What a bombshell: without 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. A court filing states:
Pursuant to Rule 7.1(a)(1) of the Federal Rules of Civil Procedure, the undersigned counsel for Defendant X Corp, as successor in interest to named Defendant Twitter, Inc, hereby states that Twitter, Inc. has been merged into X Corp. and no longer exists.
The document comes from a lawsuit filed by political activist Laura Loomer against Twitter for violating federal racketeering laws when her account was banned in 2019. What’s interesting are the court filings, which have been shared publicly.
As of April 4, Twitter has been fully acquired by the Elon Musk owned company, X Corp. “X Corp. is a privately held corporation. Its parent corporation is X Holdings Corp. No publicly traded corporation owns 10% or more of the stock of X Corp. or X Holdings Corp,” the court documents state.
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. Subsequently, reports surfaced that Musk is working to create a new super company that combines Tesla, SpaceX, Neuralink, The Boring Company and Twitter.
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 expose that Twitter now has its corporate headquarters in Nevada, instead of Delaware.
It is 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 has not been officially announced, it is unlikely to have an immediate impact on the Twitter app in the short term. However, the corporate restructuring could be a first step by Elon Musk to transform Twitter into the “everything app” called X.
In an October 4 tweet, Elon Musk called the Twitter acquisition an “accelerant to creating X, the everything app.” The billionaire plans to revamp the app modeled after China’s WeChat.
A core function of the everything app will be payments. In the past, there have been numerous rumors about a Twitter Coin and the integration of cryptocurrencies such as Dogecoin as a means of payment.
According to the latest reports, however, the focus seems to be on fiat payments and a Reddit-like reward system with the Twitter Coin for now.
Nevertheless, 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 that the time is getting closer when Musk will announce Dogecoin as a payment method inside X.
BREAKING: Twitter Inc. is now X Corp. Twitter Inc. no longer exists.
— DogeDesigner (@cb_doge) April 11, 2023
As of press time, the DOGE price was trading at $0.08505 and has risen 1.7% in the last 24 hours.
Featured image from Chain Debrief, chart from TradingView.com