Twitter-Now-is-X-corp
According to a court filing, Twitter has ceased to exist as a company, having merged with another entity called X Corp.
Elon Musk-owned X Corp. has absorbed Twitter Inc. as the first step to becoming an “everything app” similar to China’s WeChat.
As part of an ongoing case in the U.S. District Court for the Southern District of Florida, attorneys for Twitter submitted a filing indicating that Twitter “has been merged into X Corp. and no longer exists.”
Twitter’s slow transformation from micro-blog to everything platform has seemingly begun. A series of corporate ownership moves has made Twitter Inc. cease to exist, at least in the name.
Interestingly, this also means that the entity that is Twitter under X Corp. is now based in Nevada instead of Delaware. However, all of the debt and lawsuits Musk and Twitter faced before will be carried to the new X Corp.
The Florida court case involves two married attorneys, Jared Beck and Elizabeth Lee Beck, who accused Twitter of failing to “unsuspend” their accounts as part of CEO Elon Musk’s mass reinstatement of accounts that had been previously banned. A similar filing announcing the merging of Twitter into X Corp was made in a California court case involving conservative activist Laura Loomer, according to Bloomberg.
It’s unclear what the merger means for Twitter’s immediate future, but Musk earlier described an ambition to create an “everything app.”
Musk purchased the social network for $44 billion in a drama-laden transaction that closed last October.
The billionaire, who also runs Tesla and SpaceX, has terminated much of Twitter’s staff and introduced a subscription product called Twitter Blue, among other changes. The company has also been sued for nonpayment of rent at its San Francisco headquarters and other locations.
According to media reports, Musk told Twitter staff in an email that the social network’s current value is $20 billion, less than half of what he paid for the firm.
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