Elon Musk's Twitter no longer exists as a company!
Elon Musk bought Twitter for $44 billion last year, and has made sweeping changes to the platform since then
Microblogging platform is no longer an independent company. Yes, you read it right. It has now been merged with a newly formed company called X Corp.
The revelation has come to light after Elon Musk posted 'X' on his Twitter account, triggering speculation about the future of the company he bought for $44 billion last October. Bloomberg quoted an April 4 document submitted in a California court over a lawsuit filed by a lawyer against Twitter and its former CEO Jack Dorsey.
But this hardly comes as a surprise regarding the microblogging platform, which has witnessed a sweeping overhaul since Musk took over. The billionaire had suggested that the acquisition of the social media giant would be an 'accelerant' for the creation of X.
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Musk's 'X' post went viral within no time, garnering 11,000 retweets and more than one lakh likes on the social media platform. Twitterati was quick to show its creative self through memes on the Twitter chief's cryptic revelation.
According to reports, Musk has made his intentions clear on making 'X' similar to Chinese app WeChat. However, his stand is unclear on how it will fit within his business empire which includes electric car behemoth Tesla and SpaceX. He also owns the domain 'X.com', the online payments company he started and merged with PayPal.
In April last year, Musk had started three holding companies with a variation of the name 'X Holdings' as part of his bid to take over Twitter. According to records filed in the state, X Corp was set up on 9 March with its merger with Twitter Inc submitted on 15 March. Musk happens to be its president and its parent firm X Holdings Corp which was also set up last month with an authorised capital of $2 million.
