According to Bloomberg, Musk ordered that Twitter's product name be changed to "X" and that the bluebird logo and all related words, including "tweet," be removed. Musk's move cost the company between $4 billion and $20 billion in value, according to analysts and branding agencies. "It took us more than 15 years to gain this much global following, so losing the Twitter brand name would be a major financial hit," said Steve Susi, director of brand communications at Siegel & Gale. Analysts and branding agencies called the product rebrand a mistake. According to Todd Irwin, founder of branding agency Fazer, Twitter is one of the most recognizable social media brands. Bird decals adorn small businesses and websites around the world along with Instagram and Facebook logos. “Twitter’s corporate brand has become so closely tied to Musk’s personal brand that, with or without the X name, most of Twitter’s established brand equity has been lost among users and advertisers,” said Insider Intelligence analyst Jasmine Enberg.