Twitter CEO Elon Musk has recently merged the social media microblogging platform with another entity called X Corp., signaling a move toward his vision of making Twitter an everything app.
The move which implies that Twitter now forms part of Musk X Holdings Corp., a future parent company for all his companies, will see the platform no longer exists as an individual company.
Twitter’s merger with X Holdings Corp., was disclosed to the public after the social media platform lawyers revealed it in an ongoing lawsuit filed at the United States district court, Northern District of California, San Francisco Division.
The lawsuit reads,
“Twitter Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10 percent or more of the stock of X Corp. or X Holdings Corp”.
Findings by Investors King reveal that Twitter CEO Elon Musk via a tweet made on Tuesday appeared to have confirmed the change, which he tweeted “X”.
It would be recalled that after acquiring Twitter for $44 billion in October 2022, Musk revealed his plan to make Twitter an everything app, which he tweeted, “Buying Twitter is an accelerant to creating X, the everything app.”
During a company talk in November last year, he outlined the ingredients needed to make Twitter the Everything App. The app is expected to serve as a one-stop solution, including incorporating a payment platform.
Some of the points he listed were advertising as entertainment, video, encrypted DMs, relaunch Blue verification, monetization of long-form text, and payments. He also talked about plans to bring along videos and monetization in order to compete with YouTube.
Several analysts have disclosed that whatever X turns out to be, it will likely be a huge deal, as Musk’s acquisition of Twitter already carries heavy implications, potentially changing what social media could be.
