Twitter owner Elon Musk announced the social media network will rebrand as X, ditching the bird logo and expanding into payments, banking, and commerce.
And soon we shall bid adieu to the twitter brand and, gradually, all the birds
— Elon Musk (@elonmusk) July 23, 2023
Our headquarters tonight pic.twitter.com/GO6yY8R7fO
— Elon Musk (@elonmusk) July 24, 2023
Powered by AI, X aims to connect users in new ways and create a global marketplace for ideas, goods, services, and opportunities.
Twitter chief executive Linda Yaccarino said the social media platform is on the cusp of broadening its scope.
X is here! Let’s do this. pic.twitter.com/1VqEPlLchj
— Linda Yaccarino (@lindayacc) July 24, 2023
“X is the future state of unlimited interactivity – centred in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities,” Yaccarino tweeted.
“There’s absolutely no limit to this transformation. X will be the platform that can deliver, well… everything,” she said.
X is the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.
— Linda Yaccarino (@lindayacc) July 23, 2023
Lost revenue since purchase
July 16, 2023, Elon Musk said the social media platform he bought for US$44 billion last October had lost roughly half of its advertising revenue.
“We’re still negative cash flow, due to ~50 per cent drop in advertising revenue plus heavy debt load,” the billionaire said in a post, responding to a user who was giving suggestions on financing for the platform.
“Need to reach positive cash flow before we have the luxury of anything else,” he added, without further elaboration.
We’re still negative cash flow, due to ~50% drop in advertising revenue plus heavy debt load. Need to reach positive cash flow before we have the luxury of anything else.
— Elon Musk (@elonmusk) July 15, 2023
