Twitter ‘no longer exists’ as a company after Elon Musk merged it with newly formed shell firm X Corp
- The merger was confirmed in a California federal court filing from April 4
- Elon Musk appeared to respond to the news with an obscure tweet stating: ‘X’
- READ MORE: Musk discusses Twitter in biggest interview since ‘painful’ takeover
Twitter ‘no longer exists’ as a company after its owner Elon Musk merged the social media company with another of his entities called X Corp.
California federal court filings from April 4 now dictate that Musk’s entire Twitter stock has been transferred to X Holdings Corp.
It has been suggested that the latest move signals the next phase of Musk’s plans for an ‘everything app’. X Corp may also act as a future parent company for Musk’s other businesses: Neuralink, SpaceX, Tesla, and The Boring Company.
Musk has previously stated that his $44 billion acquisition of Twitter in October last year was ‘an accelerant to creating X, the everything app.’
The Twitter and Tesla boss appeared to allude to the news with a rather obscure tweet stating simply: ‘X’.
Twitter ‘no longer exists’ as a company after its Elon Musk merged it with X Corp. Pictured: Elon Musk departs court in San Francisco, California, January 24, 2023
Musk appeared to allude to the court filings with a tweet simply stating: ‘X’
‘Twitter, Inc. has been merged into X Corp. and no longer exists,’ A California federal court filing from April 4 states
The court filing states: ‘Twitter, Inc. has been merged into X Corp. and no longer exists.
‘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 was subsequently signed by Willkie Farr & Gallagher LLP, and attorneys: Johnathan Patchen, Michael Gottlieb, Meryl Conant Governski, Kristin E. Bender, and Yuhan Alice Chi.
The filing earlier this month was only made public after lawyers were forced to disclose the paperwork in an ongoing legal case with US Congressional candidate Laura Loomer.
A separate filing was made in the US District Court for the Southern District of Florida Miami Division, where documents were amended to state: ‘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, and is thus a citizen of Nevada and California.’
Musk later appeared to allude to the court filings with a tweet simply stating: ‘X.’
MailOnline approached Twitter for comment, which received the company’s standard automatic response of the poo emoji.
California federal court filings from April 4 now dictate that Musk’s entire Twitter stock has been transferred to X Holdings Corp
Elon Musk with Mike Sievert, president and CEO of T-Mobile, during a news conference at SpaceX Starbase facility in Boca Chica, Texas, August 25, 2022
The billionaire has previously stated that he is interested in creating an ‘everything app’.
This has been compared to China’s WeChat and would incorporate a peer-to-peer mobile payment platform as well as a taxi and food delivery service.
He told Morgan Stanley’s conference in March that he wanted it ‘to become the biggest financial institution in the world’.
The news comes as Musk admitted that taking over Twitter had been painful and that he had been ‘constantly under attack’.
He told the BBC in a rather spontaneously organized interview his reasons for laying off thousands of staff members and Twitter’s current financial situation.
‘The issue is like the company’s going to go bankrupt if we do not cut costs immediately,’ he said.
‘This is not a caring, uncaring situation. It’s like if the whole ship sinks then nobody’s got a job.
‘What would you do? If you’ve four months to live, a 120 days, in a hundred and 20 days you’re dead, so what do you want to do?’
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