Elon Musk's company X Corp, which he has previously referred to as the "everything app," has absorbed Twitter, prompting speculation that Musk is working towards creating a super app.
Elon Musk's X Holdings Corp. has merged with Twitter, as announced by Musk himself on his Twitter account. As a result, Twitter no longer exists as a company, and all of Musk's Twitter stocks have been transferred to X Holdings Corp. The merger is seen as a move towards Musk's plan to turn Twitter into an "everything app," which could potentially include all basic online services such as payments, taxis, and news updates.
The move has been met with skepticism, with experts questioning whether Musk can succeed in transforming Twitter into such a platform. The merger only became public after a court filing made by lawyers in an ongoing lawsuit involving conservative activist Laura Loomer. Musk has previously stated that his acquisition of Twitter was an "accelerant to creating X, the everything app."
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Twitter Merged With X Corp
After being disclosed in an ongoing lawsuit involving Laura Loomer, lawyers for Twitter were forced to reveal that the company had merged with X Corp. and no longer existed, according to a court filing. The filing also stated that X Corp. is privately held and its parent corporation is X Holdings Corp., and no publicly traded corporation owns more than 10% of the stock in either X Corp. or X Holdings Corp. Attempts to contact Twitter for comment were unsuccessful.
X— Elon Musk (@elonmusk) April 11, 2023
Elon Musk seemed to confirm the merger in a tweet that simply said "X." Musk already owns the X.com domain and founded a company of the same name in 1999, which later became PayPal. Some industry experts are skeptical of Musk's plan to transform Twitter into a platform where users can access a variety of online services, similar to China's WeChat, which has been successful in Asia but has not caught on in the West.
It has been suggested that Musk's latest move is an indication of the next phase of his plans for an all-encompassing app, and X Corp may serve as a future parent company for his other businesses such as Neuralink, SpaceX, Tesla, and The Boring Company. In fact, Musk previously stated that his acquisition of Twitter for $44 billion in October of last year was meant to accelerate the creation of X, the everything app.
Penetrating deep & hard with @BBC https://t.co/3UXiHB6DAl— Elon Musk (@elonmusk) April 12, 2023
WeChat is a Chinese multi-purpose messaging, social media, and mobile payment app developed by Tencent, and it is often described as a super app because it offers a wide range of services such as messaging, social networking, e-commerce, mobile payments, gaming, and more within a single platform. The idea is to incorporate peer-to-peer for mobile payments, taxi and food delivery services, and possibly even becoming the biggest financial institution in the world.
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