Elon Musk's $44 billion overhaul: How Twitter became X, from paying for blue checks to blocking restrictions

In October 2022, Elon Musk, CEO of Tesla, bought Twitter for $44 billion and celebrated with the tweet, "The bird is freed." Soon after, he rebranded it as X. But how has the platform changed since then, and does it have the 'X' factor even now?

the bird is freed

¡ª Elon Musk (@elonmusk) October 28, 2022

But, it must be noted that Musk isn't the sole owner of X Corp.; it's fully owned by X Holdings Corp. (XHC). According to court filings, XHC's investors include Bill Ackman, Larry Ellison, Marc Andreessen, Sean Combs, and over 20 Fidelity-related funds and trusts.

Here's how Twitter has changed since the 53-year-old billionaire took over:

It's a private affair

When Elon Musk took control of Twitter in late 2022, one of his most significant moves was transitioning the platform from a publicly traded entity to a private company.

Under Musk's ownership, the social media giant¡ªnow rebranded as X¡ªwas delisted from the stock market, meaning its shares are no longer available for public trading.

All under fire

Musk's overhaul of Twitter began with the dramatic ousting of top executives, including Indian-origin CEO Parag Agrawal, CFO Ned Segal, and General Counsel Sean Edgett.

Credit: Forbes

This shake-up quickly cascaded down the ranks, resulting in layoffs that saw more than half of the company's 7,500 employees depart.

The legal team for Agrawal and the other dismissed executives later said: "Under Musk's control, Twitter has become a scofflaw, stiffing employees, landlords, vendors, and others. Musk doesn't pay his bills, believes the rules don't apply to him, and uses his wealth and power to run roughshod over anyone who disagrees with him."

Pay to get ticked

Another major shift under Musk's leadership has been the new fee for the iconic "blue checks" that verify users' identities.

Credit: Reuters

Now, anyone willing to pay can get a blue check, while those who don't pay have had their verification removed.

According to Sacha Altay, an experimental psychologist from the University of Zurich, this change has led to a rise in hate speech and misinformation on the platform, as reported by DW (a German broadcaster).

Twitter becomes X

One of the most notable changes was the rebranding of Twitter to X.

In July 2023, Musk transformed the platform by replacing the iconic blue bird with the new X logo, marking a dramatic shift from Twitter's familiar identity.

Credit: Unsplash

Block's a no

In August 2023, Musk revealed a significant policy change: users would no longer have the option to block accounts on the platform.

While blocking is now restricted, users can still mute accounts and block individuals in their direct messages.

Despite the numerous changes, the name Twitter seems to linger. News channels often refer to the platform as X but add "formerly known as Twitter," and even Musk himself recently made a slip-up by posting a meme on X that still referred to the platform as Twitter.

pic.twitter.com/OYpEJy1Kct

¡ª Elon Musk (@elonmusk) September 1, 2024

Also read: Elon Musk's Twitter slip-up: Even the boss can't stop using the old name¡ªusers say 'rebranding is going so well'

So, while Musk claimed to have set the bird free, it seems that the Twitter of old has transformed, and what we're seeing now is not just a new chapter but a reinvention¡ªlike a phoenix rising from the ashes.

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