Recently, Elon Musk has been making waves with his changes to his social media platform Twitter, one of the biggest in the world. However, the name of the platform may be the next to change, completely altering the way we look at the brand. Musk and the Twitter team are working to change Twitter to “X”, and he says that this will become “the most valuable brand on earth.”
The bold claim comes in a tweet by Elon in response to a Bloomberg, where he adds “Mark my words.” Bloomberg’s story quoted brand agencies and analysts who estimate getting rid of the Twitter brand will likely wipe anywhere from $4 billion to $20 billion off the company’s value. The billionaire plans to make X a comprehensive communication platform that also can conduct robust financial transactions.
Currently, Amazon and Apple occupy the top two spots of most valuable brands in the world. As of May 2023, Twitter was worth approximately $15 billion, according to a Fidelity report at the time. Amazon, on the other hand, is worth well over $400 billion. Twitter, or X, has a well way to go. The reconstruction of the platform also has a way to go, with the new X logo featuring on the web, but not on the mobile application.
What is the Future of Elon Musk’s Twitter/X?
Elon Musk did not confirm a timeline for when Twitter/X will roll out its financial services. With platforms such as Meta and Tik Tok competing with X for the eyes of the world, this change can be a risky one. Some users on Twitter are already pessimistic about the change for the blue bird platform, as they have been for other changes Musk made, such as tweet view limits just a month ago.
Regardless of its name, Twitter will reign as one of the top social media platforms created. However, its future remains uncertain as Elon Musk adds more changes to the application. This may attract some users but push away others. Adding financial transactions that include crypto will definitely change the way people use the app as well.