Twitter is no longer an active company after its owner, Elon Musk, merged it with another of his entities, X Corp. According to federal court filings from April 4 in California, Musk’s entire stock in Twitter has been transferred to X Holdings Corp.
This move is believed to be a step toward Musk’s vision of creating an “everything app,” and X Corp might also serve as the future parent company for Musk’s other ventures, including Neuralink, SpaceX, Tesla, and The Boring Company.
Musk had previously stated that his $44 billion acquisition of Twitter in October was intended to accelerate the development of X, the everything app.
A court filing from April 4 confirms, “Twitter, Inc. has been merged into X Corp. and no longer exists.” The document adds, “X Corp. is a privately held corporation.
Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10% or more of the stock of X Corp. or X Holdings Corp.”
This filing was signed by attorneys from Willkie Farr & Gallagher LLP: Johnathan Patchen, Michael Gottlieb, Meryl Conant Governski, Kristin E. Bender, and Yuhan Alice Chi.
The details of the filing were only made public following a legal dispute involving US Congressional candidate Laura Loomer.
A separate filing in the US District Court for the Southern District of Florida, Miami Division, amended the records to reflect, “Twitter, Inc. has been merged into X Corp. and no longer exists.”
It further noted, “X Corp. is a privately held corporation, incorporated in Nevada with its principal place of business in San Francisco, California, and is thus a citizen of Nevada and California.”
Musk later referenced the court filings with a tweet simply stating: “X.”
MailOnline reached out to Twitter for a comment but received the company’s standard automatic response, which included a poo emoji.
Elon Musk, who has previously expressed his desire to create an “everything app,” envisions it as a platform similar to China’s WeChat, integrating peer-to-peer mobile payments, taxi services, and food delivery.
He mentioned at Morgan Stanley’s conference in March his goal for the app to become “the biggest financial institution in the world.”
The news follows Musk’s admission that managing Twitter had been a challenging experience and that he had been “constantly under attack.”
In a spontaneously arranged interview, he explained the necessity of laying off thousands of employees and addressed the company’s financial situation.
Musk remarked, “The issue is that the company is going to go bankrupt if we do not cut costs immediately. This isn’t about being caring or uncaring.
If the whole ship sinks, then nobody will have a job. If you’ve got four months to live, in 120 days you’re dead, so what would you do?”
