Elon Musk renames Twitter as 'X,' what does it all mean?

Elon Musk sure has a thing for the letter "X". It seems to pop up everywhere that he reaches. He even gave the letter X as his son's first name.
Musk makes a huge change to Twitter. It's something he's hinted about ever since he paid 44 billion dollars for the company. Today, he flipped the switch and changed the name of Twitter to X. That X is on the desktop version of Twitter right now. It hasn't changed yet for the mobile app.
What does all this mean? We get some insight from our tech expert, Ian Sherr.