On the early morning of July 23, the Twitter CEO, Elon Musk, surprised everyone by changing Twitter’s logo to the letter “X” on the company’s website. Along with the new logo, the Twitter account of Musk also had a modified header.
The new header featured the “DOGE” symbol, representing Dogecoin, a cryptocurrency associated with the eccentric billionaire. Musk’s previous tweets have had a significant impact on Dogecoin’s price, leading to recent allegations of market manipulation.
Following this new branding decision, the price of DOGE saw a remarkable surge. Currently, DOGE is trading at around $0.07, with a 7.7% increase in the past 24 hours and over 9% in the last 7 days.
It’s worth noting that Tesla also announced a significant reduction in its Bitcoin holdings, indicating that Musk’s interest in cryptocurrencies may extend beyond meme-themed dog coins.
However, the reason behind the rebranding might be simpler than Musk’s cryptocurrency preferences. Twitter’s advertising revenue has declined by 50% in recent months, as advertisers are uncertain about the company’s future under Musk’s leadership.
Since acquiring the social media company in October 2022, Musk has laid off key employees and introduced a subscription model that has been met with much ridicule. The company has also faced backlash for introducing limited visibility for posts, leading some users to explore alternative decentralized platforms like Mastodon.
To counter the declining revenue, CEO Linda Yaccarino recently confirmed the introduction of new AI features that Musk had previously hinted could combat misinformation. Yaccarino also confirmed the company’s expansion into the payment and financial services sector in a post on July 23.