I mean Facebook did the same thing. Maybe it's to help distract from some of the negative press they've been getting. I don't have any proof for this, and I kinda just made it up on the spot, but I could see it being the case. Either way, I agree it's a stupid decision. Meta at least had the sense to change only the name of the company, and not the well-known product itself.
Because he's a wealthy dingus who thinks he's a genius? Who the hell knows what he's attempting to accomplish. It'll definitely affect search engine traffic in a negative way.
His first website (or company?) was named X and he said he has a fondness for the letter, hence his son's odd name, SpaceX, and the rebrand of twitter. He just likes the letter X.
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