Elon Musk Merges Twitter to X Corp., Raises Hopes for Everything App
Since purchasing Twitter for $44 billion last year, Elon Musk has made a number of major changes to the platform.
Popular microblogging platform Twitter is no longer an independent entity. According to a document submitted to a California Court in a lawsuit against Twitter and former CEO Jack Dorsey on April 4, the platform has merged with Elon Musk’s X Corp.
The changes have ignited speculation about the future of Twitter, which has seen a number of significant changes since Musk took over the company last year for $44 billion in 2022. In the past, the billionaire has indicated that Twitter will be used to bolster the development of an ‘everything app’.
X Corp was established in early March of 2023 in Nevada and was merged with Twitter soon after. According to the filing, Musk is the president of X Holdings Corp., which has an authorized capital of $2 million.
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Everything App Being Developed in Line With Chinese WeChat
Elon Musk has expressed his intention for X to have similar capabilities to those of China-based WeChat. WeChat is used for a wide range of services, including messaging, social networking, payments, and ticket bookings, among others. Currently, Musk also owns x.com, an online payments company that has merged with Paypal.
With this new development, Musk could potentially be looking towards creating a parent entity similar to Alphabet, with control over his holdings, layering payments and commerce operations on Twitter. However, this does come with challenges as even other tech giants such as Meta and Google have struggled with the viability of everything apps for consumers.
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