Elon Musk’s obsession with the letter X has captured the Twitter brand, ending the 17-year-old legacy that has endeared millions of people from around the world.

Musk acquired Twitter for $44 billion last year but has replaced the bluebird logo that has identified the text-based app for nearly three decades now with X. The move is understood to be part of his efforts to turn Twitter into something that is originally his idea.

The X idea is to create an “everything app” that mirrors China’s WeChat, a super app that offers a wide range of services, including payments. However, analysts believe that the move could further exacerbate the damaged relationship that exists between Musk and advertisers.

The decision to rebrand follows months of erratic behavior exhibited by the world’s wealthiest man, which resulted in a significant loss of users and the further departure of advertisers. This tumultuous period has left Twitter in a precarious financial state and made it increasingly susceptible to competition.

Killing an iconic internet brand is “extremely risky” at a time when rival apps such as the new Instagram Threads and smaller upstarts such as Bluesky are luring users, CNBC quoted Mike Proulx, an analyst at Forrester, as saying.

Musk has “singlehandedly wiped out over fifteen years of a brand name that has secured its place in our cultural lexicon,” Proulx said in an email.

Musk appears to be betting he can get rid of Twitter altogether. Over the weekend, he introduced the new X logo and said in a tweet that “soon we shall bid adieu to the Twitter brand and, gradually, all the birds.”

Unlike Twitter, X offers a lot of services under its “everything app” umbrella.

Linda Yaccarino, who Musk hired as CEO in May, said in an email to employees Monday that the company will “continue to delight our entire community with new experiences in audio, video, messaging, payments, banking – creating a global marketplace for ideas, goods, services, and opportunities.”

Where the challenge lies per CNBC

According to Proulx, Musk’s ambition to transform X into a super app demands substantial resources, including time, money, and a skilled workforce, which Twitter currently lacks. Musk himself disclosed that the platform experienced a significant 50% drop in advertising revenue and needs to achieve positive cash flow before considering any other initiatives.

The concerns raised by some advertisers stem from the platform’s association with hate speech, racist content, and offensive comments, as documented by civil rights groups and researchers. Musk attempted to offset the advertising decline through a premium subscription service, but the $8 monthly fee would require a massive number of subscribers to make up for the losses.

With the rebrand, Twitter’s familiar “tweets” will be replaced with a new terminology, as the company attempts to navigate its path forward. However, advertisers seem hesitant to increase their spending on the platform, as noted in a recent survey by William Blair. Despite this, there are indications of improvement in the overall digital ad market, as reported by the same survey.

The name change signals a major shift in Twitter’s identity, leading some to view it as a somber day for both users and advertisers. Analyst Jasmine Enberg considers the rebrand a clear sign that the Twitter of the past 17 years is gone and that Musk, rather than any other app, has always been the most likely “Twitter killer.”

In summary, the rebranding effort reflects Twitter’s endeavor to address its challenges under Musk’s leadership, but it also underscores the uncertainties and hurdles the platform faces in winning back advertisers and revitalizing its position in the digital advertising landscape.

Update: 7/28/23

Twitter’s rebranding looks to be complete, for now. The company’s official handle @X has replaced the old Twitter handle, which is now inactive. As part of the changes, the Twitter Blue subscription service is now @XBlue, and support- and API-related handles have also been tweaked. At the same time, X has slashed some ad rates by 50% to win back clients after Elon Musk’s tumultuous acquisition and CEO tenure. Some marketers have criticized renaming the social media site, saying it amounts to throwing away “15 years of brand value.” The original owner of @X wasn’t forewarned or compensated, but he received a letter that offered merchandise and a tour of X’s headquarters as a “reflection of our appreciation.” (LinkedIn News)

Let’s call this; Learning The Law Series. Under this series, we would be pinpointing and expounding on some of the foundations upon which some famous legal principles were founded and built. This journey would take us to analyzing and explaining some old English cases where the court birthed those principles.

Today, we would be taking a look at the Salomon principle, the locus classicus for the principle of separate legal entity.

This old English case of 1897 founded the legal principle which postulates that a company is essentially regarded as a legal person separate from its directors, shareholders, employees and agents.

The purport of this legal principle is that you cannot hold one legal person responsible for the debt or sins of another legal person. An incorporated company is regarded as a legal person (although juristic, it is still a legal person).

Truth be told that this case was not the case that established this principle of an incorporated business having a separate legal personality from its owners; this legal principle has been in existence long before this case but it was through this case that the court expounded its reach and meaning and gave it a judicial notation hence why it’s it claimed that it was this case that birthed this principle.

Some sub-principles that this case birthed are; that owners, employees or agents of an incorporated business cannot be prosecuted or be sued for actions of the company or act of theirs which they committed while in their official capacity either acting as a director, an agent or an employee of the company. If the company authorized them to carry out that action or the company ratified that action of theirs then it is the company that must be held liable and not them.  Secondly, a company being a distinct legal person can be, will be and should be treated as such; it can enter into a legal and binding contract, and it can sue and be sued. Thirdly, incorporation can act or serve as a long-standing shield to the owners of a business and save them from liabilities, both criminal and civil liabilities, this shield is known as the veil of incorporation. Finally, the court cannot question the validity of incorporation through registration where all the formalities have been complied with.

Here is the summary of this famous Salomon V Salomon case; 

Mr Aaron Salomon was a sole proprietorship. He was into the business of bootmaking. In 1892 he decided to turn his sole proprietorship business into a company by incorporating it; he, therefore, incorporated Salomon & Co Ltd. He and his family members; his wife and five children became a shareholder in the company, making him and two of his sons the directors of the company. After the incorporation, Mr Aaron Salomon sold the boot-making business to Salomon & Co Ltd.

Not too long after the incorporation, the company became insolvent and entered into liquidation. As a shareholder and as a secured creditor of the company, Mr Aaron Salomon claimed that he is entitled to £1055 which is to take priority over other creditors with unsecured credit in the company.

The appointed company liquidator, Mr Brodrip, resisted this move of Mr Aaron Salomon. The liquidator posited that Salomon should be responsible for satisfying the Company’s debts just as he would if he had remained a sole trader.

They took the matter to court. At the court of first instance (Brodrip V Salomon), the court held that the company had conducted business as an agent for Mr Salomon, making Mr Salomon himself the principal. Therefore, the court held Salomon to be personally liable to indemnify the creditors for all the debts incurred in the course of agency for him. Salomon appealed but the court of appeal upheld the court of first instance’s decision.

The matter was subsequently brought before the House of Lords and the House of Lords took a detour from the previous decisions of the lower courts.

The House of Lords unanimously decided that the company had been validly brought into existence through incorporation and once a company has been validly registered, the business of the company belongs to the company and not to the shareholders, directors or employees. The House of Lords affirmed that the extent of the consequences flowing from valid incorporation confirms that a company is a separate legal entity different and distinct from its owner, therefore, Mr Aaron Salomon was not liable for the debts and liabilities incurred by the company.

Salomon v A Salomon & Co Ltd (1897) AC 22

We have something amazing for the world via Changera, one of our fastest growing portfolio startups, which closed more than 100,000 users in months: “Fast-growing cross-border payments startup Changera, has joined forces with MoneyGram, a global leader in the evolution of digital P2P payments and the open-source Stellar network, to enable cash-to-crypto deposits and withdrawals for customers globally.” Yes, this is freedom as you move money around.

Also, very soon, Changera will be launching a currency swap to swap Naira and China’s Yuan, making it easier for citizens and companies to exchange value seamlessly.

I commend Ruth Iselema for her leadership. I commend Umar Adamu for his amazing technical vision. I thank all the team members for executing the mission. Let’s breed that special animal: a unicorn.

The app is available for download on Appstore and Playstore. Follow @Changeraapp on all social media platforms

The app is available for download on Appstore and Playstore. For more about Changera, changera.co . For Tekedia Capital, capital.tekedia.com

Lagos, Nigeria July 21, 2023 – Fast-growing cross-border payments startup Changera, has joined forces with MoneyGram, a global leader in the evolution of digital P2P payments and the open-source Stellar network, to enable cash-to-crypto deposits and withdrawals for customers globally.

 This integration marks a significant milestone towards Changera`s mission to democratize cross-border payments access for people and businesses worldwide. Changera will now allow both cash-in services in Canada, Senegal, Uganda and Kenya and cash-out services using Circle’s stablecoin, USDC, via the Stellar blockchain network, at participating MoneyGram locations across 180+ countries.

Founded in 2021, Changera’s business objectives are rooted in enabling seamless and secure cross-border payments and remittances for its users. Since its inception, the fintech platform has delivered on its value proposition to allow businesses across Nigeria, Ghana, Kenya and Canada.

With this integration, Changera is taking a giant leap forward, expanding its reach worldwide as the first African-based custodial wallet collaborating with MoneyGram. Users in Canada, Senegal, Uganda and Kenya will enjoy reduced costs and faster transactions when cashing in at MoneyGram agents closest to their locations into their Changera Wallets, while withdrawals are available to existing and new customers globally.

Speaking on the integration, Ruth Iselema, the Chief Executive Officer of Changera said “The primary objective of this integration is to simplify the process of funding Changera wallets for users. Our solution is coming very timely because 1.4b people currently don’t have bank accounts globally. That`s approximately a quarter of the world’s population and 60% of adults worldwide work in the cash economy despite access to digital wallets. MoneyGram’s extensive network of agents will allow easier deposit and cash transfers in these regions and recipients will have unparalleled access to cash out their funds conveniently. This is the first collaboration of its kind between MoneyGram and a Fintech company in Africa, outside of traditional banking institutions. We’re proud to be pioneers of such.”

Expressing excitement about the integration, Umar Adamu, Chief Technology Officer at Changera said  “We are thrilled that our goal to enable businesses and individuals move money freely globally is coming to fruition through this integration with a global leader in cross-border money transfers and payment service MoneyGram. This collaboration marks a significant milestone for Changera as we expand our reach and enhance the user experience for our customers. We are revolutionising the way Africans engage with digital wallets, providing them with unparalleled convenience and accessibility as they on/off ramp with USDC over the Stellar network on our platform. It accentuates our commitment to fostering financial inclusion and empowering individuals throughout the continent. We are excited about the possibilities and look forward to transforming the financial landscape in Africa together.”

Direct cash deposits and withdrawals are a major step forward for Changera`s customers who can now access their funds swiftly and securely, without the limitations previously experienced. It further underscores Changera’s commitment to advancing financial inclusion for the excluded, unserved and underserved regions in Africa and ensuring equal access to the benefits of the digital economy.

By integrating MoneyGram’s trusted services, Changera is staying true to its mission to allow users to transact without limits, regardless of their geographic locations, thereby bridging the gap underserved by the traditional banking systems and offering individuals convenience, reliability, and security when it comes to digital wallet payments and remittance. The integration represents a significant milestone in the pursuit of financial inclusivity, reinforcing Changera’s position as a trailblazer in the African Fintech landscape.

About Changera

Changera is a venture-backed cross-border social payment company that allows businesses and individuals to transact and make payments globally.  Changera has been recognized as one of the fastest-growing fintech apps with users spread across Nigeria, Ghana, Kenya, and Canada.

With Changera, users access features such as local currency conversions,  virtual Dollar cards,  dollar, pound, and euro accounts to send and receive payments globally and hold their cash across several multi-currency wallets.

The fintech offers MasterCard and VISA-issued virtual & physical dollar cards that work on all local and international online/offline payment channels. The app is available for download on Appstore and Playstore. Follow @Changeraapp on all social media platforms.