On April 4, a court document submitted in a California court revealed that Twitter Inc. no longer exists legally and has been merged with a shell company called X Corp, which is privately held and incorporated in Nevada. This development sheds some light on billionaire Elon Musk’s plan for the future of Twitter, which has been going through a period of sweeping changes and multiple waves of layoffs since Musk’s takeover.
What is X Corp?
X Corp is a privately held corporation that was established on March 9 in Nevada, as per records filed in the state. Elon Musk is the president of the firm and its parent, X Holdings Corp, which was also created last month and has an authorized capital of $2 million. Musk has long desired to create an “everything app” called X, which he has dubbed as similar to China’s WeChat – a superapp owned by Tencent Holdings Limited that can be used for everything from payments and booking event tickets to messaging.
Musk’s Vision for X
Elon Musk has suggested in the past that buying Twitter is part of a bigger plan to create X, which would be an “everything app”. Musk has been silent about the Twitter-X merger, but tweeted about it on Tuesday with a single character, “X”. It may be noted that Musk also owns the domain X.com, which is the name of the online payments company he started and eventually merged with PayPal.
Implications for the Future of Twitter
The merger of Twitter Inc. with X Corp raises questions about the future of Twitter and what Musk’s plans are for the social media platform. The chain of events since Twitter’s takeover has led to a lot of speculation and uncertainty, but it seems likely that Musk intends to integrate Twitter into his broader vision for X. It remains to be seen what this will mean for Twitter’s existing user base and the platform’s overall direction in the years to come.