Elon Musk Merges Twitter With New Company, X Corp, to Create Everything App
- Twitter is now part of a giant company and will no longer as an entity but under a new company
- The company will now operate under the parent company name X Corp which Elon Musk owns
- The move is part of Elon Musk’s plans to create the Everything app similar to the Chinese WeChat
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According to reports, Twitter, the microblogging platform, no longer exists as an entity as it has been fused with a new company, X Corp.
X Holdings Corp is reportedly the parent company of the privately held firm X Corp.
Source: Getty Images
Twitter to continue under a new company
Reports say a court filing dated April 4, 2023, admitted that Twitter Inc had been merged into X Corp and has ceased to exist.
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The merger is a move by Twitter CEO, Elon Musk, to establish X, the ‘super app’ or ‘everything app.’
Last year, Must had muted the idea of buying Twitter as a precursor to creating X, the Everything app, Legit.ng previously reported.
“Twitter probably accelerates X by three to five years, but I could be wrong,” Musk tweeted.
The super app is expected to serve as a one-stop solution, including incorporating a payment platform.
The recent filing is part of legal proceedings in a suit instituted against Twitter by Luara Loomer, who accused the microblogging firm of racketeering when it banned her account in 2019.
Twitter is expected to continue to submit corporate disclosure statements in court.
A court document shows that X Corp is now the defendant in the Loomer case.
X Corp was registered in April 2022 and is owned by Elon Musk.
Elon Musk create three new Holding companies
Bloomberg reported that Musk had registered three holding companies named X Holdings I, II, and III as he moved to acquire Twitter.
The microblogging platform would merge with X Holdings II but keep its name and general corporate structure while continuing to operate under Delaware law.
Also, X Holdings I, under Musk’s direct control, would serve as Twitter’s parent company, and X Holding III would take on the $13 billion loan that a group of banks provided for Elon Musk to acquire Twitter at $44 billion.
The aim is to make Twitter an X app similar to the American version of WeChat.
Elon Musk wants to turn Twitter into a super app, like the Chinese WeChat
Legit.ng reported that Elon Musk is going ahead with the deal to acquire Twitter at the original price of $44 billion at $54.35 per share.
When Must made the bid on April 2o22, he laid out an elaborate plan for the microblogging site.
He said he wants to grow the platform's user base from 217 million to 980 million and revenue of $26 billion by 2028. He plans to transform Twitter from just microblogging to an everything app that lets users do many other things.
Source: Legit.ng
