Report: Twitter merges with X Corp as Elon Musk moves to create ‘the everything app’
Twitter Inc., the microblogging platform, no longer exists and has been merged with a new company named X Corp, SLATE is reporting.
X Holdings Corp is the parent firm of the privately held company X Corp.
According to SLATE, a court filing dated April 4, 2023, acknowledged that “Twitter Inc. has been merged into X Corp. and no longer exists.”
The merger is considered to be a move by Elon Musk, Twitter CEO, targeted at creating X — the “everything app”.
In October last year, Musk had said “buying Twitter is an accelerant to creating X, the everything app“.
“Twitter probably accelerates X by three to five years, but I could be wrong,” he had tweeted.
The app is expected to serve as an all-in-one solution, including the incorporation of a payment platform.
Meanwhile, the recent court filing is part of legal proceedings in a suit instituted against the social media company by Laura Loomer, a political activist who accused Twitter of violating federal racketeering laws when it banned her account in 2019.
Twitter, as a defendant in the case, is expected to continue to submit corporate disclosure statements to the court.
According to the court document, as the “successor in interest” to Twitter Inc. — that is, the survivor of the merger — X Corp. is now the defendant in Loomer’s suit.
X Corp, also owned by Musk, was registered in April 2022.
Musk was said to have registered three holding companies named X Holdings I, II, and III, in his bid to acquire Twitter for $44 billion.
Twitter would merge with X Holdings II, but keep its name and general corporate structure while continuing to operate under Delaware law, the SLATE report said.
In addition, while X Holdings I, controlled by Musk, would serve as the merged entity’s parent company; X Holdings III would take on the $13 billion loan that a group of big banks provided Musk to help cover the $44 billion purchase.
Although there is no public statement as regards these transitions, the aim is to make Twitter an ‘X app’ akin to an American version of WeChat.
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