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Twitter To Rebrand As X
(www.theverge.com)
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If your goal is to reduce cost why would you waste money doing a rebrand.. so dumb
I believe his main goal is turning Twitter into something of an "everything" site where he's looking to combine the likes of Facebook, Instagram, TikTok, YouTube, Discord, and Venmo/Paypal into a single service. I don't know if it was his goal when he bought it or if it has any chance in hell of working, but that's something he at least said (while probably drunk) fairly recently.
He has had this dream of an everything app for a very long time. I feel like he is trying to realize it now.