Twitter starts cutting its ad prices after rebranding as 'X': Report

After the rebranding of Twitter as X.com, Elon Musk's microblogging platform is now cutting its ad prices to bring back brands, The Wall Street Journal (WSJ) reported on Tuesday.

It is offering new incentives on certain ad formats in the US and UK, the report said. It added that X is also warning brands that they will lose their verified status unless they reach certain spending thresholds.

It has also started offering advertisers reduced pricing on video ads that run on the "Explore" tab. This feature allows brands to show ads on the top of trending topics.

Twitter is offering 50 per cent off any new bookings of those ads until July 31, among other discounts.

An email was quoted in the report as saying, "The goal of these discounts is to help our advertisers gain reach during crucial moments on Twitter such as the Women’s World Cup."

Moreover, the company earlier warned advertisers that from August 7 the accounts of their brands will lose their verification badge if they do not spend at least $1,000 on ads in the previous 30 days or $6,000 in the previous 180 days.

On Sunday, Musk announced that Twitter's product name would be changed to "X", and that he is getting rid of the bird logo and all the associated words, including "tweet". According to Bloomberg, Musk's move wiped out anywhere between $4 billion and $20 billion in value.

Musk, whose company has already declined significantly in value since he purchased it for $44 billion in October, announced the change on Saturday night. By Monday morning a new black "X" logo, designed by a fan over the weekend, began to appear across the site.

Twiter's new Chief Executive Officer Linda Yaccarino announced the company's vision for X to become a site for audio, video, messaging, payments, and banking.