Twitter Inc. has merged with a company called “X Corp.” and no longer exists, according to federal filings reported by Forbes.
An April 4, 2023, filing in California federal court shows that “Twitter, Inc. has been merged into X Corp. and no longer exists.”
The filing also lists X Corp.’s parent company as “X Holdings Corp.”
“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.,” the document reads.
Twitter CEO Elon Musk had previously spoken about creating a “super app” similar to China’s WeChat, which Forbes describes as an app that “provides audio and video calls and one-to-one text messages, plus the ability to create group threads containing up to 500 people.”
“There’s no WeChat equivalent out of China,” Musk said in his first townhall meeting as Twitter CEO in 2022.
“There’s a real opportunity to create that,” he added.
Musk also set a loose benchmark of one billion users for Twitter/X Corp., a number hit by WeChat in 2018.
In March 2023, Musk outlined his future goals for the company, saying that he wanted “X/Twitter…to become the biggest financial institution in the world.”
This would include users transferring money “effortlessly with one click,” earning interest on their wire transfers.
The South African believes that a transformation into a “super app” would be how X Corp. can become a company worth $250 billion.
Twitter reportedly lost $270 million in the second quarter of 2022, the last quarter that the company was required to publicly report its earnings. Since Musk took the company private, such transparency is no longer required.
Musk has alluded to X Corp. multiple times, such as in October 2022 when he said on Twitter that “Buying Twitter is an accelerant to creating X, the everything app.”
A 3 a.m. ET tweet on April 11, 2023, simply read “X.”
Just days prior to the Twitter/X Corp. merger, Musk engaged in several stunts including changing his Twitter name to “Harry Bōlz.”
He also painted over the “W” on the Twitter headquarters sign and changed the Twitter logo on the website to a cartoon dog.
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