Twitter Rebranding: What It Really Means
Elon Musk is changing Twitter. This much we know. If anyone missed it, the next phase was implemented by having a name change.
There is a major rebranding taking place. Twitter is now going by the name of "X". This stands for the Everything App, something that Musk has discussed on a number of occasions.
Is this a good move? And what does it really mean?
The answers are not exactly clear but it does have Twitter (or is it X) buzzing.
In this article we will drill down a bit to see if we can figure what is taking place.
Wikipedia
Social Media and Finance
Most of the Twitter world is woefully unaware of what is taking place. There is a new reality taking place, something that Musk is helping to drive. It is the merging of social media and finance.
This is a big move, especially in the Web 2.0 realm. Elon's goal is to make his platform the largest financial institutions in the world. It is a target he set down for PayPal a couple decades back.
Twitter, to him, is not just a social media platform. He is looking at maximizing the value by taking the digital network into the area of finance. It is actually a natural transition.
Here is where we see the future of Web 3.0. It is the merging of social media and finance. However, what Musk is creation is still Web 2.0. Control of the database and network fully is under "X".
Twitter is a social media platform; X is much more.
The Name
I think most would agree it is a rather foolish name. Certainly if this was run through most marketing agencies, it would not be put fort by any of them as an option.
That said, we have to keep in mind Musk turned Tesla into one of the most recognized brands without doing any advertising. This is quite a feat in an industry where the competitors have more than $1,000 into each vehicle simply for advertising.
Also, what is a "google"?
The point of a name is to put forth something that people can remember. This is something that Musk is gravitating towards with SpaceX and X.ai. He must feel that it is going to help in totality. One of his earlier companies was also X.com.
What Does It Mean For Twitter?
This is the question everyone is wondering.
The answer is probably not much. Musk is dealing with something, at its core, was dead.
If we are honest, when he took over Twitter, it was a dumpster fire. The financial statements were horrible, something that showed up in the stock. It price on the market flatlined for 10 years.
We also had the same with the users. That was not growing. It is something that Musk is going to have to live with.
The likely reality is that everyone who is going to Tweet is already doing so. This platform is not going to garner much growth in users. Opponents to the change point out that it was a well known brand. That is correct.
It also exemplifies a major problem: if it is so iconic, where is the growth. Even before Musk, it was dead.
What this means it, name change or nor, the future had to be in a major revamp.
The entry into finance does this.
Exponential Value
One of the reasons for major optimism with Web 3.0 is the value that is tied to financial platforms.
When we look at the digital platforms, the network effect is something that is focused upon. Those that can generate this carry a high market capitalization. None were more successful than Facebook.
The major part of the discussion moves to wallet. Here is where the money is at. If we dive into this, we see where Musk could be heading.
At the top of this list is PayPal, something he is familiar with. Let us look at the market cap of that company.
As we can see, it is worth over $80 billion. This is just shy of double what Musk paid for Twitter.
That platform had over 400 million users and merchants in 2022.
It is obvious payment networks are worth a lot of money. We saw all the attention that the Federal Reserve got with the rollout of FedNow.
What happens when this gets coupled with social media?
This is the question that Musk and Web 3.0 are seeking to answer.
Enormous Potential
Regardless of what Twitter is called, it is being rebranded because it is going in a completely different direction. Those attacking the moves are still looking at it as a social media network.
In the end, Musk as 200+ million users on that platform, all who are providing him with data. We cannot overlook his affinity for artificial intelligence. Then we is going to incorporate financial services into the mix.
Suddenly the competition is no longer Facebook, YouTube, or TikTok. Instead, he is looking to play with Bank of America, Visa, and Wells Fargo.
For a couple years, we discussed this concept for Web 3.0. It takes time to build infrastructure. However, the battle lines are being drawn.
Anyone who thinks there will be a separation of social media and finance will likely be surprised. We can already see the blending in a small way. Tokenization means that we are transforming these communities into economies.
This takes everything to a new level.
Will Musk be successful? That remains to be determined. In my view, one major impediment is Web 3.0.
logo by @st8z
Posted Using LeoFinance Alpha
Destroying the "Twitter" brand name seems an idiocy of epic proportions.
My personal experience, echoed by those I follow, is that Twitter became worse and worse since Elon assumed control. Which is painful to me because I'm a big fan and great admirer of Elon, I confess I look to him as our saviour.
This induces a very unpleasant cognitive dissonnance in me: either he is the infallible saviour I used to think he is, and then I am much more stupid than I thought I am (because I don't see any logic in his destruction of Twitter); or he is truly wrong and then it means he's fallible and maybe he won't save us after all ...
Either way, I' m very unhappy
It sure is risky to tamper with such a well known brand. But then again, are you not entertained?
I think it's too early to judge whether it's really destruction or not. Musk's vision has yet to be realized. I say just sit back and relax for this one.
No, I'm not, actually. I suffer. I think too much is at stake to only see the fun part. I don't think Elon has bought Twitter for fun - I think he bought it because he sensed a REAL danger. I believe he was right: we ARE in danger. Our society, our way of life, our and our kids' prosperity are in danger. I don't take this lightly, I do not think it is very responsible to take this situation lightly. I mean, you almost had a "coup d'Etat" in the US recently, is that laughing matter?
I don't think it's a laughing matter, and I realize the gravity of the situation. But at the same time, if Musk was hellbent on mitigating this danger, then buying Twitter was the worst possible move he could've made towards doing so. Right move being advancing towards the political spectrum, playing the ideological games the masses love to indulge in.
I think, however, that you are taking Musk too seriously. Did he convince you that we are in danger, or did you get that sense from somewhere else?
Oh, no, he did not convince me of anything. I got the sense that we are in danger from everyday life.
Especially in Europe - I have the feeling the US civil society is somewhat saner - despite the "almost coup d'Etat". Here in Europe we are sleepwalking toward a massive loss of prosperity - at a time when our lives have the potential to become so much easier and more pleasant and longer and healthier and happier - thanks mainly to technological progress, we have a political system that seems hellbent on getting everyone poorer and less happy and less free and less able to enjoy life.
The best hope I saw is Elon. I don't second-guess his choices. I do not think I have the necessary information and his ability to judge whether advancing toward the political spectrum would have been a better move. Not everybody can do everything - even if in abstracto advancing toward the political spectrum could be considered a better move, not everybody has the charisma of a politician. What is a good move to someone like Trump might be a mediocre one to someone like Bill Gates for instance.
As a complete outsider to both US and EU spheres, from what I'm seeing from the media, I wholeheartedly agree with you. I wouldn't blame technology solely, however. Rather, it's the cognitive dissonance within the population that got accelerated BY technological advancements. People are no longer unified as they were in the past in those societies. Scattershot ideologies, fragmented communities frictioning against one another. Eventually, values die within people.
Totally in line with your analysis. Loss of values is a major problem of contemporary societies
I agree 100%. You work a long time to build a brand, and then ... poof. He dumps it.
I also think the "new" Twitter is a dumpster fire. So much hate speach going on on it now, and from what I can tell, his "algorithems" give them extra reach.
I really was in the "Elon is a genious and will take a sleeping giant and explode its potential. Right now I think he has killed it, and it will take a lot to get it back to where it was.
I agree Twitter is in what looks like a death spiral, although I cannot complain about hate speech specifically. My issue is that my feed is a lot less useful and interesting than it used to be - I simply do not see the interesting tweets that I was shown a few years back when I discovered how much good content there was there ... Currently I'm launching the app and I am shown only a few tired tweets mildly interesting. I do not trust Twitter enough to pay $8 per month. Also, it's a lot of money, I have a $2 subscription to NYT and I can even manage to get a subscription to Bloomberg for little more than $2/month ... so $8/mth for ... what ? Shitposts? No, thank you. Twitter can go to the dustbin of history as far as I am concerned
It's a fierce, aggressive expansion of horizons. I frankly like where its headed. I don't know what went on in Musk's mind when purchasing Twitter, but I now know that Twitter is simply a starting point. When you look at it this way, you realize that the flaws that come with the company don't matter anymore so long as the foundation is solid.
Essentially, he's going to turn it into WeChat.
This is exciting. Elon has always something up his sleeves. Anyway, I don't like the new logo. Doge was way better 😁. !PGM
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Yeah I thought the logo was pretty weak myself
Elon Musk is already familiar with WeChat. I think Finance is merely a beginning. Finance will be the layer that connect all the other upcoming features from web apps, games, rental services, online shopping and many more things. If the government doesn't get in the way, Elon Musk will be offering loans and many other banking services straight from Twitter.
I think the things they do are to denote the power they have as a person; to highlight their influence.
Then if there is business to be done and ways to seek financial gain, it's something they take advantage of as they go along.
https://reddit.com/r/CryptoCurrency/comments/158ehy8/twitter_rebranding_what_it_really_means/
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musk is putting his brand, space x, tesla x, among other factors, many people have also commented that they prefer twitter than threads (meta) due to freedom and less censorship
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Musk is a genius and who who knows what he can do with twitter in the future.
But still, as you said, I also think he can be that much successful with the idea of social media and finance, merging them together.
That the whole infrastructure need to build up and thats not easy to do, practically.
When I think of it twitter rebranding may make headlines but at theend of the day it is web 2.0 and the world is already moving on to web 3.0
leo threads is the way to go
It means we probably are on the darkest timeline.
Elon is embracing the fact that twitter is mainly a porn site. Hence X
i, personally, was only a twitt [er] for a very brief period of time (as that was the only way to communicate with a particular non-kyc crypto exchange i was using at that time). i have since deleted any twitt-account i had and have never looked back.
i feel like this ”X” is, unjustly, censorship 2.0, and i am not looking to have Elon, or anyone or anything else, “X” me out! 👑
Some are surprised of the name change but I think we saw it coming the moment he bought Twitter. The vision still holds and he's working towards realizing it. It could be the revamp that Twitter needs to expand and reach new heights.
I think Twitter is not doing as well as some people think, as you point out, it needs work to be profitable.
I think Elon sees clearly that payment processing systems are very profitable, if you can get people to use them, and placing a payment processing system in a place where people already transact with each other socially, produce content and seek enrichment makes sense.
I think the potential of this model is very great, and the huge response from politicians to squash Mark Zuckerbergs idea of a stablecoin on Facebook points out the vulnerabilities of Traditional FInance to this business model.
I think Elon enjoys shocking and trolling people. But he also knows how to make money, and given his experience with PayPal and his statements about WeChat, the move to make Twitter do more, including in the future payments is clearly on his roadmap.
As for the X rebranding, it's a platform based on attention, and he needed to get more attention on it, plus make people think he is serious about changing the nature of Twitter, and I think changing the name is one step in that direction.
People don't give Elon enough credit for his diverse set of skills, and his record of hard work and determination to solve problems.
While we would all like to see blockchain based systems, Elon isnt done yet, lets give him time.
Even though this may be just happening for Western, in China they have they're own everything app long time ago with WeChat and its different "features" or spaces within the app replacing WhatsApp, Instagram, TikTok, etc while also allowing users to send and receive money.
With the advent of CBDC we will see the next step (which China already tested) programming money to be expendable only in certain amounts to cover (govern)specified expenses. They've also included a Due Date so no more Savings.
In the meantime, frozen rat meat is worth €35 on supermarkes, to the shock of some Eastern Europeans.
Self Custody is gonna be crucial in the upcoming stages of humanity.
They can rebrand, but nothing will change the fact that Elon Musk hired a garbage CEO who isn't any different than other executives pushing censorship.
I'm a big Twitter user, so I am excited for this development and would like to see finances integrated on the X platform. I'd rather Musk have my info than Zuckerberg (who has plenty of mine already).
I'm also trying to do my part on LeoThreads, since I'd love to see more support for #splinterlands and #edm that I thread about.
I think the best way to treat X/Twitter rebranding and its consequences is to apply Zhou Enlai's immortal words "It's too early to tell".
Twitter is not interesting for young people. This is the first. I know a lot of young people who don't care about Twitter. They won't use it. Older people use Twitter, but then again, almost no one needs it. You're right, he's been dead for a long time. I use this dead social network for some benefit and will delete the account within six months. I do not need it from the word "generally". The huge army of people who are interested in web3 also don't need Twitter. I don’t know what Musk has in mind, but I think he will lose with Twitter.
Maybe because I'm used to it, I prefer to see the blue bird logo rather than the stiff-looking X.