The rebranding of Twitter to X is more than just a face-lift. The San Francisco-based company is moving in a completely different direction, and it's seeing early results.
Reimagining The Brand: Linda Yaccarino, who replaced Elon Musk as CEO on May 12, was hired to transition the social media platform out of its cost-cutting stage into a growth stage. A flurry of changes is making that happen.
Musk had a vision for an "everything app" long before he acquired Twitter for $44 billion. The rebranding is meant to separate X from what it used to be and get people ready for where it's going.
See Also: Who Is Linda Yaccarino?
Since Musk's takeover, the platform has delivered new experiences with long-form video and articles, subscriptions for avid users and a source of income for creators, Yaccarino said Thursday in an interview aired on CNBC's "Squawk On The Street."
"We need to keep our minds open that it's developing into this global town square that is fueled by free expression where the public gathers in real time," she said.
In just eight weeks at X, Yaccarino has helped position the company for the future. Soon, users will be able to make calls without having to give out their phone numbers and make payments on the platform, she said.
"It's going to change how we congregate, how we entertain, how we transact — all in one platform," Yaccarino said.
From Last Week: Twitter CEO Linda Yaccarino Added An 'X' To Her Username, But A Troll Seized Her Original Handle And Turned It Into A Parody
Yaccarino highlighted the recent success of the "Barbie" and "Oppenheimer" movies, dubbed "Barbenheimer." The conversation started on X, she said, suggesting the transformation of the social platform has helped fuel success in the real world.
As X transforms, the company is seeing increased interest from advertisers, she added.
"By all objective metrics, X is a much healthier and safer platform than it was a year ago ... we have built brand safety and content moderation tools that have never existed before at this company," Yaccarino said.
As a result, companies like Coca-Cola Co KO, Visa Inc V and State Farm are coming back to the platform.
X is seeing "continued revenue growth," she claims, adding that the company is close to breaking even operationally and is pacing well.
"I can say that I am encouraged by the daily meetings and conversations that I am having and a resurgence in focus and considerations from really blue-chip brands across the ecosystem. So I'm thanking them in advance, I'm thanking ... those who have come on since I've joined, and the future is bright."
Experts might disagree. According to some estimates, the company is believed to have lost up to $20 billion in brand value after it replaced the iconic bird logo and changed its name.
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