Musk’s Twitter move is typical of his useful ways. According to court documents on Twitter, Twitter Inc. no longer exists.
The document claims that the microblogging service has been incorporated into X Corp, a newly formed shell company that is a subsidiary of X Holdings Company, both of which are owned by Elon Musk and were founded in April last year.
Elon Musk has been working to make X more comparable to Tencent Holdings Ltd.’s WeChat, a Chinese super-app used for everything from communication to payments. The business magnate has always had this vision, but he has never truly articulated how it fits into his vast corporate empire.
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Musk may already have a clear idea of the structure of his new business empire, given that he now owns the domain “X.com,” the name of the online payments company he founded and subsequently merged with PayPal, and Twitter.
The Twitter CEO tweeted “X” after releasing the legal filing paperwork, making a forceful statement. After Musk bought Twitter for US$44 billion last year, Twitter underwent a major renovation.
X Corp: what’s next?
Twitter’s focus is shifting to the Everything app, but X Corp hasn’t announced any plans or deadlines. This transformation may happen shortly, given Elon Musk’s reputation and business speed.
Musk is known for shaking up businesses and raising the stakes, which might disrupt the market. And now he has a platform to do precisely that with X Corp.
X Corp might also challenge tech giants like Facebook, Google, and Amazon. Musk may change everything with an everything app.
Twitter collapsed
Before Musk bought Twitter, it started to change. Fans stopped using the microblogging service because it laid off a lot of people and made verification marks and subscriptions for the blue tick expensive. A blue verification mark might be on an account that is a month old and has only one follower. Twitter’s focus changed.
Twitter CEO Elon Musk recently replaced the bluebird emblem with the dogecoin sign for a few days. The microblogging site’s biggest insult is to its faithful audience. Elon Musk appeared to assure his cryptocurrency followers, though the cause is unclear.
Twitter has been exploring blockchain’s potential for a while, and Musk has been vocal about his idea that technology might transform finance, social media, and other aspects of online life. X Corp. gives him a concentrated platform to fulfil his goals.