Elon Musk’s move to change Twitter\u0027s name to X wiped out anywhere between US$4 billion and US$20 billion in value, experts say. Read on.
Analysts and brand agencies call the product’s renaming a mistake. Twitter is one of the most recognizable social media brands, said Todd Irwin, founder of brand agency Fazer. Bird decals adorn small businesses and websites worldwide, alongside Instagram and Facebook logos.
X will require the company to rebuild that cultural pull and linguistic consensus from scratch. But that may be part of the motivation, so users stop comparing Twitter post-takeover to what it was before. “It’s an exceptionally rare thing — in life or in business — that you get a second chance to make another big impression,” Yaccarino tweeted.Article content
That’s worth a lot. Twitter’s brand value is estimated at about US$4 billion, according to brand valuation consulting firm Brand Finance. The firm values the Facebook brand at US$59 billion and Instagram at US$47.4 billion. Vanderbilt University estimates Twitter’s brand value at US$15 billion to US$20 billion, which is comparable to Snapchat.Article content
As the perception of Twitter’s brand has changed, advertisers have fled. Advertisers were concerned about Musk’s courting of controversy and embrace of tweeters who broke content rules. Advertising revenue at Twitter is down more than 50 per cent since October, Musk has said.
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