Image: Apa/Afp/Sullivan
Twitter sole owner Elon Musk has quietly and secretly dissolved the company on which the US short message service is based. Instead, Twitter goes into a new holding company called “X Corp.” on.
The name change was made public this week by court documents that said, “…hereby announces that Twitter, Inc. has been merged with X Corp. and as such no longer exists.” The amendment had already been submitted in March. X Corp was registered on March 9, the court document is dated April 4.
Musk has mused publicly several times in the past that buying Twitter could be just part of a larger strategy. The billionaire had already announced this in early October – at the end of October he took over Twitter for $44 billion.
The Chinese app WeChat could serve as a model, an original chat service that has been expanded to include functions such as a payment system. There it is possible to shop in the app, but also to make a doctor’s appointment or a visit to the hairdresser. The X is obviously Musk’s favorite letter: The payment service he founded, which was merged into PayPal, was already called X. Musk owns the domain X.com, his space company is called SpaceX and one of his children is also named X AE A-XII, the youngest listens to Exa Dark Sideræl.
Unpaid bills
Musk could face adversity from several former managers at the company. A group led by ex-CEO Parag Agrawal has sued the company. In a lawsuit published by the New York Times, they are seeking more than $1 billion in legal fees. In addition to Agrawal, former General Counsel Vijaya Gadde and ex-CFO Ned Segal are involved.
With their lawsuit, the ex-managers are claiming costs that they incurred during their time at Twitter through shareholder lawsuits, investigations by the US Securities and Exchange Commission and the Department of Justice. Other lawsuits against Twitter for unpaid bills are also pending, including from office building landlords, consultants and subcontractors. According to the Wall Street Journal, it’s about $14 million.
Source: Nachrichten
