Elon Musk-owned X Corp has absorbed, Twitter, as part of the CEO’s long-awaited move to turn it into an “everything app” similar to China’s WeChat app.Information Guide Nigeria
According to THE WILL, this means that Twitter is now under Musk’s X Holdings Corp.
Musk’s X Holdings Corp has been hinted to be the future parent company for all of Musk’s companies including Tesla, Space X, Neuralink, and The Boring Company.
Though the merger is yet to be officially announced, it is not expected to have any immediate effect on Twitter’s operations.
As reported by THE WILL, the announcement was only made public after lawyers for the microblogging company disclosed it in an ongoing lawsuit in the US.JAMB Result
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The court filing, dated April 4, 2023, stated: “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 percent or more of the stock of X Corp. or X Holdings Corp.”
However, the evidence does not prove that X Corp. is the new platform that will lead to the creation of the X app. In addition, it could just be a move by Musk to create a larger parent company named X to act as the controlling interest over his other companies such as Tesla and SpaceX.JAMB Portal
According to the Securities and Exchange Commission, Twitter would merge with X Holdings II, but keep its name and general corporate structure while continuing to operate under Delaware law.
Also, the debt and lawsuits that Musk and Twitter face will be carried over to the new X Corp.NYSC Portal
Musk X Holdings I, would serve as the merged entity’s parent company, while X Holdings III would take on the $13 billion loan that a group of major lenders provided him to help cover the $44 billion acquisition of the platform.
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