In October last year, billionaire entrepreneur Elon Musk made headlines when he acquired the popular microblogging site Twitter for a staggering $44 billion. Ever since the acquisition, Musk has wasted no time in making changes and updates to the platform, and the latest upheaval is a complete rebranding of the site from “Twitter” to “X.” Along with the new name, Musk also unveiled a fresh brand logo, signifying a significant shift in the platform’s identity.
Musk’s Vision for X – The “Everything App”
From the outset, Musk had a clear vision for Twitter’s transformation. He stated that buying Twitter was part of his plans to create an app called “X,” which he described as an “everything app.” This all-in-one application would resemble WeChat, offering users a wide range of functionalities beyond mere communication. The “X” app would enable users to book rides, send money, make payments, and handle day-to-day communications, providing a comprehensive and seamless digital experience.
The Resurgence of “X” and Its Sentimental Value
The letter “X” holds a special place in Elon Musk’s heart, as it was the name of his finance platform back in 1999. Initially, “x.com” was launched as a financial service, which later evolved into the widely-known payment platform, PayPal, after merging with Confinity in 2000. Despite being removed from his role as PayPal’s CEO in 2000, Musk’s affection for “x.com” remained, leading him to repurchase the domain from PayPal in July 2017, citing its “great sentimental value.” Over the years, Musk has used the letter “X” in various ventures, including his space exploration company SpaceX, AI initiative xAI, and Tesla’s Model X SUV.
Changes at Twitter Under Musk’s Leadership
Since taking over Twitter, Musk has implemented numerous changes to reshape the platform according to his vision. He made significant management changes, including the termination of then-CEO Parag Agrawal and other top executives. Additionally, Musk worked to monetize the platform through the introduction of Twitter Blue, a premium subscription service. Twitter also saw various new features being introduced, such as live tweeting, community notes, and Twitter Blue for Business.
Furthermore, Musk initiated the process of verifying accounts with paid verification badges, though the implementation of this feature faced some hiccups. He also introduced different-colored verification badges based on the account’s status, aimed at recognizing news media outlets.
Twitter’s Ad Revenue and Musk’s Future Plans
Despite Musk’s efforts to engage users with new features, Twitter’s ad revenue saw a nearly 50 percent decline. In April 2023, Musk announced a merger between Twitter and X Corp. Subsequently, he appointed Linda Yaccarino as the new CEO of Twitter, indicating his intention to delegate authority and focus on his other ventures.
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Conclusion
Elon Musk’s acquisition of Twitter and his subsequent changes to the platform have been met with both curiosity and speculation. The rebranding of Twitter to “X” reflects Musk’s ambition to create an “everything app” akin to WeChat. As the platform undergoes further developments under Musk’s leadership, the tech world eagerly awaits the evolution of “X” and how it will shape the future of digital communication and interaction.
