Elon Musk, on Sunday, announced plans to change the microblogging site Twitter’s bird logo to X.

Mr Musk’s action would be the latest in a series of controversial shake-ups to the social media platform under his stewardship since he acquired the social media platform for $44 billion last October.

In a thread of tweets, Mr Musk said the change would be made on Monday to replace the blue bird logo with the X logo.

“And soon we shall bid adieu to the Twitter brand and, gradually, all the birds,” Mr Musk tweeted.Mr Musk had earlier changed the company’s official name in April to X Holdings Corp, after his venture X.com, to reflect his vision of creating ‘X’, the everything app performing social media and payment functions similar to China’s WeChat.

Linda Yaccarino, Twitter’s chief executive, confirmed the launch of the X brand on Sunday. Ms Yaccarino tweeted, “It is an exceptionally rare thing – in life or business – that you get a second chance to make another big impression.

Twitter made one massive impression and changed the way we communicate. Now, X will go further, transforming the global town square.”

She explained that the new logo would be “centred in audio, video, messaging, payments/banking” and would be a “global marketplace for ideas, goods, services, and opportunities.”

Despite laying off half of the company’s staff after the acquisition, Mr Musk recently revealed that the site remained cashflow-negative with a heavy debt burden after losing half of its advertising revenue.

Elon Musk says Twitter users will soon be able to bold and italicise words.

The billionaire has been bringing in several changes to Twitter following his $44-billion takeover last year.

While some changes, such as the monetisation of the blue tick, might not be appreciated by everyone, some changes are handy and demanded by users for years.

One of them is the ability to post texts in bold and italics. Musk confirmed that this feature could be introduced soon.

At the moment, users can post tweets in bold and italics, but only via a third-party tool.

Twitter’s new owner, Elon Musk has raised the possibility of the social media platform going bankrupt.

Bloomberg News reports that the world’s richest man on his first mass call with employees said that he could not rule out bankruptcy, two weeks after buying it for $44 billion – a deal that has left Twitter’s finances in a hard position.

In his first email to all Twitter staff, Musk warned that Twitter would not be able to “survive the upcoming economic downturn” if it fails to boost subscription revenue to offset falling advertising income.

The mail comes after Yoel Roth, who the head of Twitter’s response to combat hate speech, misinformation and spam, resigned on Thursday, whileTwitter’s Chief Information Security Officer Lea Kissner tweeted that she had quit.

Also, the company’s Chief Privacy Officer Damien Kieran and Chief Compliance Officer Marianne Fogarty also resigned, according to an internal message posted to Twitter’s Slack messaging system on Thursday by an attorney on its privacy team.

Following the mass resignations, the U.S. Federal Trade Commission said it was watching Twitter with “deep concern” after the three privacy and compliance officers quit.

The resignations put Twitter at risk of violating regulatory orders.We are tracking recent developments at Twitter with deep concern,”

Douglas Farrar, the FTC’s director of public affairs, told Reuters.

“No CEO or company is above the law, and companies must follow our consent decrees. Our revised consent order gives us new tools to ensure compliance, and we are prepared to use them,” Farrar said.

Reacting to possibility of being fined by the US Federal Trade Commission Musk attorney Alex Spiro told some employees in an email late on Thursday that Twitter would remain in compliance.

“We spoke to the FTC today about our continuing obligations and have a constructive ongoing dialogue,” Spiro wrote.

He stated that only Twitter, not individual employees, could be held liable against the orders.

“I understand that there have been employees at Twitter who do not even work on the FTC matter commenting that they could (go) to jail if we were not in compliance – that is simply not how this works,” he wrote.

Musk ruthlessly moved layoff staff after taking over on Oct. 27 and has said the company was losing more than $4 million a day, largely because advertisers started fleeing once he took over.

Twitter has $13 billion in debt after the deal and faces interest payments totaling close to $1.2 billion in the next 12 months.

The payments exceed Twitter’s most recently disclosed cash flow, which amounted to $1.1 billion as of the end of June. Musk has also begun charging $8 a month for the Twitter Blue service.

Elon Musk is planning to sack half of Twitter staff and end working from home in a bid to reduce costs following his tumultuous $44bn takeover.

The Tesla chief will reportedly announce the redundancies affecting 3,700 staff on Friday November 4, and force employees back into the office from Monday.

This is coming days after he sacked Twitter’s senior leadership team, including its chief executive, and a number of other high-profile executives have resigned since he took over the company.

Their most recent departures include their head of accounting, head of marketing, and advertising chief.

Musk will lay out plans to reduce the workforce by half this Friday, Bloomberg reported.

Laid-off workers will be offered 60 days’ worth of severance pay, Twitter sources told Bloomberg.

Musk previously denied reports that up to 75% of Twitter staff could be let go. The mogul will also end the social media company’s “work from anywhere policy,” brought in after the coronavirus pandemic, on Monday.

Bloomberg reported that Tesla engineers had been brought in to review Twitter’s code and that engineering lay-offs were being decided based on employees’ contributions.

Twitter’s top executives were reportedly sacked for “good cause,” meaning they could be denied a $100m payout. The news comes amid concerns from advertisers and civil liberties groups that Musk’s plan to promote free speech on the social network could lead to an increase in hate speech.

He is also considering removing permanent bans on hundreds of accounts, including former US President Donald Trump.