Elon Musk's X Corp merger transforms Twitter 2.0

After merging with a newly formed shell company known as X Corp., Twitter Inc. has ceased to be an independent company. This has prompted speculation as to what Elon Musk intends for the social media platform as a result of its merger.

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There is no Twitter any more after it was merged with X Corp., according to a document submitted in a California court on April 4 in relation to a lawsuit filed by conservative activist Laura Loomer against the company and its former chief executive officer, Jack Dorsey, last year.

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Twitter has seen a sweeping overhaul since Musk bought it for $44 billion a year ago, but it's unclear what the change means for the company, which has seen a sweeping change over the past year. As Musk has hinted in the past, the billionaire owner has said that buying Twitter would be an "acceleration factor" in creating X, which he has described as an "all-in-one app." Musk tweeted about the move Tuesday with the single character "X."

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Aside from being the second-richest man in the world, he has also made no secret of his desire to make X similar to the Chinese super-app WeChat, which is owned and operated by Tencent Holdings Ltd. and is used for everything from payments to booking event tickets to messaging. Despite this, Musk has been vague when it comes to how it will integrate with his sprawling business empire which includes Tesla Inc., Space Exploration Technologies Corp., and Space Exploration Technologies Inc. Moreover, Elon Musk also owns the domain "X.com", the name of his online payments company that he started, and eventually merged with PayPal, as well as the rights to the domain.

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A trio of holding companies named "X Holdings" which is a variation of Musk's name was first set up in Delaware with a variation of the name "X Holdings" in April last year as part of Musk's bid for Twitter in April last year. There is some evidence, however, that X Corp. was formed on March 9 in Nevada with its merger with Twitter being submitted on March 15, according to records filed in the state. The firm is headed by Musk, who also serves as the president of the firm's parent company, X Holdings Corp., which was also formed last month and has an authorized capital of $2 million, according to the filings.

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Twitter, which does not have a dedicated team to handle media inquiries, did not respond to questions sent by Trade Algo as soon as they were received. In addition, lawyers for Willkie Farr & Gallagher, the law firm representing Twitter in the case, did not immediately respond to a request for comment sent to the firm.

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Immediately following Musk's tweet, there was intense speculation on Twitter about what the move meant, with more than 13 million views of Musk's tweet within only a few hours of it being posted. The topic "Twitter Gone" started trending in Japan, with users making jokes that Twitter's new name will be a classic rock band, X Japan, with users suggesting that the name will resemble that of the band.