Twitter has taken a major leap towards becoming an "everything app" called X, something that its CEO Elon Musk has wanted for quiet some time.
On the down-low: The social media company discretely submitted to a US court that it "has been merged into X Corp. and no longer exists."
"X Corp. is a privately held corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10% or more of the stock of X Corp. or X Holdings Corp," Twitter's court filing dated 4 April read.
In another court filing, Twitter revealed that "X Corp. is a privately held corporation, incorporated in Nevada and with its principal place of business in San Francisco, California, and is thus a citizen of Nevada and California."
In the courtroom: Twitter's disclosure came up as part of the legal proceedings related to a civil lawsuit filed by US-based journalist Laura Loomer.
Loomer is also suing Meta, Twitter co-founder Jack Dorsey, and FMCG giant Proctor and Gamble
She is reportedly seeking more than $10 billion in punitive damages and an end to online hate speech policies by big tech companies
Why it matters: As news of Twitter's merger spread, Elon Musk allusively tweeted the letter 'X'. But why the tip-toeing? Could the overhaul of Twitter into a super app end up being good for business? Or would it lead to increased scrutiny from antitrust regulators amid calls to break up Big Tech?
"Buying Twitter is an accelerant to creating X, the everything app," the billionaire had said in May 2022.
The end-game: In order to convert Twitter into a super app, Musk is reportedly taking his cues from WeChat.
The Chinese super app offers its users a platform that can be used for social networking, messaging, and even making payments.
Yes, but: Regulatory scrutiny and a hyper-competitive market environment could get in the way of Musk's vision of an all-in-one app. Not to mention Apple's App Store likely playing gatekeeper.
Aside: In a Twitter Spaces conversation with the BBC on Wednesday, 12 April, Musk touched upon a range of issues from blue ticks to AI. However, he did not provide any details about the X app.
Of note: When quizzed on government-requested takedowns of the controversial BBC documentary about PM Modi, Musk said, "I am not aware of this particular situation... don't know what exactly happened with some content situation in India. The rules in India for what can appear on social media are quite strict and we can't go beyond the laws of the country."
"If we have a choice of either our people go to prison or we comply with the laws, we will comply with the laws..." he added.
Flip side: While Musk may claim that Twitter "will comply with the laws," the company's arguments in court beg to differ. It has legally challenged similar government takedown requests before the Karnataka High Court, where the proceedings are ongoing.
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