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Bye bye birdie: Elon Musk reveals new Twitter logo


Goodbye Twitter. Hello X.

Elon Musk has unveiled a new “X” logo to replace Twitter’s famous blue bird as he follows through with a major rebranding of the social media platform he bought for $44 billion last year.

The X started appearing at the top of the desktop version of Twitter on Monday, but the bird was still dominant across the smartphone app. In response to questions about what tweets would be called when the rebranding is done, Musk said they would be called Xs.

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It’s yet another change that Musk has made since acquiring Twitter that has alienated users and turned off advertisers, leaving the microblogging site vulnerable to new threats, including rival Meta’s new text-based app Threads that directly targets Twitter users.

Musk had asked fans for logo ideas and chose one, which he described as minimalist Art Deco, saying it “certainly will be refined.” He replaced his own Twitter icon with a white X on a black background and posted a picture of the design projected on Twitter’s San Francisco headquarters.

“And soon we shall bid adieu to the twitter brand and, gradually, all the birds,” Musk tweeted Sunday.

The X.com web domain now redirects users to Twitter.com, Musk said.

“I can’t say I’m surprised, but I think it’s a very selfish decision,” said Hannah Thoreson of Baltimore, Maryland, who’s used Twitter since 2009 for work and personal posts.
“There are so many small businesses and so many nonprofits and so many government agencies and things like that all around the world that have relied on Twitter for many years to push their message and reach people,” she said. “And they all have the Twitter icon on everything from their website to their business cards.”

Changing all this costs time and money, she added, not to mention the confusion that comes with a previously unknown brand name.

“I mean, do you want to get rid of the Coca-Cola brand if you’re Coca-Cola? Why would you do that?” said Thoreson, who now primarily uses Mastodon.

Musk, CEO of Tesla, has long been fascinated with the letter and had already renamed Twitter’s corporate name to X Corp. after he bought it in October.

The billionaire is also CEO of rocket company Space Exploration Technologies Corp., commonly known as SpaceX. And he started an artificial intelligence company this month called xAI to compete with ChatGPT. In 1999, he founded a startup called X.com, an online financial services company now known as PayPal.

He also calls his son with the singer Grimes, whose actual name is a collection of letters and symbols, “X.”

Musk’s Twitter purchase and rebranding are part of his strategy to create what he’s dubbed an “everything app” similar to China’s WeChat, which combines video chats, messaging, streaming and payments. Musk has made a number of drastic changes since taking over Twitter, including a shift to focusing on paid subscriptions, but he doesn’t always follow through on his attention-grabbing new policy pronouncements.

Linda Yaccarino, the longtime NBC Universal executive Musk tapped to be Twitter CEO in May, posted the new logo and weighed in on the change, writing on Twitter that X would be “the future state of unlimited interactivity – centered in audio, video, messaging, payments/banking – creating a global marketplace for ideas, goods, services, and opportunities.”

Insider Intelligence analyst Jasmine Enberg called the rebranding “the end of an era.”

“Twitter’s rebrand is a reminder that Elon Musk, not Threads or any other app, is and has always been the most likely ‘Twitter killer,’” she said.

It’s clear, Enberg said, that the Twitter of the past 17 years is gone.

“Musk supporters will likely celebrate the rebrand, but it’s a gloomy day for many Twitter users and advertisers,” she said. “Even so, Twitter’s corporate brand is already heavily intertwined with Musk’s personal brand, with or without the name X, and much of Twitter’s established brand equity has already been lost among users and advertisers.”

But Paolo Pescatore, a tech and media analyst and founder of PP Foresight, said the change could be a good idea.

“People are now getting increasingly frustrated with a slew of apps, so driving usage all towards one destination will increase engagement and ultimately make it easier for them,” he said.

Others predicted the new name will confuse much of Twitter’s audience, which has already been souring on the social media platform following Musk’s other changes, including limiting the number of tweets users can read each day. The new threshold is part of an $8-per-month subscription service Musk rolled out earlier this year in an attempt to boost Twitter revenue.

Wiping out Twitter’s brand name recognition that was built up over 15 years is an “extremely risky move,” because it means Musk is “essentially starting over while its competition is afoot,” said Mike Proulx, a research director at global market research company Forrester.

Twitter users pointed out that few people refer to Alphabet, Google’s parent company since 2015. Facebook renamed itself Meta in 2021, but its collection of apps – Instagram, WhatsApp and Facebook – still retain their own brands and logos.

But Pescatore said it might be the right time for the sweeping rebranding that Musk seems to have in mind.

“The removal of Twitter from existence will be difficult for many users to understand,” Pescatore said. However, “maybe it is time for something new in light of the negative sentiment surrounding the company. A new start over this challenging period of major disruption and appeal to new audiences.”

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Abu Dhabi Overtakes Oslo for Sovereign Wealth Fund Capital in Global SWF’s First City Ranking

Today, industry specialist Global SWF published a special report announcing a new global ranking of cities according to the capital managed by their Sovereign Wealth Funds (SWFs). The findings show that Abu Dhabi is the leading city that manages the most SWF capital globally, thanks to the US$ 1.7 trillion in assets managed by its various SWFs headquartered in the capital of the UAE. These include the Abu Dhabi Investment Authority (ADIA), Mubadala Investment Company (MIC), Abu Dhabi Developmental
Holding Company (ADQ), and the Emirates Investment Authority (EIA). Abu Dhabi now ranks slightly above Oslo, home to the world’s largest SWF, the Government Pension Fund (GPF), which manages over US$ 1.6 trillion in assets. Abu Dhabi and Oslo are followed by Beijing (headquarters of the China Investment Corporation), Singapore (with GIC Private and Temasek Holdings), Riyadh (home to the
Public Investment Fund), and Hong Kong (where China’s second SWF, SAFE
Investment Corporation, operates from). Together, these six cities represent two thirds
of the capital managed by SWFs globally, i.e., US$ 12.5 trillion as of October 1, 2024.
For the past few decades, Abu Dhabi has grown an impressive portfolio of institutional
investors, which are among the world’s largest and most active dealmakers. In addition
to its SWFs, the emirate is home to several other asset owners, including central banks,
pension funds, and family offices linked to member of the Royal Family. Altogether, Abu
Dhabi’s public capital is estimated at US$ 2.3 trillion and is projected to reach US$ 3.4
trillion by 2030, according to Global SWF estimates.
Abu Dhabi, often referred to as the “Capital of Capital,” also leads when it comes to
human capital i.e., the number of personnel employed by SWFs of that jurisdiction, with
3,107 staff working for funds based in the city.
Diego López, Founder and Managing Director of Global SWF, said: “The world ranking
confirms the concentration of Sovereign Wealth Funds in a select number of cities,
underscoring the significance of these financial hubs on the global stage. This report
offers valuable insights into the landscape of SWF-managed capital and shows how it is
shifting and expanding in certain cities in the world.”

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AM Best Briefing in Dubai to Explore State of MENA Insurance Markets; Panel to Feature CEOs From Leading UAE Insurance Companies

AM Best will host a briefing focused on the insurance markets of the Middle East and North Africa (MENA) on 20 November 2024, at Kempinski Central Avenue in Dubai.
At this annual regional market event, senior AM Best analysts and leading executives
from the (re)insurance industry will discuss recent developments in the MENA region’s
markets and anticipate their implications in the short-to-medium term. Included in the
programme will be a panel of chief executive officers at key insurance companies in the
United Arab Emirates: Abdellatif Abuqurah of Dubai Insurance; Jason Light of Emirates
Insurance; Charalampos Mylonas (Haris) of Abu Dhabi National Insurance Company
(ADNIC); and Dr. Ali Abdul Zahra of National General Insurance (NGI).
Shivash Bhagaloo, managing partner of Lux Actuaries & Consultants, will his present
his observations in an additional session regarding implementation of IFRS 17 in the
region. The event also will highlight the state of the global and MENA region
reinsurance sectors, as well as a talk on insurance ramifications stemming from the
major United Arab Emirates floods of April 2024. The programme will be followed by a
networking lunch.
Registration for the market briefing, which will take place in the Diamond Ballroom at the
Kempinski hotel, begins at 9:00 a.m. GST with introductory comments at 9:30 a.m.
Please visit www.ambest.com/conference/IMBMENA2024 for more information or to
register.
AM Best is a global credit rating agency, news publisher and data analytics
provider specialising in the insurance industry. Headquartered in the United
States, the company does business in over 100 countries with regional offices in
London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City.

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Future of Automotive Mobility 2024: UAE Leads the Charge in Embracing Digital Car Purchases and Alternative Drivetrains

-UAE scores show highest percentage among the region in willingness to purchase a car
completely online
– Openness to fully autonomous cars has grown to 60% vs previous 32%.
– More than half of UAE respondents in the survey intend to move to hybrid cars during
next car purchase, while less than 15% intend to move to fully electric car.
– UAE sees strong use of new mobility services such as ride-hailing (Uber, Careem, Hala
Taxi)
– The perceived future importance of having a car is not only increasing in UAE but is
higher than any other major region globally, even China

Arthur D. Little (ADL) has released the fourth edition of its influential Future of Automotive Mobility (FOAM) report, presenting a detailed analysis of current and future trends in the automotive industry. This year’s study, with insights from over 16,000 respondents across 25 countries, includes a comprehensive focus on the United Arab Emirates (UAE). The report examines car ownership, electric vehicles,
autonomous driving, and new mobility services within the UAE.

“The UAE is at the forefront of automotive innovation and consumer readiness for new mobility
solutions,” said Alan Martinovich, Partner and Head of Automotive Practice in the Middle East
and India at Arthur D. Little. “Our findings highlight the UAE’s significant interest in
transitioning to electric vehicles, favorable attitudes towards autonomous driving technologies,
and a strong inclination towards digital transactions in car purchases. These insights are critical
for automotive manufacturers and policymakers navigating the evolving landscape of the UAE
automotive market.”
Key Findings for the UAE:
1. Car Ownership:
o Over half of UAE respondents perceive that the importance of owning a car is
increasing, with the study showing the increase higher than any other major
region, including China.
o Approximately 80% of UAE respondents expressed interest in buying new (as
opposed to used) cars, above Europe and the USA which have mature used
vehicle markets

2. Shift to Electric and Hybrid Vehicles:
o While a high number of UAE respondents currently own internal combustion
engine (ICE) vehicles, more than half intend that their next vehicle have an
alternative powertrain, with significant interest in electric and plug-in hybrid
(PHEV) options. Less than 15% plan to opt for pure battery electric vehicles
(BEVs).

3. Emerging Mobility Trends:

o Ride-hailing services are the most popular new mobility option among UAE
residents, with higher usage rates than traditional car sharing and ride sharing.
The study indicates a strong openness to switching to alternative transport modes
given the quality and service levels available today.

4. Autonomous Vehicles:
o UAE consumers are among the most open globally to adopting autonomous
vehicles, with a significant increase in favorable attitudes from 32% in previous
years to 60% this year versus approximately 30% in mature markets. Safety
concerns, both human and machine-related, remain the primary obstacles to
broader adoption.

5. Car Purchasing Behavior and Sustainability:
o The internet has become a dominant channel for UAE residents throughout the car
buying process, from finding the right vehicle to arranging test drives and closing
deals. UAE car buyers visit dealerships an average of 3.9 times before making a
purchase, higher than any other region in the world, emphasizing the need for
efficient integration of online and offline experiences.
o Upwards of 53% of respondents from the region would prefer to ‘close the deal’
and complete the purchase of their car online, which is the highest for any region
in the world.
o Sustainability is a key factor cited by UAE consumers as influencing car choice.
The UAE scored among the top half of regions, highlighting the importance of
environmental considerations.

“Our study confirms the promising market opportunities for car manufacturers (OEMs) and
distributors in the UAE” commented Philipp Seidel, Principal at Arthur D. Little and co-Author
of the Global Study. “Consumers in the Emirates show a great and increasing appetite for cars
while being among the most demanding globally when it comes to latest vehicle technologies
and a seamless purchase and service experience.”
The comprehensive report, “The Future of Automotive Mobility 2024” by Richard Parkin and
Philipp Seidel, delves into global automotive trends and their impact on various regions,
including the UAE. This study is an invaluable tool for industry stakeholders seeking to navigate
and leverage the dynamic changes driving the future of mobility.

 

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