Twitter, under the ownership of Elon Musk and with its new CEO Linda Yaccarino, is set to undergo a significant rebranding. The platform will be renamed "X" and has unveiled a new minimalist art deco logo featuring a white "X" on a black background. The shift is aimed at broadening Twitter's focus beyond its traditional social media identity and moving into payments, banking, and commerce.

Elon Musk had already named Twitter's parent company the "X Corporation," hinting at the upcoming changes. He envisions "X" as an all-encompassing app that connects people through audio, video, messaging, and mobile payments, powered by artificial intelligence. Yaccarino, who was recruited by Musk from NBCUniversal, believes "X" will create a global marketplace for ideas, goods, services, and opportunities.

Twitter's advertising business has faced challenges since Musk's acquisition of the company for $44 billion in the previous year. The introduction of payments and commerce is an attempt to explore new revenue streams as the traditional advertising model has struggled.

Despite having around 200 million daily active users, Twitter has faced technical failures and backlash due to content moderation issues and the return of previously banned accounts. Additionally, Twitter's competition with Meta's new text-based platform, "Threads," has put pressure on the platform to innovate and retain users.

The rebranding and expansion into new areas are seen as a bold move to revitalize the platform and attract advertisers and users alike. However, as of now, the changes are not yet visible on the website, and the success of the new strategy remains to be seen.