Description
The microblogging platform is no longer an independent company. Yes, you read it right. It has now been merged with a newly formed company called X Corp. The revelation came after Elon Musk posted an "X" on his Twitter account, sparking speculation about the future of the company he bought for $44 billion. last October. Bloomberg cited an April 4 document filed in a California court regarding a lawsuit brought by a lawyer against Twitter and its former chief executive Jack Dorsey. But that's no surprise when it comes to the microblogging platform, which has undergone a drastic overhaul since Musk took over. The billionaire had hinted that the acquisition of the social media giant would be an "accelerator" for the creation of X. Musk's 'X' post went viral in no time, garnering 11,000 retweets and over a million likes on the social media platform. Twitterati was quick to show off their creativity through memes about the cryptic reveal from Twitter's boss.
Musk has reportedly made clear his intentions to make "X" similar to China's WeChat app. However, his stance is unclear on how it will fit into his business empire, which includes electric car giants Tesla and SpaceX. He also owns the domain "X.com", the online payment company he created and merged with PayPal.
In April of last year, Musk created three holding companies with a variation of the "X Holdings" name as part of his takeover bid for Twitter. According to state documents, X Corp was formed on March 9 and its merger with Twitter Inc was filed on March 15. Musk is its president and parent company X Holdings Corp, which was also created last month as a licensed company. Capital of 2 million dollars.
