’X is the future state of unlimited interactivity,’ says Twitter CEO Linda Yaccarino

Elon Musk, the owner of Twitter, along with the recently appointed chief executive, announced plans to undergo a significant transformation of the social media platform.

They revealed their decision to abandon the iconic bird logo, rebranding the platform as "X," and focusing on entering the realms of payments, banking, and commerce with urgency.

“X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine,” tweeted Twitter CEO Linda Yaccarino.

Elon Musk, CEO of SpaceX, expressed his vision for Twitter, stating, "Imagine this, but with an X" while sharing an image of the Twitter bird against a black and white marbled backdrop.

“There’s absolutely no limit to this transformation. X will be the platform that can deliver, well….everything. Elon Musk and I are looking forward to working with our teams and every single one of our partners to bring X to the world,” Yaccarino further tweeted.

Since Elon Musk's acquisition of Twitter for $44 billion in October of the previous year, the platform's advertising business has suffered a significant decline due to negative reactions from marketers, AFP reported. They expressed dissatisfaction with the platform's mass firings, which impacted content moderation, as well as Musk's management style.

Also Read: X.com now points to Twitter.com, says Elon Musk

In response to the declining advertising revenue, Musk has been steering Twitter towards the integration of payment and commerce features, seeking alternative sources of income.

Twitter, established in 2006 with a name playfully inspired by the sound of birds chattering, has maintained its avian-themed branding since its early days. Creative Bloq, a design website, reported that the company acquired a stock symbol of a light blue bird for $15, which became an integral part of their branding.

Elon Musk, the 52-year-old founder of Tesla, had acknowledged that his tumultuous acquisition of Twitter in the past year acted as a catalyst for the creation of "X," an all-encompassing application. This reference was made in connection to X.com, a company he established in 1999, which later evolved into the renowned payment giant, PayPal.

The envisioned "X" app has the potential to serve as both a social media platform and incorporate features like messaging and mobile payments.

Notably, Musk has already given Twitter's parent company the name “X Corporation.”

Also Read: Elon Musk announces Twitter's logo change, to bid farewell to ‘all the birds’

"If a good enough X logo is posted tonight, we'll make (it) go live worldwide tomorrow," he said.

Following the acquisition, Elon Musk continued to make various remarks related to the "X" rebranding, suggesting that the new emblem should adopt an "Art Deco" style, and introducing the idea of referring to a post as "an X" under the platform's fresh identity.

Although Twitter boasts approximately 200 million daily active users, it has faced persistent technical issues since Musk's takeover, during which a significant portion of the staff was dismissed.

Also Read: Elon Musk reveals new name for Twitter; Tweets to be renamed ‘X’

Numerous users and advertisers have expressed dissatisfaction with the platform's recent changes, which include charging fees for services that were previously free, altering content moderation practices, and reinstating previously banned right-wing accounts, AFP noted.

Elon Musk disclosed earlier this month that Twitter's advertising revenue has declined by approximately 50% since he assumed control in October.

Earlier this month, Meta, the parent company of Facebook, introduced its own text-based platform called Threads, which has garnered an estimated user base of up to 150 million, as per some estimates.

However, data from market analysis firm Sensor Tower indicates that the amount of time users spend on Threads has significantly decreased in the weeks following its launch.

(With insights from agencies)