An ongoing court case reveals a piece of shocking information. Twitter Inc. doesn’t exist anymore as Elon Musk has put his plan into motion. Elon Musk has already executed his plan of merging Twitter Inc into X Corp, the company which owns Musk’s other properties including Space X and Tesla as well.
Elon Musk, the founder of X Corp., recently merged Twitter Inc. with his own company to begin transforming the social media platform into a super app similar to China’s WeChat. This move was disclosed in court documents related to an ongoing lawsuit between Twitter and Laura Loomer, who believes the platform violated federal racketeering laws by banning her account in 2019.
Musk was also the original owner of the domain “X.com”. Musk once used the domain for a payment service, which was later incorporated into Paypal around the turn of this century. In 2017, Musk re-purchased the domain for an undisclosed amount.
Although the merger has not been officially announced, Musk has previously stated that he intends to turn Twitter into an “everything app” called X that can compete with other platforms. While the merger will not have an immediate impact on the app or service, it is considered a first step in Musk’s plan.
The filing revealed that Twitter Inc. no longer exists as a Delaware-registered company and is now based in Nevada under X Corp. All lawsuits and debts involving Musk and Twitter will be transferred to the new entity.
Musk has been making a series of changes to Twitter that have not been well-received by advertisers, resulting in a loss of revenue for the platform. It remains to be seen how this merger will impact the market, but Musk’s unpredictable nature makes it difficult to predict his exact intentions.