Twitter Inc, the parent company of the namesake social media platform, has ceased to exist and it has now been merged into X Corp., court filings show.
‘Chief Twit’ Elon Musk also appeared to be acknowledging the change early on Tuesday by tweeting out “X.”
What Happened: The development came to light in a court filing of Twitter's corporate disclosure statement in connection with a lawsuit brought about by right-wing activist Laura Loomer. She is fighting against Twitter banning her account in 2019.
Twitter has been named as a defendant in the lawsuit along with Jack Dorsey in his capacity as Twitter's former CEO, Meta Platforms and its CEO Mark Zuckerberg.
Twitter's corporate disclosure shows that Twitter has been merged into X Corp., a privately-held corporation. X Holdings Corp. is the parent of X Corp. and no publicly-traded corporation owned 10% or more of the stock of either of the entity.
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Why It's Important: The disclosure of the corporate status assumes importance because Musk, who bought the platform in late October 2022, harbors Musk’s lofty ambition of transforming Twitter into an "everything app" along the lines of Tencent-owned WeChat in China.
In October 2022, just ahead of the purchase, Musk said buying the platform is an "accelerant to creating ‘X,' the everything app."
In the "All-In" podcast in May 2022, Musk brought up WeChat's name and said it does everything and is something like Twitter, plus PayPal, and "a whole bunch of things" all rolled into one with a great interface.
Read Next: Elon Musk Accuses Substack Of ‘Massive Theft’ In Attempt To Compete With Twitter
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