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Elon Musk’s recent announcement to rebrand Twitter as “X” and eliminate the bird logo and associated words, including “tweet,” has had significant consequences for the social media platform.
Analysts and brand agencies estimate that this move has resulted in a loss of anywhere between $4 billion and $20 billion in value for Twitter.
The renaming of the product is seen as a mistake by experts, as Twitter is a highly recognizable brand with a strong cultural presence.
The popularity of Twitter has made terms like “tweet” and “retweet” part of everyday language, and rebuilding this cultural pull and linguistic consensus will be a challenging task for the company.
However, some speculate that this may be part of the motivation behind the rebranding, as it allows Twitter to distance itself from its previous reputation and start anew.
Other tech companies have undergone rebranding in recent years, but they have retained their product names.
Twitter’s brand value is estimated to be around $4 billion, and the loss of value since Musk’s takeover has been significant.
Advertisers have also shown concern and have reduced their presence on the platform.
The decision to rebrand Twitter has been criticized as irrational and ego-driven, and it poses risks to Musk’s future goals of incorporating banking and payments into the app.
However, some believe that Musk’s personal brand may outweigh the impact on the Twitter brand.
This article was updated 4 months ago