'Twitter' as a company disappears, integrated into a company called 'X'



It is clear from documents submitted to a court in the southern district of Florida, USA that Twitter, which was acquired by businessman Elon Musk, merged with a company called 'X' under X Holdings owned by Mr. Musk. became.

DEFENDANT TWITTER, INC.'S CORPORATE DISCLOSURE STATEMENT AND CERTIFICATION OF INTERESTED ENTITIES OR PERSONS
(PDF file) https://storage.courtlistener.com/recap/gov.uscourts.cand.395023/gov.uscourts.cand.395023.123.0.pdf



Twitter Inc. has been merged with X Corp. and “no longer exists,” Elon Musk's company says in a court filing.
https://slate.com/technology/2023/04/twitter-inc-x-corp-elon-musk-x-nevada.html

Mr. Mask operates various companies such as Tesla, an electric vehicle maker, SpaceX, a space development company, Neuralink, which develops a brain machine interface embedded in the brain, and Boring, a tunnel excavation company. In April 2022, Musk established X Holdings , the parent company of these companies, to facilitate the acquisition of Twitter. Mr. Mask has envisioned the idea of creating a parent company of his own company since around 2012, and in 2020 he says that calling the parent company 'X' is a 'good idea '. Furthermore, it seems that Mr. Mask has already acquired the domain 'X.com'. The name 'X' is derived from the name of the online payment company that Mr. Mask started and eventually merged with PayPal.




It became clear from the documents submitted to the Southern District Court of Florida that Twitter will merge with a company called X under the umbrella of X Holdings. The reason why this material was submitted to the court is that Twitter banned Laura Rumer's Twitter account in 2019, and Mr. Rumer sued him for violating the extortion law. Regarding this lawsuit, overseas media Slate Magazine wrote that ``It is clear that Mr. Rumer will lose'', but Twitter must submit an information disclosure statement to the court as a defendant.

It seems that there is a description in the latest filings related to this lawsuit that 'Twitter no longer exists because it merged with X.' In addition, X, who is a 'interested successor' for Twitter, is the defendant in Mr. Rumer's lawsuit.




It's unclear why Musk merged Twitter and X, nor has he publicly announced the merger. However, it seems that the idea of `` merging Twitter with X '' has existed since Mr. Mask planned to acquire Twitter. As of April 2022, when X Holdings was established as three separate holding companies (X Holdings I, X Holdings II, and X Holdings III), Musk said, “X Holdings II and Twitter will be merged into Delaware It will retain its name and general corporate structure while continuing to operate under state law.' 'X Holdings I will become the parent company after the merger, and X Holdings III will own the $13 billion (approx. We will receive a loan of 1.7 trillion yen) to cover the acquisition of Twitter.'

As stated in the merger agreement, X Holdings II will cease to exist as a functioning entity after the merger with Twitter. In other words, the system after Mr. Mask's acquisition of Twitter was that X Holdings I would oversee Twitter and X Holdings III would handle the funds. However, documents Twitter has filed with the state of Nevada also reveal that this exact arrangement is no longer valid.

Musk registered two new businesses in the state, X Holdings and X, on March 9, 2023, according to the Nevada government's online business portal. In addition, Mr. Musk has applied to merge X Holdings I with X Holdings and Twitter with X on March 15. Regarding the latter merger, the Articles of Incorporation obliges ``X to completely acquire Twitter'', and it is said that Twitter will be part of X.




Related Posts:

in Web Service, Posted by logu_ii