Few companies ever seep so deeply into our daily vernacular that they become everyday verbs. Google did it. Skype managed it. And for the digital age, “tweeting” was synonymous with sharing snippets of life. So, when Elon Musk, in an unprecedented move, decided to burn down the house of Twitter and rebuild it as “X,” the tech world was left aghast.
On a rather unsuspecting summer day, July 22, Musk, with his hallmark audacity, proclaims Twitter’s phoenix-like rebirth into “X.” And, in a move that screams renegade, he announces the retirement of Twitter’s beloved bird emblem and the very word “tweet.” The ramifications? A staggering dip in brand value ranging between a whopping $4 and $20 billion. Steve Susi, director of brand communication at Siegel & Gale, poignantly notes, sacrificing “15 years of global brand equity” is “not just bold, it’s almost blasphemous.”
Yet, the very essence of Musk is his unyielding optimism. Mere days after the earth-shattering revelation, he took to “X” proclaiming, “X will become the most valuable brand on Earth… Make [sic] my words.” The irony? Just five short months into his takeover, with several rapid-fire changes to the platform, Musk reveals to his internal team a shocking truth – the valuation of Twitter now hovers at only half of his initial $44 billion buyout.
However, what is most jaw-dropping is Musk’s vision. He forecasts the potential valuation of Twitter’s successor at a fantastical $250 billion. It is ambitious, bordering on the delusional. In the annals of business history, this gambit might just find its place as one of the most brazen, perhaps ill-conceived, bets in contemporary history.
But Musk’s audacity does not stop there. He envisions integrating a payment and banking ecosystem within “X,” echoing shades of his brainchild that blossomed into PayPal. The dream? Transform “X” into an omnipotent hub. As Twitter’s CEO Linda Yaccarino envisions, “X” aspires to be a “global marketplace for ideas, goods, services, and opportunities.”
However, it is Musk’s latest stunt that might be the most audacious. He promises to foot the legal bill for users who land in hot water due to their posts. It’s not just brand suicide; it’s an untenable promise that could drain the company’s vital resources. The looming threat? A singular Musk at the helm, with no checks or balances, steering the SS Twitter straight into an iceberg.
As we stand at the precipice of a new era, one cannot help but wonder: is this a masterstroke of genius or the beginning of a spectacular fall from grace for the bluebird we once knew and loved? Simply put, Twitter is no more. However, the fate of “X” remains in the hands of time.
