He did not stop chasing the bird, he is going to stop the bird’s voice! An institution became so famous in the world that its name became a term of the language, even found a place in the dictionary. It is rare. Even rarer is the audacity to change the name of an established brand. So did Elon Musk.
Analysts say, through this eccentricity, Elon Musk is pushing the billion-dollar global brand towards destruction. What is the dollar value of the loss of brand value created by Twitter in the face of the mask? Analysts believe that the number is between 400 crore and 2000 crore.
But the two verbs ‘Tweet’ and ‘Retweet’ have become closely associated with the conversation of people’s daily life in recent years. These two verbs have been added to the lexicon of everyone from the media to celebrities, ordinary people and politicians.
It brought huge opportunities to corporate brands. But Elon Musk changed the logo and name of Twitter in the name of dressing up.
Elon Musk has said he wants to get rid of the blue bird logo and all the words associated with it. Twitter will now be called ‘X’.
After the announcement, the blue bird flew from the microblogging website. Instead, the letter ‘X’ appears. Many people cannot agree with this decision of Mask.
According to some analysts and brand agencies, Musk’s move reduced Twitter’s value by $4 billion to $20 billion. Elon Musk bought Twitter for $44 billion in October last year.
Twitter’s value has already dropped significantly since the purchase. In all this, Musk brought this huge change to Twitter.
Musk announced the change at midnight on Saturday. By Monday morning, the blue bird had been replaced by a new black ‘X’ logo. A fan-made design has since been featured all over Twitter’s website. New CEO Linda Iaccarino has all-new plans for microblogging site ‘X’. From audio to video, messaging, payments and banking—everything is included in the plan.
Elon Musk made several changes after buying Twitter. As a result many advertisers withdraw from this site. Then Musk said that advertising revenue on Twitter has fallen by more than 50 percent since October last year.
Steve Soucy, director of brand communications at Siegel & Gale, said, ‘Twitter took more than 15 years to gain this much global equity. So losing the Twitter name means a significant financial loss.”
Vanderbilt University Assistant Professor of Finance Joshua White said, ‘Twitter’s popularity is huge! Tweets and retweets were part of everyday life for everyone from celebrities to politicians.’
However, many people change the name of the organization. Some tech companies have also changed their names in recent years. For example, Google has changed its name to Alphabet Inc. Facebook has changed its name to Meta Platforms Inc. Their purpose is to develop other businesses within the company, not just tied to research. However, these apps can be found even if the name is changed or searched on the Internet.
According to brand valuation consulting firm Brand Finance, Twitter’s brand value is currently estimated at four billion dollars. Whereas Facebook’s brand value is 59 and Instagram’s is 47.4 billion dollars. However, Vanderbilt University estimates Twitter’s brand value at $15 to $20 billion. However, determining brand value is quite difficult. Dipanjan Chatterjee, analyst at Forrester Research Inc., said the lack of a single methodology could lead to a slight error in estimates. But at any cost, some analysts and agencies agree, Musk has already had a significant impact on the company’s brand value since buying Twitter. Twitter has lost 32 percent of its brand value since last year, according to the brand finance firm.
Insider Intelligence analyst Jasmine Enberg said, ‘Twitter’s corporate brand name is already widely popular without the brand name X given by Musk. But the established brand is already lost among users and advertisers.’
Allen Adamson, co-founder of marketing and brand consulting group Metaforce, said, “From a business and brand perspective, this decision is completely absurd,” calling it an “arrogant decision.” He also said, “In my opinion, a business and a brand, very quickly everything is going to be lost and become history.”
Apart from this, it is feared that there are some risks to the future goals of the mask. In-app banking and payments will require customer trust. So it is difficult to get a popular brand name changed. Whether customers outside of Musk’s core fanbase will use Twitter for money is doubtful. But one thing is good for the mask, that is ‘Elon brand’. When Elon Musk is a brand himself, the name of the organization is Twitter or X – what does it matter!