Twitter Inc. No Longer Exists, Becomes X Corp. Under Elon Musk [u]
- Twitter Inc. has been merged into X Corp. under Elon Musk’s ownership, as revealed in a recent court filing
- X Corp. and its parent company, X Holdings Corp., were registered in Nevada in March, with possible links to Musk’s other ventures in the state
- Musk’s affinity for the letter “X” suggests a potential plan for an “everything app” or an overarching holding company for his various businesses
In a surprising development disclosed in a court filing on Tuesday, April 4, Twitter Inc. has revealed that it no longer exists as a separate entity. Instead, it has been merged into a new company called X Corp., with X Holdings Corp. identified as its parent corporation, reports Slate.
The disclosure emerged amidst a lawsuit filed by right-wing activist Laura Loomer, who accused Twitter of violating federal racketeering laws when it banned her account in 2019. It was first uncovered by an anonymous account SpacTrader110 back on April 4.
Wait, Twitter soon to be X?
Merger filed with Twitter and X Corp and X being the survivor? pic.twitter.com/oNDkZufsHQ
— SpacTrader110 (@SpacTrader110) April 4, 2023
The change in Twitter’s corporate structure has not yet been publicly announced by Elon Musk, who owns both Twitter and X Holdings Corp.
However, Musk’s affinity for the letter “X” in his various business ventures suggests a potential strategy for creating an “everything app” or an overarching holding company for his different businesses. Even one of Musk’s children with partner at the time, Canadian Grimes, is named X Æ A-Xii, or “X”.
Musk registered X Holdings Corp. and X Corp. in Nevada on March 9, a state where he has established some of his largest ventures, such as Tesla’s Gigafactory and the Boring Company’s projects.
Back in October, Musk said he wanted to create an ‘Everything App’ known as ‘X’ with his acquisition of Twitter.
Last June, Musk praised the Chinese all-in-one app WeChat at a Twitter town hall. Musk said there was “real opportunity” to create an equivalent for outside of China, saying it was “great”. WeChat allows users to chat and make payments to friends and for retail purchases easily by scanning a bar code or QR code.
“And, you know, if I think of, like, WeChat in China, which is actually a great, great app, but there’s no WeChat movement outside of China. And I think that there’s a real opportunity to create that. You basically live on WeChat in China because it’s so useful and so helpful to your daily life. And I think if we could achieve that, or even close to that with Twitter, it would be an immense success. Hopefully, that is — I really went on there. And I’m happy to elaborate on any of those points,” said Musk at the time.
With U.S. Congress and regulatory agencies increasingly scrutinizing tech companies, Musk’s X Corp. could face challenges in the future, especially if he intends to combine his separate companies under the X Holdings Corporation umbrella. However, as the court filing has only recently surfaced, the exact direction of Musk’s new X Corp. remains to be seen.
Update April 11, 10:05pm PDT: Musk said on a Twitter Spaces tonight when asked about this X Corp., he said “there is something more to it,” and added, “my goal is to creat the X everything app. Twitter is an accelerant to the X everything app.” He then added, “I guess you’ll have to stay tuned to find out.