Twitter changed its incorporated name to X Corp., the name of its owner and CEO Elon Musk’s long-envisioned everything app that extends far past social media, as Musk extends his grand aspirations for the company.
The Key Facts
Twitter Inc. “no longer exists” and the company is now a part of X Corp., according to an April 4 filing in California federal court.
Musk pointed out the rather obscurely placed filing on Tuesday morning tweet, which simply read, “X.”
Musk was obsessed with the concept of X from before and after his $44 Billion purchase of Twitter in last fall. said in October the Twitter acquisition was “an accelerant to creating X, the everything app.”
Musk has indicated he hopes to transform Twitter/X into a wide-ranging service akin to China’s WeChat, telling a Morgan Stanley conference last month he wants his app “to become the biggest financial institution in the world.”
Musk indicated that X was to be a peer-to–peer mobile payment platform. Users can earn interest just like at a Bank. Musk previously stated that he would love his app to offer a variety of services, including food delivery and ride-hailing.
Musk must pull off such a transformation to get a solid return on his investment. Twitter’s internal valuation is $20 billion. This is more than half the price of its sticker price. Musk, however, has reportedly referred to X as a potential way to take Twitter to a 250 billion valuation.
Musk was working hard on Twitter’s transition to X. However, he had ample time this week for some Twitter trolling. Musk, 51 years old briefly changed his Twitter profile name to “Harry Bōlz” on Monday, hours after he revealed the company painted over the “W” in its logo outside of its San Francisco headquarters to make it appear to say “Titter,” a reference to breasts.
According to the latest estimates, Musk’s net worth is $187.6 million. This makes him second in wealth and the richest person in America. Musk’s majority fortune is derived from his share in Tesla, an electric vehicle company that he leads as CEO.
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