Twitter is not a legal entity now as it was merged with a shell company named X Corp on 15th March this year. X.com is a payment company that was founded by Twitter CEO and owner Elon Musk and was later merged with PayPal. It might be another step towards Musk’s ambition for making an “everything app” that sounds similar to China’s WeChat.
Twitter is now non-existent and is now X corp according to a court document dated 4th April. There is a lawsuit that is filed against Twitter and former CEO Jack Dorsey for invading the rights of free speech of conservative activist Laura Loomer.
The document of the cour read that “Twitter Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation, incorporated in Nevada, and with its principal place of business in San Francisco, California”.
Elon Musk announced the news on the merger with X corp to his 134 million followers through a tweet including letter X.
What is X?
Soon after acquiring twitter in a $44 billion deal last year Musk announced his intention of accelerating creation of X, an everything app.
Musk being a fan of WeChat, the super App, could imitate its several features like: payments, messaging, and social networking.
The X Corp. was established on 9th March in Nevada under the X holdings Corp. with an authorised capital of $2 million of which Musk is the president.
The creation of X Corp. is an initiative by Musk to create a larger parent company for all of the billionaire’s properties similar to the structure of Alphabet Inc. But it remains unclear whether other businesses of Musk that include Tesla and SpaceX would be a part of X Corp. as well.
There are always noticeable changes since Elon Musk has become a part of Twitter. In the last week itself Musk replaced the signature Blue Bird logo from twitter home page with Doge meme and also, removed the letter “W” from the company name from outside in its San Francisco office.
Now twitter has announced to remove the verified blue check marks on the platform and the user will have to pay for the Twitter Blue service in the profile.