12. April 2023 –
Twitter as a company is now called X and is part of Elon Musk’s X Holding. Over time, the service and the app will probably be renamed and significantly expanded into an all-encompassing Wechat-style service.
Twitter as a company no longer exists. According to a court document the company is now simply called X – the domain Twitter.com and the name of the microblogging service remain the same, at least for the time being. As a company, X Corp. accordingly to X Holding Corp., which is owned by Elon Musk. Specifically, the document states: “Defendant X Corp.’s undersigned attorney, as the assignee of named defendant Twitter, Inc., hereby declares that Twitter, Inc. was merged with X Corp. and no longer exists. X Corp. is a Privately held company. Its parent company is X Holdings Corp.”
According to a Forbes article Elon Musk said in October 2022 that the takeover of Twitter was “an accelerator for the development of X, the everything app”. Musk apparently wants to expand Twitter (or X) into an all-encompassing app including a payment function in the style of the Chinese Wechat and wants it to “become the largest financial institution in the world”. The idea is a peer-to-peer mobile payment platform on which users receive interest on their credit. In addition, many other functions are to be integrated, including taxi calls and food delivery. According to Musk from Twitter, which is currently worth around $20 billion according to internal estimates, this should become an X with a target company value of $250 billion.
Elon Musk is really fond of the letter X: PayPal, which he co-founded, was first called X, his space company is called SpaceX and a son of Musk bears the first name X AE A-XII or X for short. And there is a Tesla model X. (ubi)
