Ian Patrick, FISM News
The world was notified on April 10 that, legally speaking, Twitter, Inc. “no longer exists.”
A court filing posted to Twitter on Monday showed that an amended disclosure was needed in a lawsuit filed against Twitter.
“Twitter Inc. has been merged into X. Corp. and no longer exists,” the filing reads.
NEWS: Twitter is now X Corp. Twitter Inc. no longer exists. pic.twitter.com/G76PClL0xg
— T(w)itter Daily News (@TitterDaily) April 11, 2023
According to the filing, “X Corp. is a privately held corporation” whose “parent corporation is X Holdings Corp.” In addition, there are no publicly traded corporations that own “10% or more of the stock of X Corp. or X Holdings Corp.”
Both corporations are owned by Elon Musk, who has been shaking up the day-to-day operations at Twitter since he purchased the social media company nearly a year ago.
The move to X Corp. is the latest in Musk’s plan to create X, the so-called “everything app.” The billionaire had made his plans for X known back in October 2022.
“Buying Twitter is an accelerant to creating X,” Musk said at the time.
The Tesla and SpaceX owner said he wants X to be an all-encompassing service. He even previously expressed his desire to have X “become the biggest financial institution in the world.”
Twitter has been put under the microscope in politics and the public eye as Musk continues to make drastic changes to the app and company, all in the name of profitability.
Most recently, Twitter had been criticized for censoring discussion on a competitor’s similar service.
Last Wednesday, Substack introduced “Notes” which offers a similar experience to that of Twitter. The service reportedly prompted a drastic response from Musk and Twitter. According to The Guardian, “any tweet containing a Substack link was algorithmically deprioritized, blocked from being liked or retweeted, and hidden in search.”
The conflict even drew in a response from journalist Matt Taibbi, one of the many people tasked with sifting through Twitter’s internal documents and communications for Musk’s “Twitter Files” exposé.
Taibbi ultimately said he would be leaving Twitter due to the restrictions on Substack, which he uses for his reporting.