Twitter changed its incorporated name to X Corp., which is owner and CEO Elon Musk’s long-envisioned everything app that he says will extend far past what we know as social media.It is currently unclear what a name change means for Twitter, which has seen a lot of upheaval since Musk purchased it for $44bn last year.
X
— Elon Musk (@elonmusk) April 11, 2023
Previously, Musk has said he wants to transform Twitter/X into a service similar to China’s WeChat, and wants it to be the biggest financial institution in the world.
Nathalie Collins, Jeff Volkheimer, Paul Haskell-Dowland 15 Feb 2023
According to Forbes, Twitter is valued at $20 bn, which is 50% less than it was worth last year. In January there were reports that Twitter had been hit by a 40% year-on-year drop in revenue after more than 500 advertisers paused spending.
Twitter’s main source of income is advertising with $5.1bn in revenue in 2021. But advertisers pulled out after concerns of a rise in hate speech on the platform and an increase in impersonator accounts after the platform relaunched its blue tick system.
