Twitter rebrands to X after Elon Musk reveals new logo


Aarti Nagraj
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Twitter has rebranded as X after owner Elon Musk unveiled its new logo on Monday, a day after he said that the microblogging platform's bird would soon be replaced.

The billionaire tweeted an X symbol and also posted a video showing it on Monday morning.

He also replaced his profile picture with the X symbol. The official Twitter account did the same.

Twitter has rebranded to X on the platform.
Twitter has rebranded to X on the platform.

The move comes after Mr Musk announced through the platform that “if a good enough X logo is posted tonight, we'll make go live worldwide tomorrow”.

“And soon we shall bid adieu to the Twitter brand and, gradually, all the birds,” he said.

The billionaire has made a series of changes since his $44 billion acquisition of Twitter in October.

In April, Twitter was merged with Mr Musk’s firm X Corp.

In the past, he has indicated that acquiring Twitter would be an “accelerant” for creating X, an “everything app”. He said he intended to make X similar to WeChat, China's most popular messaging service.

The logo change led to a spate of memes on Twitter, as users questioned the rationale behind replacing the bird.

Some users also suggested “restarting” Twitter all over again following Mr Musk's actions.

The changes to the platform are part of efforts aimed at boosting user experience and diversifying Twitter's revenue sources, according to Mr Musk.

Mr Musk told the BBC in April that Twitter was roughly breaking even and would become cash-flow positive in the coming quarters as advertisers return.

As part of the revamp following his takeover, Mr Musk said in May that video and voice calls were “coming soon” to the platform.

With the move, Twitter would take on other established apps that offer the same feature, most notably those from Meta Platforms, which include Facebook, Instagram and WhatsApp.

Twitter also said it was also moving forward with plans to introduce a payments feature, steering it towards Mr Musk's goal of tapping into new revenue streams, the Financial Times reported in January.

In December, Twitter also relaunched Twitter Blue, the platform's top-tier account, which indicates that a user is verified, as a paid subscription service.

The premium feature’s fees start at $8 a month for individuals, with joiners getting subscriber-only features including Edit Tweet, 1080p video uploads, reader mode, the coveted blue check mark and longer tweets.

The costs of keeping the ticks start at $1,000 a month for organisations, plus $50 monthly for each affiliate or employee account.

The social media platform also now also requires users to have an account and be logged in to view user profiles and tweets, a move Mr Musk claims will prevent data from being “pillaged so much”.

Meanwhile, this month, he announced that Twitter would be temporarily limiting the number of tweets people can read in a day.

The limits are at 10,000 posts per day for verified users, 1,000 posts per day for unverified users and 500 posts per day for new unverified users, Mr Musk said.

He followed that up with a Tweet encouraging users to “step away from the phone”.

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Saturday's results

West Ham 2-3 Tottenham
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Manchester City v Chelsea, 9.30pm 

Founder: Ayman Badawi

Date started: Test product September 2016, paid launch January 2017

Based: Dubai, UAE

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Saturday

Borussia Dortmund v Eintracht Frankfurt (5.30pm kick-off UAE)

Bayer Leverkusen v Schalke (5.30pm)

Wolfsburg v Cologne (5.30pm)

Mainz v Arminia Bielefeld (5.30pm)

Augsburg v Hoffenheim (5.30pm)

RB Leipzig v Bayern Munich (8.30pm)

Borussia Monchengladbach v Freiburg (10.30pm)

Sunday

VfB Stuttgart v Werder Bremen  (5.30pm)

Union Berlin v Hertha Berlin (8pm)

DEADPOOL & WOLVERINE

Starring: Ryan Reynolds, Hugh Jackman, Emma Corrin

Director: Shawn Levy

Rating: 3/5

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Friday Celta Vigo v Villarreal (midnight kick-off UAE)

Saturday Sevilla v Real Sociedad (4pm), Atletico Madrid v Athletic Bilbao (7.15pm), Granada v Barcelona (9.30pm), Osasuna v Real Madrid (midnight)

Sunday Levante v Eibar (4pm), Cadiz v Alaves (7.15pm), Elche v Getafe (9.30pm), Real Valladolid v Valencia (midnight)

Monday Huesca v Real Betis (midnight)

Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Mica

Director: Ismael Ferroukhi

Stars: Zakaria Inan, Sabrina Ouazani

3 stars

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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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Cricket World Cup League 2 Fixtures

Saturday March 5, UAE v Oman, ICC Academy (all matches start at 9.30am)

Sunday March 6, Oman v Namibia, ICC Academy

Tuesday March 8, UAE v Namibia, ICC Academy

Wednesday March 9, UAE v Oman, ICC Academy

Friday March 11, Oman v Namibia, Sharjah Cricket Stadium

Saturday March 12, UAE v Namibia, Sharjah Cricket Stadium

UAE squad

Ahmed Raza (captain), Chirag Suri, Muhammad Waseem, CP Rizwan, Vriitya Aravind, Asif Khan, Basil Hameed, Rohan Mustafa, Kashif Daud, Zahoor Khan, Junaid Siddique, Karthik Meiyappan, Akif Raja, Rahul Bhatia

Company profile

Name: Fruitful Day

Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie

Based: Dubai, UAE

Founded: 2015

Number of employees: 30

Sector: F&B

Funding so far: Dh3 million

Future funding plans: None at present

Future markets: Saudi Arabia, potentially Kuwait and other GCC countries

'Panga'

Directed by Ashwiny Iyer Tiwari

Starring Kangana Ranaut, Richa Chadha, Jassie Gill, Yagya Bhasin, Neena Gupta

Rating: 3.5/5

Updated: July 24, 2023, 5:37 PM