Elon Musk has been struggling to manage Twitter since he took over the company last year in October. The social media giant has been struggling to make a profit amid advertisers and several celebrities distancing themselves from it after the acquisition.
Musk has been firing his employees and stopped paying office rent to cut costs. He has also introduced new policies to generate revenue. Amid all this, there has been a report that Twitter is no longer a legal company. So let’s find out the detail about this piece of news on Twitter.
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Elon Musk-Owned Twitter Undergoes An Overhaul
On April 4, a lawyer filed a lawsuit in a California court against Twitter and its former CEO Jack Dorsey. The court documents state that Twitter “no longer exists” and is now called X Corp.
This came right after Elon Musk wrote ‘X‘ on the social media platform, which has sparked speculations around the company. Twitter merged with X, which is a shell company, in March this year.
The lawsuit was filed against Dorsey and Twitter for the alleged violation of the free speech rights of Laura Loomer, a conservative activist. Musk, on the other hand, has been planning an “everything app” like WeChat. Last year, he bought the domain X.com, a company that was his first business venture.
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What Does The Court Document Say?
“Twitter Inc. has been merged into X Corp. and no longer exists. X Corp. is a privately held corporation, incorporated in Nevada, and with its principal place of business in San Francisco, California“, the court document states.
After buying Twitter, Musk talked about his plans to make an app that provides several features like social networking, payments, and messaging. Modeled on the Chinese app WeChat, Musk’s “super app” is reportedly under development.
X Corp was started by Musk on March 9 and its parent company X Holding Corp has a capital of $2 million. When it comes to Twitter, Musk recently replaced the company’s logo with a “doge” meme.
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