Twitter Inc., is dead after being merged into Elon Musk's X Corp
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On March 21st, 2006, Jack Dorsey, Evan Williams, Biz Stone, and Noah Glass co-founded a company and formalized the beginning of the micro-blogging platform called Twitter. In October last year, then, the world's richest person Elon Musk, took over the controls of the company and began slashing and chopping at everything the company was known for, most recently, its name.
Elon Musk shared a picture of the company's headquarters in San Francisco, where the letter 'w' was missing from its name. Prior to that, the bird logo went missing from the app and was replaced by a Shiba Inu, the mascot of Dogecoin. It appeared that Musk was simply not bothered about retaining the identity of Twitter and now we are just getting to know the reasons behind it.
Twitter has ceased to exist
After Musk completed the takeover of Twitter in October last year, the company went private and its public relations department was shut down. Media outlets have reported time and again that requests for comments from the company now get a poop emoji as a standard response. So, it would be silly to expect any formal announcement regarding Twitter's status from the company itself.
That it has ceased to exist came to light in the court filing on April 4, where Twitter a defendant told the court that it has been merged into X Corp and is owned by X Holdings Corp.
In its report, Slate said that the change has been in the works since April 2022, when Musk made his $44 billion offer for Twitter. Back then, Musk registered X Holdings I, II, and III in the state of Delaware to acquire the social media platform. X Holdings II was to merge with Twitter, while III would take on the loan to finance the purchase while Holdings I would give Musk the ownership control over the entity.
However, as of March 9 this year, Musk has now registered two businesses in the state of Nevada, X Holdings Corp and X Corp., and then merged X Holdings I with X Holdings Corp and Twitter with X Corp, in a way, where all intents and purposes, Twitter ceases to exist.
This change is yet to reflect on legal documents but that might happen soon enough with Musk, tweeting this a few hours ago.
X
— Elon Musk (@elonmusk) April 11, 2023
Musk has previously said that he intended to change Twitter into a super app, much like WeChat in China which handles social media as well as payments for users. Whether this transformation to X is meant only for the platform or a company as a whole, where Musk forays into other media businesses in the near future remains to be seen.
One thing seems for sure now, Elon Musk paid $44 billion dollars to kill Twitter once and for all. Will the bird ever rise again from its ashes, we will only know in due course of time.
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