A recent court filing in California revealed that Twitter, Inc. has undergone a name change to X Corp. However, as Twitter is no longer publicly traded, it is not obligated to report this change to the SEC. The new name was mentioned in a legal document pertaining to a lawsuit involving far-right activist Laura Loomer and Facebook and Twitter. According to the document, “Twitter, Inc. has been merged into X Corp. and no longer exists.”
Elon Musk, who bought Twitter for $44 billion last year, has expressed his desire to create an all-encompassing app called “X, the everything app.” This app would offer various services such as messaging, payments, ridesharing, and food delivery in a single platform, much like China’s WeChat. The name “X Corp.” is reminiscent of Musk’s previous financial services startup, X.com, which later evolved into PayPal.
While this move could be interpreted as a step towards Musk’s ambitious super app, it is uncertain whether he will follow through on his plans. The name change is not unprecedented, as Musk has a history of vertically integrating his companies, as demonstrated by the numerous subsidiaries of Tesla. At present, Twitter is facing bugs and the Twitter Blue subscription is not generating enough revenue. Therefore, even though Twitter is now part of X Corp., it seems unlikely that the proposed X app will materialize anytime soon