Twitter informed business users Tuesday it is now conducting business as X Corp., confirming a transition previously indicated in court filings as the firm’s billionaire chief, Elon Musk, continues to reshape the social media company toward his ultimate vision of the X “everything app.”
Twitter emailed its partners: “Twitter, Inc. has been renamedThe following are some of the ways to get in touch with us: X Corp.,” and told them to use the latter name in all official dealings, according to screenshotsYou can also check out the noteThe emails were received from a number of people and organizations.
The email signs off as “X Corp. (formerly, Twitter, Inc.), reinforcing the change, which the company first formally indicated in an April 4 court filing first reported on last week.
The company’s terms of service now list “X Corp.” as the firm’s official name, though it’s unclear when this change was made.
Twitter is the official name of Twitter, as clarified in the Tuesday note.
Part of Twitter’s corporate reshuffling was moving its incorporation from Delaware to Nevada. Musk may have made this state shift because he “thinks that [Nevada] corporate law is more flexible” than it is in Delaware, University of Richmond law professor Carl Tobias told SME. Tobias pointed to Musk’s decision to resolve the 2022 lawsuit from Twitter brass before heading to Delaware court as possible evidence he’s wary of Delaware’s streamlined corporate law system, instead preferring Nevada’s tendency to be less resolution-happy in corporate disputes.
Twitter’s corporate rebranding while retaining the name of its flagship service is similar to Google’s transition to Alphabet in 2015 and Facebook’s switch to Meta in 2021. Musk agreed to purchase Twitter in April last year, but then tried to pull out of the deal. This led to a legal battle that culminated in Musk agreeing in October to adhere to the $44 billion original terms. Among Musk’s many ambitions for Twitter are to transform it into an “X” super app akin to China’s WeChat, offering services including mobile payments and social media under one umbrella. Expanding Twitter beyond its social media roots could tie into Musk’s push to boost the company’s revenue, after Twitter faced a sharp decrease in ad revenue shortly after Musk’s takeover.
What to Watch for
We estimate Musk’s net worth at $187.8 billion, mostly due to his stakes in Tesla and SpaceX, making him the second-wealthiest person on Earth.
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