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MANILA, Philippines – A California court filing from last Tuesday, April 4, revealed Twitter is no longer its own company, instead being merged into a different corporation: X.
The information surfaced because of a lawsuit by far-fight activist Laura Loomer, which required the former Twitter Inc. to submit corporate disclosure statements to the court while the case is ongoing.
According to a Slate report, Loomer accused Twitter of violating federal racketeering laws when it banned her account in 2019.
The document, accessible here, says “Twitter, Inc. has been merged into X Corp. and no longer exists.” Loomer also posted a tweet on the change on April 10. Though Loomer is now back on Twitter, the lawsuit forces the “successor in interest” to Twitter – X Corp. – to keep the court up to date as the defendant in Loomer’s suit.
Slate added that a separate ongoing lawsuit against the company – this time by two Florida attorneys who also received Twitter bans – pointed out X Corp. is further owned by holding company X Holdings Corp.
Why the change? It’s not clear but TechCrunch notes the changes may be related to an attempt by Elon Musk to create his “everything app,” which he also calls X, with Twitter as part of it.
Despite this, Twitter seems to be in such dire straits that its value is already less than half of what Musk paid to acquire it.
Signs point to an “everything app” reminiscent of the Chinese app WeChat – which supports a myriad of services including messaging, ridesharing, payments, food deliveries and other services – being far off in the distance. – Rappler.com