REUTERS/Carlos Barria
- Elon Musk is rebranding Twitter to X.
- Branding experts have been calling out the decision, warning the company risks losing value.
- One marketing boss told Fortune the move was "completely irrational."
Elon Musk is rebranding Twitter to X and some people are confused by the move.
Marketing and branding experts have been calling out the decision, warning the billionaire risks wiping off billions in brand value. The loss of the Twitter brand is projected to knock off anywhere between $4 billion and $20 billion in company value, Bloomberg reported, citing analysts and brand agencies.
Allen Adamson, cofounder of marketing and brand consulting group Metaforce, told Fortune the move was "completely irrational from a business and brand point of view."
He called the rebrand an "ego decision" for Musk and said it could be remembered as one "of the fastest unwinding of a business and brand ever."
Some users have also responded badly to the rebrand, taking issue with the name and logo. Several have been poking fun at the billionaire via his own platform, while others said they plan to leave altogether.
Representatives for Twitter did not respond to Insider's request for comment with a reply that addressed the query.
Musk has long discussed his plans to create an app called X.
He's previously said the platform would be an "everything app" comparable with China's WeChat. After acquiring Twitter in October, he hinted the platform would be involved in the "everything app," which would speed up its creation by years.
Musk's management of Twitter has been marked by erratic and fast-paced changes. He announced his plans to rebrand on Saturday and two days later, the website had a new logo, meeting rooms were reportedly renamed at Twitter headquarters, and Musk informed users a tweet was now called an "X."