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RIP Twitter’s iconic bird logo
(www.theverge.com)
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This is just proverbial middle finger from Elon to the PayPal shareholders because he couldn't get his way, now he is in a position where he can do this and no shareholder can criticise him for doing so.
The brand 'X' doesn't have any meaning behind it. 'M' maybe so but that would be a stretch.
Between going back to X and the graphics on the redesign, it is pretty obvious he's stuck in the 90s. Twitter is his midlife crisis.