Elon Musk shared an update for users with more information on Twitter's rebranding to X, saying it’s part of a larger plan to incorporate financial services on the platform.
On July 25, Musk tweeted that his X Corp enterprise acquired Twitter in the name of freedom of speech and to advance the development of his “everything app,” also to be called “X.” He hinted that in the coming months, users can expect to conduct their “entire financial world” on the platform.
Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app. This is not simply a company renaming itself, but doing the same thing.— Elon Musk (@elonmusk) July 25, 2023
The Twitter name made sense when it was just 140 character messages going back and forth – like…
He also mentioned the addition of “comprehensive communications” together with the financial services and extended posts did not fit the original ethos of Twitter and, therefore, merited the name change.
The platform’s branding lost its blue bird and shifted over to an “X” symbol on July 24.
In an interview, Musk said that if executed correctly, X has the potential to encompass “half of the global financial system” with plans for banking, payments and more. Some have likened the potential of the X app to be akin to China’s WeChat.
X is finally arriving!— Brandon Hoffman (@BrandonHoffman_) July 14, 2023
X will be an "everything app" i.e. super app for U.S. (like WeChat of China)
• Social: network, msgs, video, content
• Finance: banking, payments, data
"Overtime it would be HALF of global financial system" - Elon Muskpic.twitter.com/wWywAdYRZR
Prior to public awareness of the rebranding, Musk had been advocating for the integration of financial services onto the platform since he acquired it for $44 billion back in October 2022.
A few weeks after, CNBC reported that Twitter would introduce a new feature, in partnership with fintech platform eToro, that would allow users to trade cryptocurrencies and stocks on the platform.
Shortly after the rebrand, users noticed the Doge symbol had been added to Musk’s profile, which sparked rumors among the crypto community of a potential Dogecoin integration for payments on the platform.
Despite Musk’s ongoing relationship with the crypto community via his championing of the memecoin, Crypto Twitter had mixed reactions to the rebranding of the platform.
Some in the community called the decision “insane” and that they would still call the platform by its old name, while others suggested keeping the Twitter name and using X as a wallet for the platform.
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