Twitter is no longer an independent company as it has now been merged with a shell company called X Corp, revealed a court filing. A report by Slate was first to highlight the court document submitted in a California court on April 4 suggesting that Twitter no longer exists.
The court document in the report read, "Twitter Inc. has 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."
This comes at a time when Twitter Chief has been playing the companies logo, replacing it with the logo of the cryptocurrency Dogecoin. Earlier this month, it was also found that the social media company's lettering at the headquarter was missing a 'w' reading it as 'Titter headquarters.
What is X Corp?
Elon Musk had earlier suggested that the purchase of Twitter is part of a bigger plan to create an 'everything app' that he called as X. Musk is yet to comment on the reports of the merger of Twitter with X Corp but on Tuesday he tweeted with a single character 'X'.
The world's second-richest man for long has wanted to create a supper app which is similar to WeChat that is owned by Tencent Holdings Limited. WeChat can be used for everything from booking event tickets to making payments and messaging.
Another point to be noted is that Musk is also the owner of the domain X.com an online payments company that was later merged with PayPal. Musk in April last year had also set up trio holding companies in Delaware with a variation of the name 'X Holdings'. On the other hand, according to state records X Corp was established on March 9 in Nevada.
The filing was the merger between Twitter and X Corp was submitted on March 15 and shows that Elon Musk is the president of the firm and its parent holding X Holdings Corp that was created last month with an authorised capital of $2 million.
