Elon Musk changed Twitter's product name to "X" and removed the blue bird logo and all related words, including "tweet," according to the Daily Planet. The move cost the company between $4 billion and $20 billion in value, according to analysts and branding agencies.
"It has taken us more than 15 years to build such a strong global following, so losing the Twitter name will be a significant financial blow," said Steve Susi, director of brand communications at Siegel & Gale. Analysts and brand agencies called the product renaming a mistake.
Twitter is one of the most recognisable social media brands, said Todd Irwin, founder of branding agency Fazer. The bird logo adorns small businesses and websites around the world, along with the Instagram and Facebook logos.
Jasmine Enberg, an analyst at Insider Intelligence, said: "Twitter's corporate brand has become so closely tied to Elon Musk's personal brand that, with or without the X name, much of Twitter's established brand equity has been lost among users and advertisers." (Bloomberg)