Twitter seems to have its days numbered as we have known it so far. The company has ceased to be independent after merging with a newly formed shell company called X Corp. The information is in an April 4 document filed in a California court for a lawsuit against the company and its former CEO Jack Dorsey, filed by last year by conservative activist Laura Loomer, and to which Bloomberg has had access.
The name change has triggered speculation about the plans of Elon Musk, who has already hinted on several occasions his intention to transform the social network into a superapp that works for everything. That is, a platform that offers free messaging and calling services, social networks, and an online payment system to monetize all these services and those that come in the future.
The tweeter chief has not denied the information either, quite the contrary. Shortly after the news of the disappearance of Twitter as a company to merge with X Corp. was released, the businessman published a tweet: “X”, increasing the rumors that were spreading through social networks.
But Musk has not clarified the business fit within his vast business empire, which spans from electric vehicle giant Tesla Inc. to Space Exploration Technologies Corp. The billionaire also owns the domain "X.com," the name of the company. of online payments that he founded and eventually merged with PayPal.
According to Bloomberg, Musk set up a trio of holding companies in Delaware with a variation of the X Holdings name as part of his offer to buy Twitter. But X Corp. was incorporated on March 9 in Nevada, according to filings in that state. The merger with Twitter was presented last March. And this new matrix would have an authorized capital of two million dollars, according to this medium.
Analysts believe that the Twitter boss "could create a parent structure, similar to Alphabet, where he has all his companies."
Before buying Twitter, Musk already anticipated that the social network would be "an accelerator for the creation of X, the 'app' for everything." And it seems that he is keeping his word. Since he took over the social network, he has not stopped taking steps in this direction. Last February, the company began applying for licenses in the US to launch a payment system, according to the Financial Times.
In parallel, the technicians would be preparing the necessary software to carry out transactions with money through the platform, the first step in turning Twitter into a super app.
