The microblogging service Twitter has lost its status as an independent company. As a result of the merger, the company became part of a new conglomerate called X Corp, Slate writes.
The change in status became known from a lawsuit filed by the activist Laura Loomer against the social network; in 2019, her Twitter account was blocked. Company representatives did not make official statements about the new status. X Corp Holdings is also owned by Elon Musk.
Elon Musk registered in April 2022 X Holdings I, II and III in Delaware, the three companies were supposed to facilitate the purchase of Twitter. Subsequently, the businessman registered two more new companies: X Holdings Corp. and X Corp. After Musk filed for a merger of these companies in Nevada with two of his X Holdings I with X Holdings Corp. and Twitter Inc. with X Corp.
- Elon Musk became head of Twitter at the end of October last year, acquiring the company for $44 billion. According to the WSJ, by the end of 2022, the social network’s revenue had collapsed by 40% due to the departure of big advertisers.
- The businessman had to take out a $13 billion loan with more than $1 billion in annual interest to close the deal, and the first payment on the loan had already been made.
Author:
karina pardaeva
Source: RB
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