In a recent interview, Musk stated that X has the potential to become 50% of the global financial system if executed correctly.
Twitter has officially rebranded to X after teasing by former CEO Elon Musk. The social media app replaced its bird logo with a simple X and changed its color scheme from blue to black.
As part of the rebranding, Twitter changed its URL to x.com, a domain name associated with Musk’s 1999 financial services startup, which was later acquired by PayPal.
https://t.co/bOUOek5Cvy now points to https://t.co/AYBszklpkE.
Interim X logo goes live later today.
— Elon Musk (@elonmusk) July 23, 2023
X.com was one of Musk’s early online banks, funded by Musk and Greg Kouri. Kouri also provided funding for Musk’s later ventures, Tesla and SpaceX. The letter X holds significance across Musk’s business interests, evident in SpaceX and Tesla car models.
In March, Musk created X Corp. as Twitter’s parent company, paving the way for the platform’s rebranding. Musk envisions a “super app” with diverse functionalities. In April, Twitter introduced a new feature enabling users to access the crypto market and other financial services directly within the app.
Musk’s Controversial Tenure and Vision for Twitter:
From the start, Musk’s leadership at Twitter was contentious, but his transformational plans for the platform predated his role. In a recent interview, he reiterated that the rebranding to X aims to create an “everything app,” inspired by China’s popular concept.
Chinese social media apps like WeChat offer diverse features within the app, including text and video calls, bill payments, ride-hailing, restaurant reservations, and other financial activities.
Musk believes that if executed well, X could emerge as a significant platform for finance, banking, payments, and data. He envisions its potential to eventually encompass “half of the global financial system.”
X is finally arriving! 🔥
X will be an "everything app" i.e. super app for U.S. (like WeChat of China)
• Social: network, msgs, video, content
• Finance: banking, payments, data"Overtime it would be HALF of global financial system" – Elon Muskpic.twitter.com/wWywAdYRZR
— Brandon Hoffman (@BrandonHoffman_) July 14, 2023
The rebranding of Twitter received little support from many users who felt that abandoning the iconic blue bird for a new concept was not a favorable decision.
Important:Â Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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