Since Elon Musk’s takeover of Twitter, many changes have been seen on the platform. Most recently, Twitter’s logo has been replaced by that of Dogecoin. But the surprises don’t stop there: a court case reveals that the company Twitter Inc. no longer exists as such. Indeed, the latter has been merged with XCorp, Elon Musk’s private company.
The company Twitter Inc does not exist anymore!
This Tuesday, April 11, shattering news shook the world of social networks: Twitter Inc no longer exists! A court filing has indeed revealed that the company’s lawyers have buried its existence. They claim that it is now merged with X Corp, the private holding company of Elon Musk.
In a lawsuit filed by the political activist, Laura Loomer Twitter’s lawyers have presented a disclosure statement of business in the United States District Court for the Northern District of California, San Francisco Division. In that document, counsel made it clear that Twitter Inc. was merged with X Corp. In other words, Twitter is now owned by the holding company X Corps.
Pursuant to Rule 7.1(a)(1) of the Federal Rules of Civil Procedure, the undersigned counsel for defendant X Corp, as successor in interest to the defendant named Twitter, Inc. hereby declares that Twitter, Inc. has been merged into X Corp and no longer exists.From the document filed by Twitter’s counsel
In addition, another document filed in the U.S. District Court for the Southern District of Florida, Miami Division, reveals that the new merged entity will no longer be based in Delaware, but in Nevada.
The documents also attest that the merger of Twitter and X Corp was registered in this state last month.
Twitter merges with X Corp: another step toward Elon Musk’s long-term plan?
When Elon Musk finalized the agreement to buy Twitter, he had suggested that this acquisition would be a gas pedal for his long-term project: The Everything App, X. He had also specified that X remained his long-term plan for the company Twitter.
This project is to create an application that provides the same functionality as WeChat, an application widely used in China to pay bills, buy transportation tickets, store in stores, etc. Elon Musk actually had three companies under the name X Holdings in April 2022.
By merging Twitter and X Corp, Musk wants to integrate payments on the platform. As a reminder, the entrepreneur had already founded X.com in 1999, which later formed PayPal.
The company also showed its interest in cryptocurrencies by changing its logo to Dogecoin (DOGE). This currency seems to be the big winner in the Twitter merger. However, contrary to what several reports had announced, the issuance of a Twitter coin and the integration of other cryptos on the Twitter app did not materialize, at least for now.
Coming from a journalism university background, I came across Bitcoin and cryptocurrencies not long ago.
The potential of the Blockchain seduced me and I made it my research topic.