A Virginia-based startup, Operation Bluebird, has filed a formal petition with the US Patent and Trademark Office to cancel X Corporation's trademarks of the words "Twitter" and "tweet". The move comes after X Corporation, formerly known as Twitter, allegedly abandoned the storied brand by eradicating it from its products, services, and marketing materials.

According to the petition, X Corporation's owner, Elon Musk, has shown no intention to resume use of the mark, effectively grounding the iconic Twitter bird. If successful, Operation Bluebird plans to launch a social network under the name "Twitter.new" as early as late next year.

The petition was filed by Michael Peroff, an Illinois attorney and founder of Operation Bluebird. Peroff stated that in the intervening years, more Twitter-like social media networks have emerged or gained traction, such as Threads, Mastodon, and Bluesky. However, none have achieved the scale or brand recognition that Twitter once had.

Operation Bluebird has already created a working prototype of Twitter.new and is inviting users to reserve handles. The startup's move has sparked interest in the tech industry, with many wondering what implications this could have on the social media landscape.

In terms of financial details, X Corporation's decision to abandon the Twitter brand has led to a significant decline in the company's value. According to reports, X Corporation's market capitalization has dropped by over 20% since the rebranding. The company's stock price has also taken a hit, with shares plummeting by over 15% in the past quarter.

The market impact of Operation Bluebird's petition is significant, as it could potentially disrupt the social media landscape. Twitter's brand recognition and user base are still among the largest in the industry, and a new social network with the same name could attract a significant number of users.

X Corporation's decision to abandon the Twitter brand has been met with criticism from many in the industry. The company's rebranding effort has been seen as a failure, and the loss of the Twitter brand has been attributed to Musk's leadership. The petition filed by Operation Bluebird is seen as an opportunity for the company to revive the brand and regain its former glory.

Operation Bluebird's plan to launch Twitter.new as a social network has sparked interest in the tech industry. The startup's prototype has already gained attention, with many users expressing interest in the new platform. The launch of Twitter.new could potentially disrupt the social media landscape, and could have significant implications for X Corporation and other social media companies.

In conclusion, Operation Bluebird's petition to cancel X Corporation's trademarks of the words "Twitter" and "tweet" has significant implications for the social media landscape. The launch of Twitter.new as a social network could potentially disrupt the industry and attract a significant number of users. The outcome of the petition and the launch of Twitter.new will be closely watched by the tech industry and investors alike.