Twitter Inc, the social platform's corporate entity, is now considered part of X Corp., according to an April 4 filing disclosed as part of litigation in a suit filed by right-wing activist Laura Loomer. Musk confirmed this filing when he tweeted"X" early on Tuesday.CHINA'S CURRENCY COULD CREATE 'RISK' FOR FINANCIAL SYSTEM, IMF SAYS
The corporate absorption reflects Musk's intent to take Twitter's online framework and turn it into an"everything app" that can be used for shopping, transactions, and more.Musk has supported the creation of an"everything app" for a long time.
The company filed paperwork in November 2022 with the Treasury Department that would allow Twitter to incorporate the financial technology required to process online transactions. Musk has also begun investing in generative artificial intelligence. The billionaire had Twitter purchase approximately 10,000 graphics processing units to create a generative AI program. Musk also hired two engineers from Google's AI research subsidiary, Deepmind. Just weeks earlier, Musk signed a letter asking AI developers to pause research for six months.X Corp. is owned by the holding company X Holdings Corp.
The company is struggling to develop revenue after Musk's takeover. The company's revenue is expected to fall by 28% in 2023, according to analysts at Insider Intelligence.
elonmusk Twitter It's already done... Laura Loomer broke this story two days ago