By Michael Scott
Amid Twitter’s rebranding, Elon Musk claims that in the coming months, users should look forward to using the X platform to conduct their ‘whole financial world.’
An update was shared for Twitter users with additional information concerning the rebranding of the platform to X. He claimed it is part of a more extensive strategy to ensure that the platform comprises financial services.
Blue Bird Swap Accompanied by Several Adjustments to Realize Potential in Financial World
On July 25, Musk tweeted that the acquisition of Twitter by X Corp enterprise occurred to promote freedom of speech. Besides, it involved advancing the ‘everything app,’ also referred to as ‘X.’ He suggested that the platform will allow users to execute their ‘entire financial world.’
Musk also claimed that the inclusion of ‘comprehensive communications’ with extended posts and financial services failed to meet Twitter’s original ethos. As such, changing the name was necessary. On July 24, the platform’s branding shifted from the blue bird to an ‘X’ symbol.
Musk’s X to Accommodate Half of Global Financial System
Via an interview, Musk revealed that the correct execution of X could result in the platform encompassing 50 percent of the worldwide financial system with different plans, for instance, banking and payments. Some individuals have equated the X app’s potential to China’s WeChat.
Before the public got aware of the rebranding, Elon Musk had suggested integrating financial services into the platform because, in October 2022, he acquired it for $44 billion.
In April, he temporarily altered Twitter’s symbol to Doge, and in the hour after the stunt, memecoin Dogecoin surged 20 percent.
Musk Changes in Twitter Emerges Alongside Temporarily Inclusion of Dogecoin
Some weeks later, CNBC revealed that Twitter would partner with the fintech platform eToro to launch a new feature to permit cryptocurrency and stock trading.
Soon after the rebrand, users noted the inclusion of the Doge sign in Elon’s profile. The situation evoked speculations in the crypto community concerning a likely integration of Dogecoin to enhance payments on the platform.
Elon MusK maintained a connection with the crypto community by backing the memecoin. However, the platform’s rebranding led to mixed reactions in Crypto Twitter.
On the one hand, some members considered the decision ‘crazy’ and would still utilize the old name. On the other hand, some suggested the need to maintain the Twitter name and utilize X as the platform’s wallet.
Musk changes in Twitter coincides when the platform faces fierce onslaught from Meta’s Threads. The latter unveiling featured the admission by chief executive Zuckerberg of potential to dethrone existing platforms. The shift to an everything world caught the rivals unawares.
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