Twitter “no longer exists” after merger with X Corp, Musk’s newly created company

Twitter ceased to be an independent company after merging with a newly formed shell company called X Corp.which generated speculation about what Elon Musk pretend for social media platform.

Twitter “no longer exists” after merging with X Corp., according to a document filed April 4 in a California court in a lawsuit filed last year against the company and its former chief executive officer, jack dorseyby conservative activist Laura Loomer.

It’s unclear what the change means for Twitter, which has undergone a radical overhaul since Musk bought the company for $44 billion last year. The billionaire owner has suggested in the past that buying Twitter would be an “accelerator” to creating X, which he called the “everything app.” Musk tweeted about the move on Tuesday with the unique character “X.”

The second richest man in the world has expressed his desire to make X similar to Chinese wechata super app owned by Tencent Holdings used for everything from payments and booking event tickets to messaging. But he has been vague about how it will fit in with his sprawling business empire, which has spanned electric car giant Tesla to Space Exploration Technologies. Musk also owns the domain “X.com,” the name of the online payments company that started and eventually merged with PayPal.

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Musk first established a trio of holding companies in Delaware under a variation of the name “X Holdings” in April of last year as part of his Takeover Offer for Twitter. But X Corp. was established March 9 in Nevada, according to records filed with the state. Its merger with Twitter was presented on March 15.

Musk is chairman of the firm and its parent, X Holdings Corp., which was also created last month and has an authorized capital of $2 million, the documents show.

Musk could create a parent structure, similar to Alphabet, where he has all his companies,” said Mandeep Singh, an analyst at Bloomberg Intelligence.

“I don’t see how you can overlay e-commerce or payments on Twitter just when its bigger peers like Alphabet and Meta have struggled to become an all-app on the consumer side,” he said.

The move sparked intense speculation on Twitter about what it meant, with Musk’s tweet drawing more than 13 million views in a matter of hours. In Japan, the topic “Twitter Gone” began to trend, with users joking that Twitter’s new name will resemble that of a local rock band, X Japan.

(With information from Bloomberg)