What a bomb: Without an official announcement, Twitter Inc. ceased to exist as a company last week, but what does this mean for Dogecoin (DOGE)? As court documents show, X Corp. merged with Twitter Inc. on April 4. court file state:
Pursuant to Rule 7.1(a)(1) of the Federal Rules of Civil Procedure, the undersigned attorney for Defendant X Corp, as Defendant’s successor-in-interest Twitter, Inc., hereby declares that Twitter, Inc. will has merged with X Corp. and no longer exists.
The document comes from a lawsuit filed by political activist Laura Loomer against Twitter for violating federal laws against organized crime when her account was banned in 2019. What is interesting are the court documents, which have been shared publicly.
As of April 4, Twitter was fully acquired by the Elon Musk-owned company, X Corp. “X Corp. is a private corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10% or more of the shares of X Corp. or X Holdings Corp,” the court documents state.
X Holdings Corp. is the parent company of the private company X Corp. Elon Musk filed three holding companies named X Holdings I, II and III in April 2022 to acquire Twitter for $44 billion. Subsequently, reports surfaced that Musk is working to create a new super company combining Tesla, SpaceX, Neuralink, The Boring Company and Twitter.
The public documents also reveal that the merger between Twitter and Elon Musk’s X Corp. was filed in Nevada on March 15, 2023. The documents state that Twitter now has its corporate headquarters in Nevada, rather than Delaware.
It’s also worth noting 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 hasn’t been officially announced, it’s unlikely to have an immediate impact on the Twitter app anytime soon. However, the corporate restructuring could be a first step for Elon Musk to transform Twitter into the “everything app” called X.
In an October 4 tweet, Elon Musk called the Twitter acquisition an “accelerator to creating X, the app for everything.” The billionaire plans to revamp the app on the model of China’s WeChat.
A core feature of the Everything app will be payments. In the past, there have been numerous rumors about a Twitter coin and the integration of cryptocurrencies like Dogecoin as a means of payment.
However, according to the latest reports, the focus seems to be on fiat payments and a Reddit-like rewards system with Twitter Coin for now.
However, it seems to be only a matter of time before Dogecoin and other cryptocurrencies are integrated into the app as a means of payment. For the Dogecoin community, the merger of X with Twitter Inc may mean the time is near for Musk to announce Dogecoin as a payment method within X.
BREAKING: Twitter Inc. is now X Corp. Twitter Inc. no longer exists.
One step closer to X: the Everything app 🔥 @Elon Musk pic.twitter.com/9PT4JbQtfb
—DogeDesigner (@cb_doge) April 11, 2023
At press time, the DOGE price was trading at $0.08505 and is up 1.7% in the last 24 hours.
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