Twitter Inc. has merged with a company called “X Corp.” and no longer exists, according to federal filings reported by Forbes.
The filing, which was submitted on April 4, 2023, in California federal court, stated that “Twitter, Inc. has been merged into X Corp. and no longer exists.”
Additionally, the document revealed that X Corp. is a privately held corporation, and its parent company is X Holdings Corp. No publicly traded corporation owns 10% or more of the stock of either X Corp. or X Holdings Corp. This merger marks a significant turning point for Twitter, as it transitions into a new phase under the X Corp. brand.
Twitter’s CEO, Elon Musk, has long spoken of his vision to create a “super app” that is similar to China’s WeChat. In his first town hall meeting as Twitter CEO in 2022, Musk noted that there is no equivalent to WeChat outside of China, and that he saw an opportunity to create one.
Musk also set a benchmark of one billion users for Twitter/X Corp., a number that WeChat had already achieved in 2018. He saw the transformation of Twitter into a “super app” as a way to turn the company into a $250 billion enterprise.
In March 2023, Musk outlined his future goals for the company, stating that he wanted “X/Twitter…to become the biggest financial institution in the world.” Musk envisioned an app that would allow users to transfer money with ease, and even earn interest on their wire transfers. Musk believed that this transformation would enable X Corp. to become a company worth $250 billion.
Twitter has faced financial difficulties in the past, with the company reportedly losing $270 million in the second quarter of 2022. However, since taking the company private, Musk has eliminated the need for transparency in the company’s finances.
In October 2022, Musk tweeted that “Buying Twitter is an accelerant to creating X, the everything app.” This statement was seen as an indication of Musk’s intention to merge Twitter with X Corp. to create a new type of platform.
In summary, Twitter’s merger with X Corp. represents a significant shift in the company’s trajectory as it moves toward a new phase of development.
Under the X Corp. brand, Twitter will become a “super app” that enables users to transfer money with ease and earn interest on their wire transfers. This transformation is part of Musk’s vision to turn X Corp. into a $250 billion enterprise, and it is expected to create new opportunities for both the company and its users.
Elon Musk offers to buy Twitter for $43 billion