On Tuesday morning, Elon Musk simply tweeted “X”, a subtle announcement of significant business changes for the parent company of the social media platform he bought last year.
Twitter, Inc., the parent company of the social media platform with a similar name, has been absorbed into Elon Musk’s ‘X Corp’. Not to be confused with ‘X-Corp Business Solutions’, a local information and communication technologies company that sells printers and office phones (among other things).
Say goodbye to Twitter, Inc.
Details of the merge, first spotted by Slate, were revealed in court papers dated 4 April 2023 in a case involving Laura Loomer, a former Twitter user who is suing the platform for banning her account in 2019. Loomer has accused the platform of violating federal racketeering laws. Though Loomer has returned to the platform with another account, her case continues and Twitter is obligated to continue submitting corporate disclosure statements to the court.
“Twitter, Inc. has been merged into X Corp. and no longer exists,” reads the platform’s latest court submission.
The note clarified how Twitter, the defendant in the case, had been absorbed into X Corp which would then become the defendant in the case. X Corp’s parent company was noted as X Holdings Corp.
Musk registered three companies in April 2022, X Holdings I, II, and III, in the process of buying Twitter Inc. According to the terms of the purchase, it would be merged with X Holdings II, but retain its corporate branding and structures. X Holding I, which is controlled by Musk, would become the platform’s parent company while X Holding III is responsible for the $13 billion loan that financed part of the social media platform’s $44 billion purchase.
Twitter’s latest move is reportedly in line with Musk’s plans to fold the social media micro-blogging platform into a ‘super app‘, similar to China’s WeChat.
Baked on Musk’s unpredictable moves since acquiring Twitter in October 2022, his plan for the platform is anybody’s guess.
Source: Slate