Twitter Merges with Elon Musk’s X Corp and now Located in Nevada

Twitter is no longer an independent company. It has been absorbed into X Corp, an Elon Musk company that falls under the also new X Holdings Corp, also owned by Musk. The company is now officially located in the US state of Nevada.

Twitter was officially a Delaware company, but it no longer exists as a company, says X Corp in a recent court document. Musk said last year that the intention was to set up a three-holding structure, but that seems off the track. In addition, X Holdings I would become the parent company, with Twitter below, into which X Holdings II would be absorbed. The third company, X Holdings III, would take on a loan that Musk used to buy Twitter.

Now the structure seems to be that Twitter has merged into X Corp, which comes under X Holdings Corp, reports Slate. Moreover, those companies are located in the state of Nevada. The state in which a company is located determines, among other things, which tax rules a company falls under. Why Musk chose Nevada is unclear. Twitter has not publicly announced the move and is not responding to questions about the matter.

Musk said last year that Twitter should be part of an ‘everything app’ that can do much more than Twitter now offers in terms of functionality. That app, modeled on the Chinese WeChat, should be called X. Musk has had a thing for the letter X for much longer. At the end of the last century, he founded an online payment service called X.com, which has been merged into PayPal.