Elon Musk to Discard Twitter Brand, and Will Roll Out X App Instead

Twitter’s new owner Elon Musk, announced plans of discarding the well-known social media app Twitter, which starts by replacing it with an app branded as X. Musk, who is still ranked as the richest man in the world as of July 2023, asserts that brand replacement is only part of a broader vision of deploying an “everything app.”

Doing so will facilitate Musk’s greater goal of rolling out an app capable of performing a broader range of functions; making the X app a key interactive tool in the lives of billions of users.

Moreover, Musk’s signature social media app will appear with black as its color motif, likewise replacing Twitter’s blue default color. Needless to say, a post will no longer be called a tweet but will instead be referred to as an X.

Musk Says X Has Always Been Part of His Plans Since the 90s

Although at first, Musk said he chose the X branding from an array of user-submitted suggestions, he now says that an X.com platform has always been part of his plans since the late 90s.

That was the time when he first began making a name for himself as the founder of an online payments business. According to Musk, he had always envisioned creating an “X.com” branded platform, capable of facilitating not only fee-free instant payments.

His vision included offering loans and other banking functions and services in one simplified streamlined online system. Musk asserts that his X.com platform will continue to have entertainment and social media features.

Will Elon Musk Walk Back on Acquisition Deal or Just Looking to Renegotiate the Price

In late April, Elon Musk and Twitter closed a deal that will see the Tesla mogul taking over majority ownership of the social media company for $44 billion. Last week however, Musk announced putting the Twitter deal on hold, indicating a possible walk back on the Twitter acquisition deal. The move has put Twitter at a disadvantage, which could lead to a legal battle or force it to agree to a renegotiation of the acquisition price.

Why Musk is Walking Back on the Twitter Acquisition

Musk contends that it has come to his knowledge that about 90% of the accounts making up the Twitter social media site are spam accounts. If that is the case, Musk feels he has been misled, and concluded that the social media site is not at all worth $44 billion. Although Musk said he is still interested in buying up the company’s shares of stocks, he wants to renegotiate the price. If not, he is willing to pay $1 billion as “breakup fee.”

According to Musk, he considers Twitter as an important venue where free speech is essential to the future of humanity. The multi billionaire said he is excited about making improvements on the social media platform and of working with the users of Twitter accounts. However, as it is, he found out aht nearly 90% of the accounts making up the platform are considered spam.

Many are questioning the legality of Musk’s action as his reversal can impact the value of Twitter’s stock shares.

Apparently, Twitter can sue Elon Musk for breach of contract, to cost Musk more than just a billion dollars for nothing. However, many see the hold action as Musk’s strategy in bringing down the acquisition price. After all, for Twitter, renegotiation is also the cheaper alternative to filing a lawsuit against Musk.

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