The social media platform Twitter will be known as X Corp from now onwards. The new change is followed by a headquarters shift from Delaware to Nevada.
The platform’s mobile and website app still goes by the name Twitter. The news about the name change was revealed in a court filing by the company last week. The legal document was filed to a federal court in Florida.
The filing was to inform the court of the new changes to the firm as it was a party in one of the cases handled under the jurisdiction of the court. The contents of the filing informed that Twitter Inc. has been merged into X Corp and that the platform by the former name does not exist anymore.
The lawyers who represented Twitter stated that X Corp was a privately held company and was incorporated in Nevada. The primary place of business of the company is still in San Francisco.
X Corp functions under its parent company X Holdings Corp. The documents related to the name change and headquarters shift have been circulating around the social media platforms for the past couple of days.
Elon Musk, the Chief Executive Officer of Twitter posted a tweet on his account that just read ‘X’. Musk’s relation with the letter X goes way back. His rocket company is named SpaceX.
Previously he had an online banking platform that was none as X.com. This later underwent a merger and is now known as PayPal. He refers to one of his offspring as X. Musk earlier had tweeted that he was trying to create X, the everything app, with the acquisition of Twitter.
In a recent interview that he gave to BBC, Musk stated that he has a goal to create an everything app and to name it X. He viewed Twitter as an accelerant for his goal.
It is to be noted that a different entity with Musk as its President has been registered in Nevada. The name of this entity is Twitter Inc.
Netizens are currently wondering about the next step that Musk would take. Some reports suggest that Musk might have changed the headquarters to Nevada because he had other businesses there and that the business law of Nevada was way more predictable than that of Delaware.
His electric vehicle manufacturing company Tesla Inc is headquartered in Nevada. The Nevada law gives more authority to company management. Twitter as of now is a private entity owned by a single person.
Benjamin Edwards, a professor of law at Nevada University said that a docket that has quick moves and a sophisticated judiciary is offered at the Delaware Chancery Court. He added that other than this the court has an outstanding well-developed body of case law. This comes to help in a legal battle as one can almost expect the result of the disputes.
Edwards said that the move of shifting to Nevada was another way for Musk to say that he would not be seen around by anyone around the place. It also aids Musk with an opportunity to communicate with the court by exiting the jurisdiction,
These will happen in the case if the Chancery court rules not in his favor. Edwards also viewed that there was nothing that compels Musk to play the ball in the Delaware court itself.
Elon Musk has a history of preceding legal battles rather than settling them. In the Court of Chancery in Delaware, he had had the trials of many of his cases and the results were he had his own cases just equivalent to the ones he lost. Musk’s Twitter acquisition trial took place in the same court and he went on with the case for almost a month.
He who earlier signed the deal to acquire the social media giant later tried to turn his back on the deal. The reason he quoted was that the company did not provide him with the date that shows the number of fake users present on the social media platform.
He wanted to halt the procedure of buying Twitter, but Twitter decided to move forward with the case. Musk when he saw that his attempt to abandon the deal of 44 billion US dollars would not be successfully ended up buying the platform.
He recently said that he agreed to the deal because he thought, even though he did not, the judge will rule in favor of his opponent and that he will be ultimately forced to do so.
Twitter has an email inquiry system in which users can request information from the app. The same was used to make an inquiry about the name change. However, Twitter sent back an automatically generated email that contained only a poo emoji.