Key Insights:
- Twitter.Inc has merged with X Corp Solutions and is now located in Nevada instead of Delaware.
- Musk bought Twitter for $44 billion and created X Holding I, II, and III. He wants to turn Twitter into an “everything app” and payment platform like WeChat.
- Musk envisions an all-encompassing use for X Corp. He added payment facilities and Dogecoin to the Twitter logo.
As per the latest updates, Twitter.Inc has joined forces with X Corp Solutions, a management and technology solutions company, resulting in the social media platform no longer being identified as an independent entity.
Last week during the hearing of political activist Laura Loomer’s lawsuit, the defendants representing Twitter revealed in a court filing that “Twitter.Inc has merged with X Corp. Solutions and no longer exists as a separate entity.” The activist has accused Twitter of violating federal laws by banning her account in 2019.
Elon’s Twitter domination
Beforehand, Elon Musk, the owner of Twitter, established three holding companies known as X Holding I, II, and III to acquire the social media platform for $44 billion. The acquisition was finalized in October, with Musk assuming the role of CEO of the platform.
Furthermore, as per the report, it has been disclosed that Twitter, following its merger with X Corp., is no longer headquartered in Delaware but in Nevada. The Secretary of State in Nevada confirmed that Musk registered two new businesses on March 9 and subsequently applied for the merger of his existing companies on March 15.
On October 4 of the previous year, Elon Musk made a message on Twitter in which he suggested that owning Twitter would speed up the development of X. This application combines several functions into a single interface.
Musk’s multi-platform vision
Musk has been working on expanding the scope of X Corp’s applications beyond social media in his quest to restructure the company. He added that the fundamental purpose of turning Twitter into a full solution incorporating a payment platform is one of the critical goals of the merger between Twitter and X Corp.
According to a post that Elon Musk made on Twitter, he intended to transform the platform into an “everything app,” which is comparable to China’s WeChat. By enabling users to make payments and altering the Twitter logo to include a dogecoin, he demonstrated how the network has developed over time and gave evidence of this.
