What you need to know
- Twitter Inc. is being merged into X Holdings Corp., and no longer exists.
- X Holdings Corp. is owned by Elon Musk, and was created as part of the Twitter acquisition.
- This came to light in a recent court filing as the company is being sued for "violating federal racketeering laws."
It seems that the Twitter saga has no end in sight, or does it? Technically speaking, it appears as though Twitter Inc., the parent company of the social media platform, no longer exists.
Recent court filings, as detailed by Slate, seem to confirm that Twitter Inc. has been merged into a company named "X Corp." This is one of three entities created by Elon Musk when going through with the purchase of Twitter in April 2022.
Wait, Twitter soon to be X?Merger filed with Twitter and X Corp and X being the survivor? pic.twitter.com/oNDkZufsHQApril 4, 2023
The three entities, X Holdings I, II, and III, were registered by Musk, with the terms of the deal being described as follows:
"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."
All of this seems to be part of a "cat and mouse" game with "right-wing provocateur Laura Loomer." It's said that Loomer is suing Twitter Inc. for banning their account in 2019. But with the ongoing lawsuit, Twitter is forced to "submit corporate disclosure statements to the court." However, with Twitter Inc. being merged with X Corp., this is one way to circumvent those requirements until a decision in the lawsuit is rendered.
While Twitter Inc. may no longer be a company, Twitter the social media platform continues to struggle, and it doesn't appear as though there's any specific direction that the platform is heading. This is especially true following the massive number of layoffs, along with various restrictions surrounding Substack and its often confusing push for Twitter Blue.
