Twitter disappears as a company and becomes X Corp

Twitter, partner networkl as we have known it until now, as an independent company, has ceased to exist. Its owner, Elon Musk, has not yet announced it publicly, but it appears in a document filed a few days ago, on April 4, in a California court for a lawsuit filed last year against the company and its former CEO, Jack Dorsey, as reported by the agency. Bloomberg. Twitter “no longer exists” but has become part of the corporate structure X Corp, its new parent companyunder the jurisdiction of Nevada instead of Delaware.

It’s unclear what the change means for Twitter, which has undergone major changes since Musk bought the company for $44 billion last fall. The billionaire owner has suggested this in the past taking over Twitter would be an accelerator to create X, which he called “the app for everything.” The only allusion that Musk himself anticipated to this change this Tuesday was a tweet with a unique “X” sign.

According to various specialized media, in April 2022, Musk registered X Holdings I, II and III in Delaware, three separate companies designed to facilitate the purchase of Twitter. The deal is planned so that the social network will merge with X Holdings II, but retain its name and overall corporate structure, and continue to operate under Delaware law. X Holdings I would act as the parent company of the combined entity, while X Holdings III would assume a $13 billion loan that a group of major banks gave Musk to help cover the $44 billion purchase.

As reported Bloombergthe owner of Twitter expressed his desire to make X to be similar to China’s WeChat, a super app owned by Tencent Holdings Ltd. which is used for everything from paying and booking event tickets to sending messages. But he has not yet clarified how it will fit into his sprawling business empire, which stretches from electric car giant Tesla Inc. to Space Exploration Technologies Corp.