Elon Musk’s goal to build an “everything app” is one step closer to becoming a reality after the tech mogul merged Twitter Inc. with a newly formed shell company called “X Corp.”
The development was quietly revealed in an April 4 court filing concerning a lawsuit filed by internet personality Laura Loomer, who alleges the company violated federal racketeering laws when it banned her account in 2019.
As the defendant, Twitter is required to submit corporate disclosure statements to the court and in doing so revealed that “Twitter, Inc. has been merged into X Corp. and no longer exists.”
Its parent company has been identified as “X Holdings Corp.”
In Oct. 2022, just prior to Musk’s acquisition of the social media giant, he tweeted, “Buying Twitter is an accelerant to creating X, the everything app,” and in an April 11 tweet Musk simply wrote “X” prompting significant speculation concerning what he intended to do with the platform.
Success
You are now signed up for our newsletter
Success
Check your email to complete sign up
Musk has owned the URL “X.com” since 2017 when he purchased the domain from PayPal, a company that he helped found.
READ MORE:
- Twitter Reportedly Worth $20 Billion, Elon Musk Says
- AI Experts Call for a ‘Pause’ on Further Development, Say Otherwise Governments Should ‘Step In’
- Elon Musk Hopes to Find New Twitter CEO By Year’s End
Musk’s plans appear to include a payment service, which Twitter recently applied for regulatory licenses for and Musk has previously suggested that he was inspired by the Chinese app WeChat, which includes financial, ride-sharing, and video chat services.
“It does everything — sort of like Twitter, plus Paypal, plus a whole bunch of things, and all rolled into one, with a great interface,” Musk said on the All-In Podcast in mid-2022, adding that, “It’s really an excellent app, and we don’t have anything like that outside of China.”
Musk’s plans appear to have been set in motion some time ago. In a Dec. 2020 tweet by Dave Lee, a Tesla investor and YouTube podcaster he wrote, “I propose @elonmusk to form a holding company called X. X’s mission is to ensure human survival and progress. X becomes parent company of Tesla, SpaceX, Neuralink and Boring Company. Elon, what do you think?” to which Musk responded, “Good idea.”
Musk believes that there is a “clear but difficult path” to a $250 billion valuation for the social media platform and these recent developments may be the next step to bringing this reality to fruition.
