According to court documents released last week, Twitter Inc. no longer exists.
Twitter is no longer a company and has been merged into a new entity called X Corp.
BREAKING 🚨 Twitter isn’t a company anymore, it’s been merged into a new entity called X Corp. pic.twitter.com/jBLwuVonHG
— Insider Paper (@TheInsiderPaper) April 11, 2023
The court filing states:
Pursuant to Rule 7.1(a)(1) of the Federal Rules of Civil Procedure, the undersigned counsel for Defendant X Corp., as successor in interest to named Defendant Twitter, Inc., hereby states that Twitter, Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10% or more of the stock of X Corp. or X Holdings Corp.
Pursuant to Civil L.R. 3-15, the undersigned certifies that the following listed persons, associations of persons, firms, partnerships, corporations (including, but not limited to, parent corporations), or other entities (i) have a financial interest in the subject matter in controversy or in a party to the proceeding, or (ii) have a non-financial interest in that subject matter or in a party that could be substantially affected by the outcome of this proceeding:
- X Corp.
- X Holdings Corp.
Slate obtained the court documents from investigative journalist Laura Loomer’s lawsuit against Twitter, Facebook, Jack Dorsey, Mark Zuckerberg, and Proctor & Gamble.
“And it has officially been announced in court documents from my ongoing RICO lawsuit against Twitter, Facebook, @Jack Dorsey, Mark Zuckerberg and Proctor and Gamble. Twitter Inc. no longer exists,” Loomer wrote.
And it has officially been announced in court documents from my ongoing RICO lawsuit against Twitter, Facebook, @Jack Dorsey, Mark Zuckerberg and Proctor and Gamble.
— Laura Loomer (@LauraLoomer) April 11, 2023
“According to information obtained by Slate, X Corp. merged with Twitter Inc. on April 4. This information was revealed within court documents from an ongoing court case between Twitter and Laura Loomer.” https://t.co/c0RtHtQJ5l
— Laura Loomer (@LauraLoomer) April 11, 2023
Slate explained the full details:
In a court filing on Tuesday, April 4, Twitter Inc. quietly revealed a major development: It no longer exists. The company is currently being sued by right-wing provocateur Laura Loomer, who accused it of violating federal racketeering laws when it banned her account in 2019. Loomer has a Twitter account again, and her absurd lawsuit is bound to fail—but until it does, Twitter, as a defendant, must continue to submit corporate disclosure statements to the court. And so, in its most recent filing, the company provided notice that “Twitter, Inc. has been merged into X Corp. and no longer exists.” As the “successor in interest” to Twitter Inc.—that is, the survivor of the merger—X Corp. is now the defendant in Loomer’s suit. Its parent corporation is identified as X Holdings Corp.
It’s hard to know what to make of Musk’s transformation of Twitter into X Corp. (When asked for comment, Twitter responded with a poop emoji, as is its recent custom.) Elon Musk, who owns Twitter as well as X Holdings Corp., has not yet revealed this merger to the public. But it appears to have been on his mind since he first plotted his purchase of the social media company. In April 2022, Musk registered X Holdings I, II, and III in Delaware, three separate companies designed to facilitate his purchase of Twitter. According to that deal, Twitter would merge with X Holdings II, but keep its name and general corporate structure while continuing to operate under Delaware law. X Holdings I, controlled by Musk, would then serve as the merged entity’s parent company, while X Holdings III would take on the $13 billion loan that a group of big banks provided Musk to help cover the $44 billion purchase. (According to Twitter’s demands in its litigation against Musk, X Holdings I would be intended “solely for the purpose of engaging in, and arranging financing for, the transactions.”)
Here’s where things get interesting. As the merger agreement stated, X Holdings II would cease to exist as a functioning entity after merging with Twitter. So the official structure after Musk’s takeover was: X Holdings I oversees Twitter Inc., while X Holdings III handles the cash. The Nevada filings show this exact arrangement is no longer in effect.
According to the Nevada secretary of state’s online business portal, Elon Musk registered two new businesses in the state on March 9: X Holdings Corp., and X Corp. Then, on March 15, Musk applied to merge those Nevada businesses with two of his existing companies: X Holdings I with X Holdings Corp., and Twitter Inc. with X Corp. In the latter’s case, the articles of the merger mandate that X Corp. fully acquire Twitter—meaning that, for all intents and purposes, “Twitter Inc.” no longer exists as a Delaware-based company. Now it’s part of X Corp., whose parent company is the $2 million X Holdings Corp. And that means X Holdings I no longer exists, either. Both X Holdings Corp. and X Corp. now fall under Nevada’s jurisdiction instead of Delaware’s.
Could this be a significant step for Musk developing X Corp into the “everything app?”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Will X Corp operate similarly to China’s WeChat in the future?
From Apple Insider:
This merger hasn’t been announced and likely won’t have any immediate effect on the app or service, but it is a first step from Elon Musk. He previously said that Twitter would become the “everything app” called X and could rival other platforms like China’s WeChat.
Nothing suggests that X Corp. will actually lead to the X app. The reporting also suggests this could be a move to have a larger parent company named X as the controlling interest over all of Musk’s properties like Tesla and Space X.
Interestingly, this also means that the entity that is Twitter under X Corp. is now based in Nevada instead of Delaware. However, all of the debt and lawsuits Musk and Twitter faced before will be carried to the new X Corp.
And, Musk was the original owner of the “X.com” domain. He once used it for a payment service that was rolled into Paypal back around the turn of the century.
He re-bought the domain in 2017, for an undisclosed sum.
If X Corp operates like WeChat in any fashion, that’s a dangerous future for Americans.
According to reports, China utilizes WeChat for its social credit system.
It is the latest tool to be piloted as part of China’s Social Credit System (SCS) that is geared at monitoring the behaviour of the Asian superpower’s 1.4 billion citizens and separating the trustworthy from the disobedient.
Nicknamed the Deadbeat Map, the mini program is accessible within Chinese social media platform WeChat and it allows users to pinpoint the location of those who have failed to pay their debts within a 500-metre radius.
It is the latest court-mandated escalation in naming and shaming “laolai” — a derogatory term for dishonest debtors who are placed on a financial blacklist.
Tapping on a person marked on the map reveals their personal information, including their full name, court case number and the reason they have been labelled untrustworthy. Identity card numbers and home addresses are also partially shown.
A citizen’s score affects their eligibility for a number of services, including the kinds of jobs or mortgages they can get, and it also impacts what schools their children qualify for. In this respect, the SCS resembles one of the most chilling episodes from Black Mirror’s third season. Incidentally, the show isn’t really known as a “feel-good” flick. It presents various dystopian views of society, but China’s SCS proves reality is darker than fiction.
This “service” isn’t slated to go full-swing until 2020, but China has already started a voluntary implementation of the SCS by partnering with a number of private companies in order to iron out the algorithmic details needed for such a large-scale, data-driven system.
The companies that are working in this respect include China Rapid Finance, which is a partner of social network giant Tencent, and Sesame Credit, a subsidiary of Alibaba affiliate company Ant Financial Services Group (AFSG). Both Rapid Finance and Sesame Credit have access to intimidating quantities of data, the former through its WeChat messaging app (at present with 850 million active users) and the latter through its AliPay payment service.
According to local media, Tencent’s SCS comes with its QQ chat app, where an individual’s score comes in a range between 300 and 850 and is broken down into five sub-categories: social connections, consumption behavior, security, wealth, and compliance.
For now, speculation is running wild on what X Corp will entail in the future.
BREAKING: Twitter Inc. is now X Corp. Twitter Inc. no longer exists.
— DogeDesigner (@cb_doge) April 11, 2023
Twitter changed its incorporated name to X Corp., the name of its owner and CEO Elon Musk’s long-envisioned everything app that extends far past social media, as Musk extends his grand aspirations for the company. pic.twitter.com/WRb72d7yqw
— Forbes (@Forbes) April 11, 2023
Twitter Inc. no longer exists.
From now it’s ❌ Corp.
Elon Musk-owned X Corp. has absorbed Twitter Inc. as the first step to becoming an "everything app" similar to China's WeChat.😈👌 pic.twitter.com/OwxjxajhTq
— vegastar (@vegastarr) April 11, 2023
NEW‼️ Twitter Inc. no longer exists and has been absorbed by Elon Musk-owned X Corp in plans to become an "everything app" like China's WeChat. pic.twitter.com/diLAnlWeHQ
— Radar🚨 (@RadarHits) April 11, 2023
BREAKING: Twitter is now incorporated under @elonmusk’s X Corp.
— Tesla Owners Silicon Valley (@teslaownersSV) April 11, 2023
First step to an “everything app” that incorporates a social credit system?
— Elon Musk (@elonmusk) April 11, 2023
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