Does Twitter Inc. no longer exist?

Twitter Inc. no longer exists as an independent company after it has merged with the newly created shell firm X Corp.

Twitter changed its incorporated name to X Corp., which is owner and CEO Elon Musk’s long-envisioned everything app that he says will extend far past what we know as social media.It is currently unclear what a name change means for Twitter, which has seen a lot of upheaval since Musk purchased it for $44bn last year.

X
— Elon Musk (@elonmusk) April 11, 2023

Previously, Musk has said he wants to transform Twitter/X into a service similar to China’s WeChat, and wants it to be the biggest financial institution in the world.

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Musk tweeted about the new move earlier this week with the single character “X” which immediately sparked chatter about what he meant.

According to Forbes, Twitter is valued at $20 bn, which is 50% less than it was worth last year. In January there were reports that Twitter had been hit by a 40% year-on-year drop in revenue after more than 500 advertisers paused spending.

Twitter’s main source of income is advertising with $5.1bn in revenue in 2021. But advertisers pulled out after concerns of a rise in hate speech on the platform and an increase in impersonator accounts after the platform relaunched its blue tick system.