Twitter merges with Elon Musk’s X Corp to create super app
The move is an effort to create an ‘everything app’ called X that will encompass features from payments and ecommerce to social networking.
Wednesday April 12, 2023,
2 min Read
Elon Musk-ownedhas been merged with X Corp, the company building an 'everything app' to power social media, payments, ecommerce, and messaging.
The microblogging platform no longer exists as a separate legal entity and is now wholly-owned by and absorbed into X Corp, a privately-held company incorporated in Nevada, with its principal place of business in San Francisco, California, according to a US court filing dated April 4.
“...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,” the court filing said.
Musk announced the development to his 134 million followers through a cryptic tweet that said “X”.
The move is an effort to create an ‘everything app’ called X that will encompass features from payments and ecommerce to social networking. Musk first floated the intention of creating the super app in October last year, shortly after buying Twitter for $44 billion in a long-drawn-out deal.
“Buying Twitter is an accelerant to creating X, the everything app,” he wrote in another tweet.
The acquisition is a step towards the ambition of creating X, which is expected to be synonymous with Tencent’s WeChat, which offers a host of services including peer-to-peer payments and instant messaging.
Musk already owns the domain for X.com, a payments company he founded and rebranded to Paypal in 2000.
The Tesla owner laid off dozens of employees in February, just months after letting go of 3,700 employees in a cost-cutting move.
In November, Musk said the service was experiencing a "massive drop in revenue" as advertisers pulled spending amid concerns about content moderation.
Edited by Swetha Kannan