Twitter Inc. is no longer an independent company following its recent merger with the newly formed, by Elon Musk, X Corp. This is one of the most important steps in making Twitter the app for everything.
Twitter merged with X Corp.
Twitter Inc. is no longer an independent company after being merged with X Corp. The information was revealed in a document filed on April 4 in a California court in a lawsuit filed against the company and its former CEO Jack Dorsey last year by conservative activist Laura Loomer.
The merger will speed up the implementation of the plan into reality
Previously, Elon Musk suggested that the purchase of Twitter would be an accelerator for creating a super app. In early October 2022, he tweeted that buying Twitter would accelerate his drive to build an app for everything, called X. Musk suggested that buying the social media platform would speed up his plan by 3-5 years, although he admitted he might be wrong about that. On Tuesday, after the documents were publicly disclosed, the new owner tweeted one symbol, « X », signifying a new milestone in Twitter’s history.
The Everything App
X is an app for everything that will be similar to the Chinese WeChat. It includes everything from regular social networking to online payments. However, it is worth bearing in mind that at the moment, Musk himself has not voiced a plan for exactly which of his companies will be integrated into it. Speaking at the TED 2022 conference, he said that it would be difficult to create a holding company that brings together all of his companies. This is due to the fact that Tesla is traded on the stock exchange, and because the investor bases of Tesla, SpaceX, Boring Co., and Neuralink are completely different.
Musk prepared to build X before buying Twitter
In April, in preparation for the Twitter acquisition, Musk created a trio of holding companies dubbed “X Holdings.” According to the April 20, 2022 filing, new companies were created in Delaware, each with a variant of the name “X Holdings.” In particular, we are talking about X Holdings II, Inc., which is listed in the document as “Purchaser” and X Holdings I, Inc., which is named “Parent.”
Musk talked about creating a parent back in 2012, and in 2020 said that naming it “X,” which was suggested by one of Tesla’s investors, was “a good idea.” Musk also owns the X.com domain. He owned it when it served as home to his financial services startup, which was eventually merged with another company called Confinity in a deal that would be rebranded as PayPal in 2001.
