Twitter Inc. It was merged with X Corp and as a result the old entity came to an end. This was learned from court documents, informs Slate portal.
According to experts, the current CEO of Twitter, Elon Musk, was planning a merger before buying a social network. In April 2022, it listed three companies, X Holdings I, II and III, designed to facilitate the acquisition of Twitter. Twitter then merged with X Holdings II, keeping its name and overall corporate structure. X Holdings I, controlled by Musk, acts as the parent company of the combined entity, while X Holdings III takes out a $13 billion loan to acquire Twitter.
Then on March 9, Elon Musk registered two companies: X Holdings Corp and X Corp. A week later, X Holdings I and X Holdings Corp. applied for a merger. and Twitter Inc. With X Corp In this case, the law obliges X Corp to buy Twitter, so now Twitter Inc. It does not exist legally as a Delaware-based company. It is now part of X Corp, whose parent company is X Holdings Corp in Nevada.
In the future, Twitter is expected to be part of the super app X, a kind of analog of the Chinese WeChat super app.
Formerly socialbites.ca saidElon Musk lost $14.5 billion in a week.