Elon Musk is known for pushing boundaries and making unique decisions, so his latest move with Twitter is no exception. According to court filings that have been making the rounds on the microblogging platform, it appears that Twitter Inc. no longer exists.
The filing states that the microblogging service has been incorporated into a newly formed shell company called X Corp, a privately held company that is part of X Holdings Company, both of which Elon Musk owns and was set up last year in April.
Elon Musk has been working to make X more like the China-based WeChat, which is a super-app owned by Tencent Holdings Ltd. that is used for everything from chat to payments. The wealthy tycoon has always had this vision, but he has never fully defined how it will fit into his vast corporate empire.
However, given that Musk now controls the domain “X.com,” the name of the online payments company he founded and later merged with PayPal, as well as the acquisition of Twitter, he may already have a clear idea of how the structure of his new business empire would look like.
Amidst all this commotion, the Twitter CEO tweeted the word “X” after releasing the legal filing paperwork, making a very strong statement. What the shift implies for Twitter, which has undergone a significant makeover since Musk purchased the firm for US$44 billion last year, is unknown.
Read Also: Twitter polls: Musk says only verified accounts can vote from April 15
What’s next with X Corp?
The X Corp has not yet disclosed any specific plans or timelines for developing the Everything app, but this represents a significant shift in focus for Twitter. Given Elon Musk’s reputation and the fact that business-related activities for the tech billionaire move quickly, this shift may occur soon.
While Musk’s involvement raises the stakes and could cause havoc in the market, he is renowned for his capacity to redefine what is feasible and upend entire sectors. And now, he has a platform to do precisely that with X Corp.
It’s also possible that X Corp could become a major player in the tech industry, challenging the dominance of established players like Facebook, Google, and Amazon. Musk has already disrupted industries from automobiles to space travel; an everything app could be his next big conquest.
Twitter has been gone for a long time
Since Elon Musk bought the microblogging platform, Twitter has seen massive changes. A fair share of the company’s global workforce was let go dramatically, and the introduction of paid verification marks and subscriptions for the well-known blue tick at the time was yet another issue for fans of the microblogging site. Who would have imagined the day would come when someone with just 1 follower and a month of account history could purchase the blue verification mark? This was a whole new direction for Twitter.
But that’s not all; Elon Musk, the CEO of Twitter, recently substituted the dogecoin sign for the old bluebird emblem for a few days. This was the microblogging site’s biggest slap in the face of its loyal audience. Although the reason is still unclear, Elon Musk seemed to use the opportunity to reassure his cryptocurrency supporters that he still had their backs.
Considering that Twitter has been investigating the potential of blockchain for a while and that Musk has been outspoken about his belief that technology could revolutionize not only finance but also social media and other facets of online life, we might also be witnessing a rise in the adoption of blockchain technologies. He now has a focused platform to achieve his ambition thanks to X Corp.
Read Also: Elon Musk’s newest dance is replacing the Twitter logo with Dogecoin
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