Twitter Inc. has been officially rolled into a new corporate entity called ‘X Corp’ owned by Elon Musk, according to court documents submitted in connection with legal action against the app. This could potentially mean that Twitter 2.0 will be undergoing a name change as well. The merger was revealed in court documents tendered as part of legal action that has been taken against the app for violating racketeering laws.
According to the filling: “Twitter Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation, incorporated in Nevada, and with its principal place of business in San Francisco, California.”
Twitter inc officially merged into X Corp
Elon Musk’s privately held company, X Corp., officially acquired Twitter on April 4. The court documents also stated that no publicly traded corporation owns 10% or more of the stock of either X Corp. or its parent company, X Holdings Corp. To secure the purchase, Musk filed three holding companies called X Holdings I, II, and III in April 2022, with the total value of the acquisition being $44 billion. The document also revealed the merger was filed in Nevada on March 15, and that Twitter now has its corporate headquarters in Nevada, instead of Delaware.
Elon Musk has recently made changes to his business’s future plans, indicating a return to his vision of an “everything app” referred to as X. As part of these plans, Musk holds the X.com URL. Although details about this proposed app remain unclear, last October he reiterated that it is still a part of his long-term plans for the business. Musk made these statements shortly after concluding his deal to acquire Twitter.
Musk discussed the possibility of creating an app that would offer its users a wide range of services, similar to how WeChat is used extensively in China. People in China rely on WeChat for mundane tasks like paying bills and buying public transport tickets, as well as registering their information, grocery shopping, and more. This new app could offer similar comprehensive functionality.
Using his extensive background in the field, Musk also hopes to integrate payment functionality directly into tweets, allowing for easy and free fund transfers around the globe. Speaking at the Morgan Stanley Tech Conference last month, Musk outlined his vision for a one-click payment system that would also offer interest-earning and debt options. He believes that such a service could ultimately make Twitter the biggest financial institution in the world. Musk also stated that PayPal, which he helped establish in the early 2000s, is only a “halfway version” of what he envisions for the future of online payments and finance.
What does this mean for Dogecoin?
The merger of X with Twitter Inc has not yet been officially announced, although Elon himself made a tweet captioning just “X” which is an indication of the merger. Nonetheless, it remains to be seen if it will have an immediate impact on the Twitter app.
However, this corporate restructuring could be a first step by Elon Musk towards creating the “everything app” called X. In a tweet on October 4th, Musk referred to the acquisition as an “accelerant” to X, which will focus on payment functionality. Reports indicate that this could include a Twitter Coin, as well as the integration of cryptocurrencies like Dogecoin for payments.
While fiat payments remain the primary focus, there is speculation that Musk may eventually announce Dogecoin as a payment method within X. For the Dogecoin community, this merger could be a sign that their goal of integrating cryptocurrency into everyday use is closer than ever.
At the time of writing, DOGE was trading at $0.0852 and increased by 3.10% in the last 24 hours.
