This week, as people logged in, are being presented with a popup notification of the new name and updated terms and are encouraged to read.
Elon Musk’s grand plan to transform Twitter into a multi-purpose app called “X” has taken a significant step forward. The billionaire CEO, who acquired Twitter last year for $44 billion, has now changed the social media platform’s incorporated name to X Corp. According to a filing made on April 4th in a California federal court, Twitter Inc. “no longer exists” and is now part of Musk’s vision for an all-in-one platform that extends far beyond social media.
A court document filed on April 4, 2023, reveals that Twitter, Inc has merged into X Corp. and no longer exists.
The document also reveals that X Corp.’s parent corporation is X Holdings Corp.:
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.
Musk’s aspirations for X are far-reaching, and he has described his vision for the platform as similar to China’s WeChat. Speaking at a Morgan Stanley conference last month, Musk stated that he wants X to become “the biggest financial institution in the world.” He has also indicated that he hopes to create a peer-to-peer mobile payment platform where users can earn interest on their cash like at a bank, alongside a range of other services, including ride-hailing and food delivery.
The move to rebrand Twitter as X represents a crucial step in Musk’s plans for the platform. He has previously touted the potential for X to reach a valuation of $250 billion, far beyond Twitter’s current internal valuation of $20 billion. Musk has been vocal about his desire to transform X into an all-encompassing app that could rival some of the world’s most significant tech companies, and this latest move suggests that he is committed to making that vision a reality.
Users logging onto Twitter in recent days have been presented with a popup notification of the new name and updated terms and are encouraged to read them. Although the merger has yet to be revealed publicly, it is clear that Musk’s obsession with X began long before he acquired the platform, and he sees it as a key part of his plans to transform the tech industry. Whether he can succeed in his ambitious goals remains to be seen, but there is no doubt that Musk’s vision for X represents one of the most significant developments in the world of tech in recent years.