Musk said in a recent interview that if done right, X has the potential to become half of the global financial system.
The popular social media platform Twitter officially rebranded to X
after months of teasing by its former CEO, Elon Musk.
The rebranding saw the popular social media app ditch its recognizable bird logo and replace it with a simple X.
The rebranding also saw the social media app change its color scheme from blue to black.
As part of the rebranding, Twitter’s URL was changed to x.com,
a domain name linked to Musk’s 1999 financial services startup,
which was sold to PayPal.
X.com was an early online bank, and the company was initially
funded by Musk and Greg Kouri, who went on to fund Musk’s later ventures, Tesla and SpaceX.
Musk uses the letter X in several of his business interests,
including SpaceX and Tesla car models.
Musk established X Corp. in March as the parent company of Twitter,
making way for Twitter’s rebranding. The rebranding is part of Musk’s vision to create a
“super app” with multiple functionalities. In April,
Twitter introduced a new feature that allowed app users to access the crypto market
and other financial market services from within the app.
Musk’s tenure as the head of Twitter was controversial from the start. However, his plans to transform Twitter began long before the takeover.
In a recent interview, Musk reiterated that the main motive behind rebranding to X was
to create an “everything app,” a concept popular in China.
Chinese social media applications, such as WeChat,
are used for text and video calls, and have provisions to pay bills,
book cabs, book restaurants and other financial activities without leaving the app.
Musk said if done correctly, X could become a popular platform for finance
, banking, payments and data, and over time it has the potential to become “half of the global financial system.”
However, The rebranding of Twitter didn’t prompt much support
from many users who believed ditching the famous blue bird for a new concept was not a good idea.