: ‘X’ marks the spot where Elon Musk has buried Twitter Inc.

by | Apr 11, 2023 | Stock Market

Twitter owner and Chief Executive Elon Musk has dispensed with the social-media site’s moniker for corporate purposes, and chosen to house the company in a shell company called X Corp. Musk, who’s also CEO of Tesla Inc.
and Space X , cryptically tweeted earlier Tuesday:

And that was followed up by a Bloomberg News report early Tuesday that Twitter Inc., the company Musk bought for more than $40 billion, no longer existed as its own company. The report cited an April 4 court document in a lawsuit that stated Twitter “no longer exists,” and is now part of Nevada-based X Corp. The shift follows a week of prankish behavior, such as covering up the “w” in the company’s sign at its San Francisco headquarters, and applying “state-affiliated media” tags on certain accounts, as advertisers flee the platform. Shares of Tesla closed Tuesday up 1.2% at $186.79, while the S&P 500 index
was flat , the tech-heavy Nasdaq Composite Index
slipped 0.4%, and the Dow Jones Industrial Average
ticked 0.3% higher. Read: Elon Musk’s Twitter is facing a steep slump in ad revenues this year, according to this forecast

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