Twitter Inc. made an unexpected revelation: it no longer exists. The social network is currently fighting a lawsuit by far-right provocateur Laura Loomer, who accused Twitter of violating federal racketeering laws when her account was suspended in 2019.
Although Loomer’s lawsuit is considered absurd and doomed to failure, Twitter, as a defendant, should continue to file corporate disclosure reports in court, reports Slate. In its latest court filing, Twitter said on April 4 that it was affiliated with X Corp. and therefore no longer exists as an independent business entity. As the “successor in interest” of Twitter Inc., X Corp. is now a defendant in the Loomer lawsuit, and its parent corporation is X Holdings Corp.
t’s hard to know what to make of Musk’s transformation of Twitter into X Corp. Twitter declined to comment, responding only with a poop emoji, which became the company’s standard response to journalists’ inquiries. However, it appears that Musk has been planning this merger since he first considered buying Twitter.
In April 2022, Musk incorporated three separate companies, X Holdings I, II and III, in Delaware with the intention of facilitating the purchase of Twitter. Under the agreement, Twitter will merge with X Holdings II, but will retain its name and corporate structure, continuing to operate under the laws of the state of Delaware. X Holdings I, controlled by Musk, would become the parent company of the combined entity, while X Holdings III would take on a $13 billion loan from a group of major banks to help cover the $44 billion purchase of the social network.
However, according to the Nevada Secretary of State’s business portal, on March 9, Musk registered two new companies: X Holdings Corp. and X Corp. Then, on March 15, he filed to merge those Nevada companies with two of his existing companies: X Holdings I with X Holdings Corp. and Twitter Inc. with X Corp. In the case of the latter, according to the articles of the merger agreement, X Corp. completely absorbs Twitter, effectively liquidating Twitter Inc. as a company.