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Rumors have been circulating for weeks, and now Twitter owner Elon Musk (51) has taken the cat out of the bag: Twitter Inc. no more. It was integrated into X Corp.
This was evident in court documents earlier. Twitter is currently in court with former account holders, all countries, and its own ex-CEO. The documents sent there a few days ago referred to the new X Corp. and now Twitter Inc. not signed with.
A year ago, Musk founded three different companies called X Holdings in the US state of Delaware. Their purpose was not yet clear. Twitter was also registered in Delaware before. Now it’s clear: an umbrella company was formed with X Holding 1, X Holding 2 Twitter Inc. merged with – but the company name remained the same – and came under Holding 1, while X Holding 3 managed 13 billion. The dollar loan Musk took from banks to buy Twitter.
Company X was not formed until March 9, 2023 in Nevada, USA. On March 15, X Holdings in Delaware, X Corp. merged with This means that Twitter is no longer a Delaware company, but a new company from Nevada.
First of all, nothing will change in the social media news service Twitter. Many court cases will also not be affected by the new institutional structure.
Common assumptions are that Musk has set up a holding company for all of his companies. In late 2020, longtime Tesla investor Dave Lee tweeted that Musk should set up a “holding company called X” to serve as the parent company of Tesla, Space X, Neuralink and Boring Company. “Good idea,” Musk tweeted. It also makes sense that this holding is in Nevada: Musk has operated a battery factory for Tesla in that state since 2016, and the Boring Company is building a mega-tunnel under the state’s largest city, Las Vegas, for the Hyperloop of the future. rail “Vegas Cycle”. .
What’s wrong with your short name? Musk apparently likes the letter X. Then he founded Space X. Teslas have Model X. And finally, Musk is working on an “everything app”, a versatile type of app that will be called X in the future – a combination of messaging, social networking, and payment app. In such a case, Twitter would assume a new role.
It is being prepared now.
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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