Musk lifts Twitter Inc. on

Court documents show that Twitter will cease to exist as an independent company. Instead, Twitter will become part of the new company X.

Twitter, the end of an era

Anyone who thought that Musk will only hold Twitter temporarily, and then sell it, will be disappointed. A court document, following a lawsuit against Twitter, shows that Twitter has ceased to exist as an independent company. Twitter’s business will instead be absorbed into the new company X Corp, which will again be in a holding company, the X Corp Holding.

X Corp, observers expect, will become the vehicle through which Musk will market his universal communications and banking app, which will probably also be called X.

X, the new beginning?

It can be deduced from some of Musk’s statements what he intends to do. For example, he told Twitter employees that he intended to develop Twitter into an app as extensive as the Chinese WeChat. With WeChat you can pay as well as make statements on social media. Musk has been aiming for the X.com domain name for some time and now that he has owned it since 2017, and also the reach of hundreds of millions of Twitter users, it seems that his plans have gained momentum.

Eighty percent laid off

Twitter employees will receive stock in X Corp. Incidentally, there are no longer many employees of Twitter, Musk has fired around 80% of the original 7000 employees. With just over 1300 employees, mainly technicians, the social network still appears to function very well.

With the start-up of a huge artificial intelligence, which will be placed under the holding company, Musk’s plans to build a global app seem to be taking shape. Musk’s main headaches now become European and US governments. They will not be thrilled at the prospect of the tech emperor combining both banking and social media.