It’s rare for corporate brands to become so intertwined with everyday conversation that they become verbs. It’s rarer still for the owner of such a brand to announce plans to intentionally destroy it. On Sunday, in the middle of a quiet summer weekend, Elon Musk decreed that Twitter’s product name would be changed to “X,” and that he is getting rid of the bird logo and all the associated words, including “tweet.” Musk’s move wiped out anywhere between $4 billion and $20 billion in value, according to analysts and brand agencies. Read More: Elon Musk Rebranded Twitter as ‘X.’ Users Immediately Rejected the Change [time-brightcove not-tgx=”true”] “It took 15-plus years to earn that much equity worldwide, so losing Twitter as a brand name is a significant financial hit,” said Steve Susi, director of brand communication at Siegel & Gale. Musk, whose company has already declined significantly in value since he purchased it for $44 billion in October, announced the change on Saturday night.
By Turning Twitter Into X, Elon Musk Risks Killing Billions In Brand Value
Aisha Counts and Jesse Levine / Bloomberg, Time: Business
Mon, 07/24/2023 - 8:59pm
Topics: on sunday rebranded twitter x users immediately rejected change ldquo;it steve susi siegel gale ldquo;x&rdquo chief executive officer linda yaccarino analysts irwin fazer instagram joshua white vanderbilt biggest challenges ceo faces alphabet inc meta platforms inc google that&rsquo snapchat brand dipanjan chatterjee forrester research inc but october ldquo;twitter’s jasmine enberg insider intelligence allen adamson metaforce there&rsquo ldquo;the elon it&rsquo elon musk twitter&rsquo read twitter x facebook university finance billion estimates agencies business product part company’s company businesses lost rare payments banking corporate bird logo valuation verbs intertwined weekend personal equity advertisers consulting firm fan significant site difficult require years worldwide
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