-flow negative as of the second quarter.
Twitter’s premium subscriber service, Twitter Blue, hasn’t taken off either. According to Statista, as of April this year there are 640,000 subscribers — but Twitter has a daily active user base of 200 million.
The bottom line
Elon’s approach to Twitter has been breaking things and not really caring what anyone thinks. It’s left advertisers running for the hills, and this latest rebrand won’t do a huge amount in the short term to instill confidence. If the newly minted X is to thrive, users will have to trust Musk and Yaccarino can steady the ship.
Twitter is living proof the tech market can be volatile. Q.ai’s Emerging Tech Kit is your ticket to the tech market’s heated action — all without the burn. With a diverse mix of tech stocks and ETFs to manage the risk, and an advanced AI algorithm at the helm, it’s here to help turbocharge your investment.
Download Q.ai today for access to AI-powered investment strategies.
