Elon Musk recently explained why he decided to rebrand Twitter to X and noted that it's more than just a name change. Instead, it represents his plans to create an "everything app."
"Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing," Musk explained in a post Monday night.
"The Twitter name made sense when it was just 140 character messages going back and forth – like birds tweeting – but now you can post almost anything, including several hours of video. In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world. The Twitter name does not make sense in that context, so we must bid adieu to the bird."
It's a move that business analysts consider risky, undoing years of branding behind Twitter's blue bird. Already, Twitter has struggled to retain advertisers as Musk's changes to the site have led some to fear it's not a safe place for brands to market.
Musk recently hired former NBCUniversal advertising executive Linda Yaccarino as CEO, seen as a move to help reassure advertisers. In a message to staff Monday, Yaccarino said of the name change, "Our usage is at an all time high and we'll continue to delight our entire community with new experiences in audio, video, messaging, payments, banking — creating a global marketplace for ideas, goods, services, and opportunities."
Disclosure: NBCUniversal is the parent company of CNBC.
