Twitter merged into Musk's X Corp, exists no longer as a separate company

Twitter has announced a significant development, stating that it has merged with everything app called 'X', owned by Elon Musk.

In a court filing in the US, Twitter quietly disclosed that it no longer exists.

"Twitter Inc. has been 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," the filing mentioned.

In October last year, when he was in the process of finalising the purchase of Twitter, he restated that X remains his long-term plan for the business.

"Buying Twitter is an accelerant to creating X, the everything app," Musk tweeted.

"Twitter probably accelerates X by 3 to 5 years, but I could be wrong," he added.

Earlier, Musk had expressed interest in creating an application that could offer comprehensive features comparable to China's WeChat.

During a podcast, he had said that the US needs a super app.

"It's either convert Twitter to that, or start something new. It does need to happen somehow," he said.

"If you're in China, you kind of live on WeChat. It does everything. It's sort of like Twitter, plus PayPal, plus a whole bunch of things all rolled into one, with a great interface. It's really an excellent app, and we don't have anything like that outside of China," Musk told the listeners during the podcast last year.

In 1999, Musk co-founded an online bank called X.com, which was later merged to form PayPal.

--IANS

shs/prw/dpb
 

 

Timeline Of Takeover

January31, 2022: Elon Musk begins to buy Twitter shares, increasing his stake in the platform

March 14: His stake in Twitter increases to five per cent but he misses disclosing the stake to the US Securities and Exchanges by 10 days

March 24: The Tesla man in a series of tweets criticises Twitter, asking users of platform if “a new platform is needed”

April 4: Elon Musk discloses a nine per cent stake in Twitter, which makes him the largest shareholder of the company

April 14: Musk makes a bid — $54.20 a share to buy Twitter and added that he might sell his stake in the company if not accepted

April 21: He says a $46.5 billion package to finance has been lined up to back his bid for Twitter

April 25: Twitter accepts offer

May 13: A tweet arrives out of the blue and Musk says the deal was “temporarily on hold” because of concerns he had about fake accounts on the platform

May 16: Twitter CEO Parag Agrawal defends his company’s ability to fight spam accounts

June 3: Twitter said the window had closed for federal antitrust regulators to block the deal

July 8: Musk wants to terminate the deal after accusing that Twitter hadn’t provided enough information about spam accounts

July 12: Twitter sues Musk over the billionaire’s attempt to walk away from the deal

July 19: A Delaware judge orders a five-day trial in October over Musk’s objections

August 10: Musk sells nearly $7 billion of Tesla stock amid uncertainty over the fate of his Twitter acquisition

October 4: The man agrees to buy Twitter for his original price offer of $54.20 a share

October 27: Musk visits Twitter headquarters in San Francisco. He met a number of employees over coffee at The Perch but not all of them were happy to see him there

October 28: Musk takes control of Twitter