BrandArena: Twitter no longer exists: Here's what Elon Musk has done

Thursday 13 April 2023

Twitter no longer exists: Here's what Elon Musk has done

Twitter no longer exists as a separate entity. Elon Musk has merged it with a newly formed firm called X Corp., raising questions about his intentions for the social networking site.

The court document filed by Twitter in a California court states that "Twitter, Inc. has been merged into X Corp. and no longer exists."

This only became public because of the filings, which Twitter submitted in response to a lawsuit filed last year. The suit accuses Twitter and former CEO Jack Dorsey of violating conservative activist Laura Loomer's free speech rights.

According to the filings, X Corp. was established on 9th March, and its proposed merger with Twitter was filed on 15th March. X Corp itself is owned by X Holdings Corp., which has an authorised capital of $2 million.

"X Corp. is a privately held corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10 per cent or more of the stock of X Corp. or X Holdings Corp," the document states.

Musk's creation of X Corp. could be a step towards establishing a larger parent company for all of his ventures (which include Tesla, SpaceX, The Boring Company and Neuralink), similar to Alphabet Inc.

Musk "informed" his 134 million followers about Twitter's merger with X Corp. through a one-letter tweet: X.

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