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THIS IS AN - BIRD
from Tuesday 25 July 2023
by cityam
Elon Musk Rebrands Twitter And Consigns Iconic Logo To History
ELON MUSK did to Twitter’s famed ‘Larry the bird’ logo what he has effectively done to the firm’s appeal to advertisers yesterday, killing it stone dead.
The firm has been rebranded ‘X’ as part of new plans to create what he calls a new super-app.
Recently appointed Twitter boss Linda Yaccarino outlined the company’s ambitious vision for X,
She tweeted: “X is the future state of unlimited interactivity – centred in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities. Powered by AI, X will connect us all in ways we’re just beginning to imagine.”
Musk bought the social media platform for $44bn (£34bn) last year. Since taking it over, the billionaire bereft of life after the move has cut costs, jobs and moderation in moves that have spooked advertisers, as have his occasionally controversial tweets –now to be known as ‘x’s.
Marketeers were yesterday unimpressed by the rebrand, with one consultancy boss describing the move as “marketing suicide”.
The firm is facing a battle for supremacy online after the launch of Meta-owned rival Threads.
“The big question many people are asking today is whether Musk is a genius or if he has totally lost the plot,” Danni Hewson, head of financial analysis at AJ Bell said yesterday.
“To ditch the iconic blue bird at a time a real competitor is gnawing on its tail seems bonkers. But Musk is known to be a little bonkers and it seems to keep working for him.
“So if X can be everything he’s hinting it can be, maybe a little bonkers is all that’s really needed.”
The credit ratings agency has lowered its position on a £400m segment of Kemble’s debts –due 2026 – from B1 to B2, meaning it considers the sums to be highly speculative and a credit risk.
It has also maintained a negative investment outlook, warning Thames Water’s gearing remains high at nearly 80 per cent, raising questions over how it will fund its turnaround strategy to fix leaking pipes and sewage overflows.
This follows Ofwat’s decision in March to strengthen ringfencing conditions in the licences of water companies, alongside increased scrutiny on the financial resilience of Thames Water, which is Kemble’s core operating subsidiary.
