Elon Musk plans to merge Twitter with X
In a surprising turn of events, Twitter Inc is no longer an independent company, having been merged with a shell company called X Corp. According to a court filing submitted on April 4 in California, Twitter no longer exists legally, and billionaire Elon Musk’s X Corp has absorbed it.
The court document stated that “Twitter Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation, incorporated in Nevada, and with its principal place of business in San Francisco, California.”
This development comes at a time when Twitter is undergoing major changes following multiple rounds of layoffs since Musk’s takeover. While there has been a lot of speculation and uncertainty regarding the chain of events since Musk’s acquisition of Twitter, this new revelation sheds some light on his plan for the company.
So, what is X Corp, and what are Musk’s plans for it?
In the past, Musk has hinted that acquiring Twitter is part of a bigger plan to create an “everything app” called X. The idea is to create a super app similar to China’s WeChat, which is owned by Tencent Holdings Limited and can be used for everything from payments and event ticket bookings to messaging.
Musk has been silent about the Twitter-X merger, but he did tweet about it recently with a single character: “X.” The world’s second-richest man has long desired to create X, and he already owns the domain X.com, which is the name of the online payments company he started and eventually merged with PayPal.
It’s worth noting that Musk set up a trio of holding companies in Delaware last year with variations of the name “X Holdings,” and X Corp was established in Nevada on March 9, according to state records. The merger between X Corp and Twitter was submitted on March 15. Filings indicate that Musk is the president of both X Corp and its parent, X Holdings Corp, which was also created last month and has an authorized capital of $2 million.
While the details of Musk’s plan for X Corp and Twitter are still unclear, it’s clear that he has big ambitions for the company. Only time will tell what this means for the future of social media and the internet as a whole.
