Twitter, the popular social media platform, no longer exists as a company and has been renamed as X Corp, a shell company created by billionaire entrepreneur Elon Musk.
The move to rename Twitter as X Corp was discovered through a court filing in an ongoing lawsuit involving failed congressional candidate Laura Loomer, in which lawyers for Twitter were forced to disclose it. “Twitter, Inc. has been merged into X Corp. and no longer exists,” the court filing stated. “X Corp. is a privately held corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10 percent or more of the stock of X Corp. or X Holdings Corp.”
Musk has not made any official statement about the Twitter-X merger, but he did tweet a single character, “X,” on Tuesday, seemingly confirming the change. The name X was not chosen at random, as Musk has already registered the x.com domain, which includes a digital bank that later evolved into PayPal, among other companies. This allows Musk to include any new company he creates under the X brand.
Musk, who purchased Twitter for $44 billion, many users have left the social network since Musk’s arrival as the new CEO. He had been vocal about his intention to turn Twitter into a “super app”, similar to China’s WeChat or a “Swiss Army Knife” of online services.
Musk’s plan to create X, the “everything app”, has been silently progressing, with the app envisioned to include features such as calls, messages, photos and videos, as well as sections for making purchases, booking trips, ordering taxis, and watching movies.
The name X was not chosen at random. Musk had previously founded a company with the same name in 1999, which went on to become PayPal. He has also registered the x.com domain, which includes a digital bank among others, allowing for any new company he creates to be part of the X brand.
“Twitter probably accelerates X by three to five years, but I could be wrong,” he tweeted in October 2022 when the Twitter takeover deal was still being finalized.
