After a merger with a shell firm called X Corp, Twitter Inc. is no longer an independent company. According to a court document, Twitter no longer exists legally, and billionaire Elon Musk’s X Corp has absorbed it. According to a legal filing filed in a California court on April 4, Twitter no longer exists.
“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,” read the court document.
This comes at a time when Twitter is undergoing significant changes following repeated waves of layoffs following Musk’s takeover. While the events since Twitter’s takeover have sparked much speculation and anxiety, the recent disclosure sheds some light on Musk’s plans for the firm.
What exactly is X Corp?
Elon Musk has previously stated that purchasing Twitter is part of a larger plan to create X, which the billionaires have branded an “everything app.” Musk has remained silent on the Twitter-X merger, but announced it on Tuesday with a single character, “X.”
The world’s second-richest man has long wished to create X, a super app comparable to China’s WeChat – a superapp controlled by Tencent Holdings Limited that can be used for everything from payments and event ticket purchasing to communications.
It’s worth noting that Musk also owns the domain X.com, which is the name of the online payments company he founded and later sold to PayPal.
While Elon Musk first registered a trio of holding companies in Delaware with the name “X Holdings” in April of last year, X Corp was established on March 9 in Nevada, according to state records.
The merger between X Corp with Twitter was filed on March 15. According to filings, Elon Musk is the president of the company and its parent, X Holdings Corporation, which was also formed last month and has a $2 million authorized capital.