1997 Wharton and College graduate Elon Musk merged Twitter with a shell firm called X Corp.
Twitter, Inc. will cease to exist after the merger, according to court documents. The disclosure statement identifies X Corp. as a private company headquartered in San Francisco, Calif.
In the past, Musk has expressed his interest in creating X, which he calls an “everything app.” The app would be similar to China’s WeChat with messaging, social media, and payment capabilities, The Philadelphia Inquirer reported.
Musk — who purchased Twitter in April 2022 — set up holding companies in Delaware with variations of the name “X Holdings” during his bid for the company. X Corp. was officially filed in Nevada on March 9 of this year with Musk listed as the president of the firm.
"Musk could create a parent structure, similar to Alphabet, where he has all his companies," Mandeep Singh, an analyst for Bloomberg Intelligence, told the Inquirer. "I don't see how he can layer e-commerce or payments in Twitter right when larger peers such as Alphabet and Meta have struggled to become an everything app on the consumer side."
Musk confirmed this action by tweeting an "X," leaving room for discourse among users about the meaning of the message.
Musk also drew attention to the social media company earlier this week by painting over the “W” in the Twitter sign of its San Francisco office. Moreover, media platforms such as PBS and NPR were labeled by Twitter as “state-affiliated media,” leading them to log off their accounts indefinitely.
Musk, who graduated from Penn with a dual degree in economics and physics, recently fell off the top spot of Forbes’ “World’s Billionaire List.” The businessman's net worth has fallen $39 billion since last year — a drop widely attributed to his purchase of Twitter.
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