𝕏, formerly known as Twitter, was launched in 2006 and needless to say - it's not the twitter we used to know. Twitter is a social media networking service that is gradually losing its own existence. The independent company - Twitter, Inc. is now to be succeeded by 𝕏 Corp leading to a complete makeover of the service. Twitter, Inc. has a history of changes. It once used to operate Vines (a short video app) and Periscope (live streaming service) along with Twitter. So what changed the course of this major influential platform from a standard social media service to an internet sensation? Let's find out.
Twitter was revamped for the first time in 2010. It added new features like ability to view media without leaving the website, extended support for external links from YouTube and Flickr, etc. The company called it the "New Twitter Experience". In early 2022, Elon Musk initiated talks about acquisition of Twitter under the pretext of concern regarding Twitter's commitment towards free speech. Musk also had envisioned plans like revamping Twitter into an "everything app" like WeChat. Initially, Musk planned to acquire a few shares just to buy his way into the Board of Directors but the plan was unsuccessful due to a "poison pill" move by the Board. Later, Musk made an unsolicited offer to buy Twitter for $43 billion on April 14, 2022 and after several legal confrontations finally acquired the platform for $44 billion on October 27, 2022.
All of this was followed by an instant lay-off of 7,500 and firing of the top three executives. Musk introduced Twitter Blue - a subscription based service for $8 that allowed users to receive a blue tick of verification earlier restricted to only well renowned or verified users with high profiles. On April 23, 2023, The Twitter logo was briefly replaced by the Doge Meme. Loss to platform after Musk's takeover:
• Twitter lost almost half of its advertising revenue since last October. • Cashflows currently remain negative • Payout to creators was reported around $5 Million (cumulative from February to July)
The Rebranding: Era of 𝕏 Speculations of rebranding Twitter began when Musk started referring to the platform as "X/Twitter" and "X-Twitter" and finally teased the logo by posting a video of Twitter glitching into the, now infamous, 𝕏. The rebranding was followed by "x.com" redirecting to Twitter; changes in the icon and name of the main app to 𝕏. The rebranding has accumulated an expected loss of $1 to $20 Billion. The letter X is something that can be traced to Musk's different associations like his space-exploration company SpaceX, his artificial-intelligence app xAI and the Model X, - Tesla's earliest car model. Musk even used X in his own son's name.
Expected vision of Elon Musk for the platform: "Consumers of the app can do a lot of different things on the platform, whether it's listen to a podcast, shop, watch videos," said Nii Ahene, chief strategy officer of marketing firm Tinuiti. This predicts the possibility that the updates that would roll out in the future will include some major changes. 𝕏 plans to give the experience quite similar to apps like "WeChat" with multiple features, in order to make 𝕏 - the everything app. 𝕏 plans to overcome the history: - 𝕏 recently sent emails to users with Twitter Blue confirming payments being sent out to
creators, personalities and other Twitter blue users that have significant reach and statistics on posts. - The rebranding is expected to soon be followed by introduction of new features and benefits to users as a social media platform. Twitter might have changed, the owners might have too, losses at an all time high and media reputation could be at all time low, but even as 𝕏, it remains one of the top social media platforms - and we don't expect that to change anytime soon.