September 27, 2023

Taylor Daily Press

Complete News World

Meta Mother Facebook has rights to the new name on Twitter X

Meta Mother Facebook has rights to the new name on Twitter X

Admittedly, Meta doesn’t seem to be actively using the X name. It is also not clear if this company will take action against Musk.

Twitter’s name change continued Monday when the name of the social network that Musk bought in October was removed from its San Francisco-based storefront. Around the same time, the billionaire explained the reasoning behind the change. “This is not just a company that changes names, but continues to do the same,” he wrote on the X website. “The name Twitter made sense when it was just 140-character messages scurrying back and forth, like chirping birds.”

But Musk is thinking more with the X. Communications, multimedia, and “the ability to do all your financial work” should all come together in the “everything app” that Musk wants to build.

The old Twitter logo and name were removed from the facade of the San Francisco headquarters yesterday amid much press interest.Image Getty Images via AFP

But before customers can bank on such a super app, they will have to trust the company. Many people complain that Twitter has become less secure since the Musk acquisition, and advertisers have pulled out because they don’t want to see their ads next to posts with content they feel is controversial.

Twitter’s brand value, which has resulted from actions like tweeting and retweeting, has already been hit hard by all the fuss. Brand Finance, a consulting firm, estimates the value of the Twitter brand at $4 billion. But that’s already a third less than it was before Musk bought the company. Other analysts believe the switch to the X name has destroyed up to $20 billion in value.

See also  IKEA is taking legal action against the horror game in the furniture store - toys - news

So the name change is often seen by analysts and consultants as a mistake. They pointed out that Twitter was one of the most popular brands in the world. For example, Allen Adamson of brand consulting firm Metaforce called the change “completely inconsequential from a business and brand standpoint.” The change is described as an “ego decision” by Musk.

But Insider Intelligence analysts point out that the Twitter brand name has already become strongly associated with the “Musk brand.” “With or without X, a lot of brand value has been lost to users and advertisers.”

null Image ANP/EPA

ANP/EPA image