Twitter changed its incorporated name to X Corp., the name of its owner and CEO Elon Musk’s long-envisioned everything app that extends far past social media, as Musk extends his grand aspirations for the company.
Elon Musk’s X is coming.
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Twitter changed its incorporated name to X Corp., the name of its owner and CEO Elon Musk’s long-envisioned everything app that extends far past social media, as Musk extends his grand aspirations for the company.
Key Facts
Twitter Inc. “no longer exists” and the company is now a part of X Corp., according to an April 4 filing in California federal court.
Musk pointed to the fairly obscurely located filing in an early Tuesday tweet, which simply read, “X.”
The centibillionaire has been obsessed with the idea of X leading up to and following his $44 billion purchase of Twitter last fall; Musk said in October the Twitter acquisition was “an accelerant to creating X, the everything app.”
Musk has indicated he hopes to transform Twitter/X into a wide-ranging service akin to China’s WeChat, telling a Morgan Stanley conference last month he wants his app “to become the biggest financial institution in the world.”
Musk said at the time he wanted X to become a peer-to-peer mobile payment platform where users can earn interest on their cash like at a bank, previously suggesting he wants his app to include a glut of services including ride-hailing and food delivery.
Pulling such a transformation off is crucial for Musk to see a strong return on his investment: Twitter is valued internally at a reported $20 billion, a more than 50% discount from its sticker price last year, but Musk has reportedly touted the potential of X as a way for the company to explode to a $250 billion valuation.
Tangent
Even as Musk honed in on transitioning Twitter to X, he still had plenty of time this week to engage in some Twitter trolling. The 51-year-old briefly changed his Twitter profile name to “Harry Bōlz” on Monday, hours after he revealed the company painted over the “W” in its logo outside of its San Francisco headquarters to make it appear to say “Titter,” a reference to breasts.
Forbes Valuation
Musk is worth $187.6 billion, according to our latest calculations, making him the second-wealthiest person in the world and richest man in the nation. A majority of his fortune comes from his stake in Tesla, the electric vehicle company he also leads as CEO.
This story was first published on forbes.com
