Twitter merged with Elon Musk's X Corp, no longer a standalone company
Elon Musk's X Corp Takes Over Twitter: What Does This Mean for Your Online Experience?
12 April 2023
According to a court document, Elon Musk's front firm X Corp and Twitter Inc. have formally merged.
With Twitter now a part of X Holdings Corp., Musk aims to transform it into an "everything app" like China's WeChat.
Industry insiders have expressed skepticism of Musk's strategy, but Musk is still committed to making it succeed.
In an unexpected turn of events, Twitter Inc. has merged with Elon Musk's X Corp. shell firm and is no longer recognized as a separate legal entity, according to a court filing in California. This occurs at a time when Twitter is undergoing significant changes as a result of several layoffs following Musk's purchase. The most recent information offers some hints about Musk's strategy for the business, which includes transforming it into an "everything app" akin to WeChat in China.
Musk has not spoken about the Twitter-X merger, but on Tuesday he tweeted a single "X" about it. Musk also owns the domain X.com, which was the name of the online payments business he founded and subsequently merged with PayPal. With the change, Musk's X Holdings Corp., which has been hailed as the future parent company for all of his businesses, including Neuralink, SpaceX, Tesla, and The Boring Company, now includes the Twitter app.
Elon Musk has previously stated that acquiring Twitter was part of a larger strategy to launch X, but the most recent information has increased rumors about what he has in store for the business. Elon Musk is listed as the president of X Corp and X Holdings Corp, which was founded last month and has a $2 million authorized capital, according to the documents. Only when the social media company's attorneys were compelled to reveal it in a case involving unsuccessful congressional candidate Laura Loomer did the merger become widely known.
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Industry experts who doubt Musk can succeed in changing Twitter into a platform where users can access all fundamental internet services, from making a payment to calling a cab, have expressed skepticism against the concept of making Twitter an "everything app." Musk tweeted in October 2022 that "buying Twitter is an accelerant to inventing X, the everything app," so he wants it to succeed. Though I might be mistaken, Twitter probably accelerates X by three to five years.
Super applications like WeChat have been extremely popular in Asia, but not outside of that region. Matt Navarra, a social media specialist and industry analyst, thinks Twitter might be a component of a super app that enables users to purchase things, communicate with friends, get news updates, book a cab, and more. But it's still unclear whether Elon Musk can make it happen.
In conclusion, the globe was surprised by the combination of Twitter and X Corp, which stoked rumors about Elon Musk's aspirations for the business. Although there is skepticism about Musk's plan to transform Twitter into an "everything app," only time will tell if he is successful in building a platform where users can access all essential web services. For the time being, it is unclear what Musk will do next or how it will affect the social media scene.