Twitter Inc. has ceased to be an independent company after merging with a newly formed shell firm called X Corp., driving speculation about what Elon Musk intends for the social media platform.<\/p>\n
Twitter \u201cno longer exists\u201d after being merged with X Corp., according to an\u00a0April 4<\/a><\/strong>\u00a0document submitted in a California court for a lawsuit filed against the company and its former chief executive officer, Jack Dorsey, last year by conservative activist Laura Loomer.<\/p>\n It\u2019s unclear what the change means for Twitter, which has seen a sweeping overhaul since Musk bought the company for $44 billion last year.<\/p>\n The billionaire owner has in the past suggested that buying Twitter would be an \u201caccelerant\u201d for creating X \u2014 which he dubbed an \u201ceverything app.\u201d<\/p>\n Musk tweeted<\/a><\/strong> about the move Tuesday with the single character \u201cX\u201d.<\/p>\n The world\u2019s second-richest man has professed his desire to make X similar to China\u2019s WeChat, a super-app owned by Tencent Holdings Ltd. used for everything from payments and booking event tickets to messaging.<\/p>\n But he\u2019s been vague about how it will fit in with his sprawling business empire, ranging from the electric car giant Tesla Inc. to Space Exploration Technologies Corp.<\/p>\n Musk also owns the domain \u201cX.com\u201d \u2014 the name of the online payments company he started and eventually merged with PayPal.<\/p>\n Musk first set up a trio of\u00a0holding companies in Delaware with a variation of the name \u201cX Holdings\u201d in April last year as part of his takeover bid for Twitter. But X Corp. was established on March 9 in Nevada, according to records filed in the state.<\/p>\n Its merger with Twitter was submitted on March 15. Musk is president of the firm and its parent, X Holdings Corp., which was also created last month and has an authorized capital of $2 million, filings show.<\/p>\n The recent changes were first reported<\/a><\/strong>\u00a0by Slate.<\/p>\n \u201cIt is understood in the corporate world that incorporating in Nevada is what you do if you want to have fewer fiduciary obligations,\u201d said Ann Lipton, associate dean at Tulane University\u2019s law school.<\/p>\n \u201cIt\u2019s just harder to sue officers and directors of Nevada companies for breach of fiduciary obligations if you\u2019re an investor.\u201d<\/p>\n Twitter was previously incorporated in Delaware, and Musk\u2019s battle over acquiring the company took place in its chancery court.<\/p>\n Twitter, which no longer has a team handling media queries, did not respond to questions sent by Bloomberg News.<\/p>\n Lawyers for the law firm representing Twitter in the case, Willkie Farr & Gallagher, also did not immediately respond to a request for comment.<\/p>\n Musk said during a Twitter Spaces\u00a0interview with the BBC<\/a><\/strong> late Tuesday at the company\u2019s San Francisco headquarters that he had plans for the new holding company X, reaffirming that Twitter was \u201can accelerant\u201d toward his vision of an everything app.<\/p>\n But he declined to elaborate, saying observers will just have to \u201cstay tuned to find out.\u201d<\/p>\n The move sparked intense speculation on Twitter about what it meant, with Musk\u2019s tweet attracting more than 13 million views within hours.<\/p>\n In Japan, the topic \u201cTwitter Gone\u201d started trending, with users joking that Twitter\u2019s new name will resemble that of a local rock band, X Japan.<\/p>\n \u201cMusk could create a parent structure, similar to Alphabet, where he has all his companies,\u201d said Mandeep Singh, analyst for Bloomberg Intelligence.<\/p>\n \u201cI don\u2019t see how he can layer e-commerce or payments in Twitter right when larger peers such as Alphabet and Meta have struggled to become an everything app on the consumer side.\u201d<\/p>\n In a court document, former Twitter CEO Jack Dorsey revealed that the company no longer exists.<\/p>\n","protected":false},"author":341034,"featured_media":466989,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_sma_x_autopost_status":"idle","_sma_x_autopost_error":"","_sma_x_post_id":"","_sma_facebook_post_id":"","_sma_instagram_post_id":"","_sma_threads_post_id":"","_sma_x_attempts":0,"footnotes":""},"categories":[18],"tags":[11373,35,7407,405,85513,44448],"class_list":["post-487343","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-internet","tag-elon-musk","tag-headline","tag-jack-dorsey","tag-twitter","tag-x-corp","tag-x-com"],"_links":{"self":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/487343"}],"collection":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/users\/341034"}],"replies":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/comments?post=487343"}],"version-history":[{"count":1,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/487343\/revisions"}],"predecessor-version":[{"id":487395,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/posts\/487343\/revisions\/487395"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media\/466989"}],"wp:attachment":[{"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/media?parent=487343"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/categories?post=487343"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mybroadband.co.za\/news\/wp-json\/wp\/v2\/tags?post=487343"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
\nNow read:\u00a0Twitter bug exposes private tweets to strangers<\/a><\/h3>\n","protected":false},"excerpt":{"rendered":"