Elon Musk
Twitter CEO Elon Musk sent out a one-letter tweet (the letter ‘X’) on Tuesday that confused many users. However, it is the name of a new company with which Twitter has merged.
X
— Elon Musk (@elonmusk) April 11, 2023
Mr. Musk sent the tweet shortly after Twitter Inc’s April 4, 2023, court filing, which revealed a major development – that the company no longer exists and has quietly merged with X Holdings Corp. The court filing comes in response to a case brought against Twitter by Laura Loomer, who accused the company of violating federal racketeering laws when it banned her account in 2019.
In a statement, the United States District Court said, “Pursuant to Federal Rule of Civil Procedure 7.1, Defendant’s undersigned counsel hereby files this Amended Disclosure statement on behalf of named Defendant Twitter, Inc. and its successor in interest, X Corp., and states as follows: Twitter, Inc. has been merged into X Corp. and no longer exists”.
“X Corp. is a privately held corporation, incorporated in Nevada and with its principal place of business in San Francisco, California, and is thus a citizen of Nevada and California. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10% or more of the stock of X. Corp. or X Holdings Corp”, the statement added.
NEWS: Twitter is now X Corp. Twitter Inc. no longer exists. pic.twitter.com/G76PClL0xg
— X Daily News (@xDaily) April 11, 2023
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Mr. Musk stated after purchasing Twitter for $44 billion last year that the decision is ultimately ‘an accelerant to creating X, the everything app’.
Elon Musk co-founded X.com in 1999, initially as an online bank. A year later, it merged with software company Confinity Inc. and changed its name to PayPal.
A few months earlier, during the electric vehicle maker’s annual meeting in August 2022, Mr. Musk stated that he had a grander vision for what X.com or X corporation could have been.
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