Twitter’s X move set to kill billions in brand value FMTNews FMTBusiness
A worker removes a character from a sign on the Twitter headquarters building in San Francisco.
“It took 15-plus years to earn that much equity worldwide, so losing Twitter as a brand name is a significant financial hit,” said Steve Susi, director of brand communication at Siegel & Gale. Analysts and brand agencies call the product’s renaming a mistake. Twitter is one of the most recognisable social media brands, said Todd Irwin, founder of brand agency Fazer. Bird decals adorn small businesses and websites worldwide, alongside Instagram and Facebook logos.
Other tech companies have renamed themselves in recent years. Google turned into Alphabet Inc to allow different businesses within the company to grow without being tied to search. Brand valuation is difficult to determine, and there’s no single approach, which is why estimates vary, said Dipanjan Chatterjee, an analyst with Forrester Research Inc. But several analysts and agencies agreed that the company’s brand has already taken a significant hit since Musk’s takeover. Brand Finance for example, estimates the Twitter brand lost 32% of its value since last year.
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