What a bombshell: Without an official announcement, Twitter Inc. is no longer available. existed as a company last week – but what does this mean for Dogecoin (DOGE)? As court documents show, X Corp. With Twitter Inc. on April 4th Court filing States:
Pursuant to Rule 7.1(a)(1) of the Federal Rules of Civil Procedure, the undersigned attorney for Defendant X Corp., as successor to Defendant, Twitter, Inc., states that Twitter, Inc. At X Corp. It no longer exists.
The document comes from a lawsuit that political activist Laura Loomer filed against Twitter for violating federal racketeering laws when her account was banned in 2019. Interesting are the court filings, which have been shared publicly.
As of April 4, Twitter has been fully acquired by Elon Musk’s X Corp. “X Corp. is a private company. The parent company is X Holdings Corp. No publicly listed company owns 10% or more shares of X Corp. or X Holdings Corp,” the court documents read.
X Holdings Corp. is the parent company of privately held X Corp. Elon Musk filed three holding companies called X Holdings I, II, and III in April 2022 to acquire Twitter for $44 billion. Then, reports surfaced that Musk is creating a new supercompany that would combine Tesla, SpaceX, Neuralink, The Boring Company, and Twitter.
The public documents also reveal that the merger between Twitter and Elon Musk’s X Corp. It was filed in Nevada on March 15, 2023. The documents reveal that Twitter’s corporate headquarters are now in Nevada, instead of Delaware.
It should also be noted that X.com was an online bank founded in 1999 by Elon Musk, Harris Fricker, Christopher Payne, and Ed Ho. In 2000, X.com merged with Confinity and changed its name to PayPal.
What does X mean for Dogecoin?
Since the merger has not been officially announced, it is unlikely to have an immediate impact on the Twitter app in the short term. However, a corporate restructuring could be Elon Musk’s first move to turn Twitter into an “everything app” called X.
In an Oct. 4 tweet, Elon Musk called the Twitter acquisition “an accelerator for Create X, the App for Everything.” The billionaire plans to revamp the app along the lines of the Chinese WeChat.
The primary function of the Everything app will be payments. In the past, there have been many rumors about Twitter coining and integrating cryptocurrencies such as Dogecoin as a means of payment.
According to the latest reports, the focus seems to be on fiat payments and the Reddit-like reward system with Twitter Coin at the moment.
However, it seems that it is only a matter of time before Dogecoin and other cryptocurrencies will be integrated into the app as a means of payment. For the Dogecoin community, the merger of X with Twitter Inc may mean that the time is approaching when Musk will announce Dogecoin as a payment method within X.
Break: Twitter Inc. Now X Corp. Twitter Inc. no longer exists.
One step closer to X – the application of everything 🔥 @employee pic.twitter.com/9PT4JbQtfb
– DogDesigner (@cb_doge) April 11, 2023
As of press time, DOGE price is trading at $0.08505 and is up 1.7% in the past 24 hours.
Featured image by Chain Debrief, chart from TradingView.com