Much before acquiring Twitter Inc., Elon Musk had revealed his intention of delisting Twitter from the stock market. Little did anyone think at the time he would eventually kill the existence of the company. Elon Musk has merged Twitter Inc. with X Corp. to begin its journey to become a super app similar to China’s WeChat.
Musk has put his plan to transform Twitter into a super platform from a microblog. Twitter Inc. has been defunct, at least in its name, due to a series of corporate ownership moves.
According to Slate, which has cited court filing, the merger of Twitter Inc and X Corp took place on April 4, 2023. This information was disclosed in court documents that were part of an ongoing case between Twitter Inc. and Laura Loomer.
Loomer is suing Twitter in the case that revealed the faded existence of Twitter Inc. She believes that Twitter violated federal racketeering laws by banning her account in 2019. Interestingly, the new revelation from the document is even more interesting than the court ruling.
The filing stated that “Twitter, Inc. was merged into X Corp., and is no longer in existence.“
Although the merger has not been announced officially, it won’t likely have any immediate impact on the app or service. However, Elon Musk considers this a first step. He stated previously that Twitter would be the “everything app” called X, and could compete with other platforms, such as China’s WeChat.
There is no indication that X Corp. will lead to the X App. This could also be a move by X Corp. to own all of Musk’s properties, such as Space X and Tesla.
This also means that Twitter under X Corp., is no longer a Delaware-registered company. It is now based out of Nevada, instead. All of the lawsuits and debts Musk and Twitter are involved with will be transferred to the new X Corp.
Musk was also the original owner of the domain “X.com”. Musk once used the domain for a payment service, which was later incorporated into Paypal around the turn of this century.
In 2017, he re-purchased the domain for an undisclosed amount.
As far as Twitter as a social platform is concerned, it will continue to function as always. However, it continues to stir controversy about who it allows, what it bans, as well as what content it allows.
Many people, particularly in the tech community, have found refuge on different platforms or quit social media altogether.
After the controversial see-saw acquisition of Twitter, Elon Musk has been making a series of changes to the platform, which are not appreciated by many advertisers. One of the biggest significant improvements is the Twitter Blue subscription. It has resulted in a loss of a considerable share of revenue as many advertisers have distanced themselves from Twitter.
How exactly Musk’s decision to merge Twitter with X Corp. would impact the market, only time will tell. But, considering Musk’s unpredictive nature, it’s difficult to guess what he is up to exactly. All we can do is, wait & watch!
