In a surprising move, billionaire owner Elon Musk has rebranded Twitter as “X”, with grand plans to turn the social media platform into a comprehensive “everything app,” akin to WeChat. The vision for X goes beyond being just a social network; Musk aims to create a ubiquitous payments processor, revolutionizing the way people interact online.
The rebranding occurred almost overnight. On a Sunday afternoon, Musk tweeted that he would rename Twitter to “X” if someone designed a suitable logo. In response, his mentions quickly flooded with various mock-ups, and the chosen logo, a unique Unicode symbol , now represents X.
Linda Yaccarino, recently appointed CEO of X, sees this rebrand as an opportunity to make a significant impact. She envisions X as the future hub of unlimited interactivity, encompassing audio, video, messaging, payments, and banking services. This ambitious undertaking aims to create a global marketplace for ideas, goods, services, and opportunities, all powered by advanced AI to connect users in unimaginable ways.
Elon Musk had hinted at his intentions as early as October 2022, expressing his desire to create “X, the everything app.” Initially, he attempted to back out of the US$44 billion Twitter deal but eventually embraced the challenge. X.com, originally founded by Musk as a neobank in the late 1990s, later merged with a competitor to become PayPal. Now, X.com redirects users to the new Twitter, a testament to Musk’s bold vision for the platform.
Upon taking over Twitter, Musk conveyed his vision to the staff, highlighting his belief in its potential as a payments platform. He argued that the distinction between sending a direct message and making a payment is minimal from an information standpoint. Musk even made audacious claims that X would serve people’s financial needs to a considerable extent and could one day rival over half of the global financial system.
To facilitate its journey towards becoming a comprehensive app, X has recently obtained licenses in three US states, allowing it to transfer funds on behalf of customers. Musk’s plans also include accommodating fiat currencies before venturing into the world of cryptocurrencies, a domain he has shown a keen interest in.
It’s worth noting that X wouldn’t be the first social platform to explore a crypto/payments direction. Facebook, for instance, once planned to release a stablecoin named Libra but later abandoned the idea due to regulatory concerns and potential economic destabilization.
Musk acknowledges that Twitter is currently facing financial challenges, with a significant decline in advertising revenue due to policy changes and other factors. Additionally, the company carries a heavy debt load, a burden Musk took on when assuming control.
As the transformation of Twitter into X begins, the tech world watches with anticipation, eager to see whether Elon Musk’s ambitious vision will revolutionize the way we engage with social media and the digital realm at large.
