Twitter “no longer exists” and has merged with the newly created shell firm X Corp, according to an April 4 legal document filed by Twitter in a California court. CEO Elon Musk apparently confirmed the news by tweeting an X.
Social media users have been left flabbergasted on what the one-letter tweet (the word-X) posted by Twitter owner Elon Musk actually stands for. It basically shows the name of the company that Twitter has merged into.
Musk’s tweet came after a court filing recently revealed that Twitter Inc. no longer exists as Musk's other company X Corp has reportedly absorbed Twitter Inc.
The billionaire owner has in the past suggested that buying Twitter would be an “accelerant” for creating X — which he dubbed an “everything app.”
X Holdings Inc. is reported to be Musk's super-conglomerate, joining Tesla, SpaceX Neuralink, The Boring Company, and Twitter.
Musk said after buying Twitter for $44 billion last year that the move is eventually "an accelerant to building X, the everything app."
"Twitter probably accelerates X by 3 to 5 years, but I could be incorrect," he wrote in October 2022.
Musk first established a trio of Delaware-based holding companies with the name "X Holdings" in April of last year as part of his takeover effort for Twitter.
According to the filings, X Corp. was formed on March 9 in Nevada, and its merger with Twitter was submitted on March 15. Musk is the president of the company and its parent, X Holdings Inc., which was established last month and has a $2 million authorised capital.