Elon Musks Twitter absorbed by X Corp
Published: April 11, 2023
Elon Musk’s Twitter absorbed by X Corp.
As of April 4, Twitter has been fully absorbed by Elon Musk’s X Corp.
Meaning the social media platform technically "no longer exists.
A court filing submission dated April 4 states.
"Pursuant to Rule 7.1(a)(1) of the Federal Rules of Civil Procedure, the undersigned counsel for Defendant X Corp as successor in interest to named Defendant Twitter, Inc hereby states that Twitter, Inc has been merged into X Corp and no longer exists.
"X Corp, is a privately held corporation.
Its parent corporation is X Holdings Corp.
No publicly traded corporation owns 10% or more of the stock of X Corp or X Holdings Corp Pursuant to Civil L-R-3-15, the undersigned certifies that the following listed persons, associations of persons, firms, partnerships, corporations (including, but not limited to, parent corporations), or other entities (i) have a financial interest in the subject matter in controversy or in a party to the proceeding, or (ii) have a non-financial interest in that subject matter or in a party that could be substantially affected by the outcome of this proceeding X Corp [and] X Holdings Corp.
SpacTrader110 (@SpacTrader110) April 4, 2023Public documents revealed that the merger between Twitter and Elon Musk’s X Corp was filed in Nevada on March 15, 2023, reported Slate.
The documents hint that Twitter is now a Nevada-based company rather than a company based in Delaware.
X Corp seems to be a step toward Elon Musk’s "everything app".
The billionaire eluded to developing an "everything app" similar to China’s WeChat.
Twitter was a significant move towards the everything app as it accelerated its development.
Source: Re-posted and Summarized from Maria Merano at teslarati.