After the ridiculous “Titter” news comes, Twitter is now coming closer to being the “X” app.
According to court documents filed in California, Twitter Inc., the popular social networking platform, has merged with a newly formed shell firm called X Corp.
The move has many people wondering what the platform’s billionaire owner, Elon Musk, has in store for it.
In Preparation for ‘Everything App’?
Musk paid $44 billion for Twitter last year and has previously stated that the acquisition would serve as an accelerant for the creation of an “everything app” dubbed X.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Musk has expressed a desire for X to be similar to China’s WeChat, a super-app owned by Tencent that is used for everything from messaging to payments and event ticket booking.
Musk, however, has been evasive about how the new platform will fit into his vast business empire, which includes Tesla Inc. and SpaceX. Musk’s recent merger with X Corp. has only stimulated more speculation about the app’s future.
It is unclear what this means for Twitter, which has undergone major changes since Musk’s purchase.
The billionaire owner’s tweet about the move on Tuesday with the single character “X” drew more than 20 million views in just a few hours and sparked conversations on Twitter and other social media platforms.
X
— Elon Musk (@elonmusk) April 11, 2023
Records Provide More Information
While Musk has been secretive about X’s exact purpose, Bloomberg reports that records filed in Nevada show that X Corp. was set up on March 9, with its merger with Twitter submitted on March 15.
Musk is the president of X Corp. and its parent company, X Holdings Corp., which was set up last month with an authorized capital of $2 million.
What We Can Expect About X
Some believe that X will evolve into a platform integrating various aspects of Musk’s businesses. Tesla owners, for example, may be able to use X to schedule service appointments, order parts, or even control their vehicles.
X could also include features like SpaceX’s Starlink satellite internet service or allow customers to pay for products or services from all of Musk’s companies, such as the Twitter verification badge.
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However, this planned super app may pose some risks since combining multiple services in one app may allow bad actors to access everything in the event of a cyberattack. Though Musk is yet to explain how his ‘Everything’ app will play out.
What It Means for Twitter
It remains unclear what impact the merger with X Corp. will have on Twitter. Bloomberg tells us that the platform no longer has a team handling media queries, and lawyers for the law firm representing Twitter in the case have yet to respond to a request for comment.
However, the move has left many excited about X’s potential and what it could mean for the future of technology.
Just recently, Musk informed staff that the company is now only worth $20 billion, or less than half of the $44 billion he paid for it in October 2022.
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