Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.
Twitter “no longer exists” after being merged with X Corp., according to an April 4 document submitted in a California court for a lawsuit filed against the company and its former chief executive officer, Jack Dorsey, last year by conservative activist Laura Loomer.
The world’s second-richest man has professed his desire to make X similar to China’s WeChat, a super-app owned by Tencent Holdings Ltd. used for everything from payments and booking event tickets to messaging. But he’s been vague about how it will fit in with his sprawling business empire, ranging from the electric car giant Tesla Inc. to Space Exploration Technologies Corp. Musk also owns the domain “X.com” — the name of the online payments company he started and eventually merged with PayPal.
“Musk could create a parent structure, similar to Alphabet, where he has all his companies,” said Mandeep Singh, analyst for Bloomberg Intelligence. “I don’t see how he can layer e-commerce or payments in Twitter right when larger peers such as Alphabet and Meta have struggled to become an everything app on the consumer side.”
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Twitter becomes X Corp as Elon Musk advances 'everything app' hopesTwitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp. Find out more.
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