Twitter Inc. It ceased to be an independent company by merging with the newly created X Corp. holding company, according to a court document unsealed Tuesday. The news raises more uncertainty about the purposes of its new owner, billionaire Elon Musk.
The change of course appeared for the first time in the aforementioned document presented on April 4 before a California court, as part of a lawsuit filed last year against the company and its former executive president, Jack Dorsey, by the conservative activist Laura Loomer. , according to a report published in the Spanish news portal Bloomberg.
x
— Elon Musk (@elonmusk) April 11, 2023
At the moment the tycoon has not exposed his plans and only published on his profile in that social network the letter X, which after this merger would appear as the name of the company in the records.
For the medium, the businessman has expressed interest in creating an application “for everything” under the name “X”. In addition to functioning as a social network, its users would have the possibility of using it to make payments, reserve tickets, among other functions.
If it evolves towards that concept, it would be something similar to the Chinese WeChat application, and Musk initially stated that the purchase of Twitter would be an “accelerator” for this project.
According to the information handled by Bloomberg, the company X Corp. was established on March 9 in the state of Nevada and belongs to the parent company X Holding Corp, also owned by the businessman. On the 15th of the same month, the merger occurred, but it was Musk’s recent publication that triggered expectations.
“It is not clear what this change means for Twitter (as a social network), which has undergone a deep reform since Musk bought the company for 44 billion dollars last year,” the publication highlights.
Elon Musk finally buys Twitter and announces a “content moderation board”
The billionaire businessman is also in charge of the automobile manufacturer Tesla and the firm Space Exploration Technologies Corp. In addition, he owns the X.com domain, the name of the payment company he founded and ended up merging with PayPal, the media said.
Musk acknowledged that the past few months have been “quite stressful” at the company, but insisted that he once considered buying it the right decision.
In turn, he added that he would be willing to sell Twitter, if the right person was interested, which causes even more doubts about the recent annexation of the company with X Corp, he concludes Bloomberg.
