This man is burning anything that had any value at Twitter. From an extremely valuable list of verified users to the name which is even used as a verb. There is absolutely no reason to rename Twitter. The name isn't even that stained compared to like Comcast or what ever the name was of that phone company in the 90s that sucked so bad it was renamed.
Was it extremely valuable? I know a lot of people (myself included) viewed blue checkmarks as a "company PR account/mass-media journalist/celebrity account maintained by SMM" sign. The most interesting people I followed on Twitter were not verified.