Twitter no longer exists as a company, Elon Musk merges it with X Corp
Twitter is no longer an independent company as Elon Musk has now merged it with a newly formed company called X Corp.
The reports emerged when Elon Musk posted an 'X' on his Twitter account, sparking concern about the future of the firm he acquired for $44 billion last October. Bloomberg cited a document filed in a California court on April 4 in connection with a lawsuit filed by a lawyer against Twitter and its former CEO Jack Dorsey.
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But this is hardly surprising given the microblogging platform's dramatic transformation since Musk took over. The billionaire had claimed that acquiring the social media behemoth would be an "accelerant" for the creation of X.
Musk's 'X' post quickly went viral, gaining 11,000 retweets and over one lakh likes on the social media site.
According to reports, Musk has stated his plan to create an 'X' app similar to the Chinese app WeChat. But, his position is unclear as to how it will fit into his business empire, which includes Tesla and SpaceX. He also owns the domain 'X.com,' which refers to the online payments company he founded and later merged with PayPal.
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- With inputs from agencies
