What If Twitter Fails To Be The “Everything App”? Experts Warn Elon Musk

Anvesh Reddy
July 26, 2023
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Elon Musk X ban Brazil court rules

Crypto News: Following the Tesla shareholder meeting earlier in May 2023, billionaire Elon Musk said he would not mind losing money if that is what it takes to speak his mind. “I will say what I want to say even if it means losing money,” he said at the time speaking in an interview. In the current context of Twitter rebranding to X, advertising and brand experts believe the rebranding exercise has nothing to add to the company but for Musk’s ego.  Market analysts believe the exercise could likely be counter productive for the social media company that has already been on a value decline since Musk’s takeover in the last quarter of 2022.

Also Read: Pro-XRP Lawyer’s Twitter Account Hacked; Beware Of Fake Rewards

Meanwhile, the Dogecoin price has been on a rise since Elon Musk announced the rebranding plans. Also, Musk’s updated Twitter location to XÐ fueled speculation that the D refers to Dogecoin.

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Huge Loss In Twitter Brand Value

According to a Bloomberg report, brand experts believe the renaming exercise could be a mistake that could eventually affect Tesla stock as well. Todd Irwin, founder of brand agency Fazer, said the actions ‘tweeting’ and ‘retweeting’ have become part of social media culture and that new vocabulary is hard to replicate such a cultural effect. On the flip side, it is believed that the rebranding move could likely not have much impact on the company’s bottom line any time soon, as per Gary Black, managing partner at The Future Fund. He said it eventually boils down to whether or not the company will improve on free cash flow by the next year.

Despite the sea change in the Twitter experience — paid verification, long form content and limits to daily activity — Musk faces another challenge in recovering the platform’s advertising revenue. The platform’s ad revenue had dropped by over 50% since October 2022.

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The Everything App

Linda Yaccarino, the Twitter CEO, said the platform is set for transformation into a global marketplace for ideas, goods, services, and opportunities. Musk envisions the X platform to be the one stop place for conducting financial communications. “In the months to come, we will add comprehensive communications and the ability to conduct your entire financial world,” he said while making the rebranding announcement.

There is risk involved when it comes to making financial decisions on social media platforms, due to the trust factor. This could potentially tarnish Musk’s image and brand value as well, analysts say.

Also Read: Cardano News: 4 Recent Launches, Upgrades Investors Should Know

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
Anvesh reports major crypto updates around U.S. regulation and market moving trends. Published over 1400 articles so far on crypto and blockchain. A proud dropout of University of Massachusetts, Lowell. Can be reached at [email protected] or x.com/BitcoinReddy or linkedin.com/in/anveshreddybtc/
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.