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X Corp. is an American technology company headquartered in Bastrop, Texas. [5] Established by Elon Musk in 2023 as the successor to Twitter, Inc., it is a wholly owned subsidiary of X Holdings Corp., which is itself mostly owned by Musk.
Lawyers for X, formerly known as Twitter, fought to keep its full ownership structure under wraps. ... Musk acquired Twitter in 2022 for $44 billion, taking the company private and laying off ...
[70] [71] The deal closed on October 27, 2022, with the merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Musk, [72] and Musk took control of the company, [73] paying $54.20 per share, or about $44 billion. [74]
The deal was closed on October 28, with Musk immediately becoming Twitter's new owner and CEO. Twitter was taken private and merged into a new parent company named X Corp. Musk promptly fired several top executives, including previous CEO Parag Agrawal. Musk has since proposed several reforms to Twitter and laid off half of the company's ...
However, X is a privately held company, which means Fidelity has little — if any — insight into the business's financial performance and any valuations are merely projections based on the ...
Fidelity was one of several companies that helped Elon Musk acquire social media platform X, formerly known as Twitter, back in 2022. The financial company may have lost money on their investment ...
Twitter, officially known as X since 2023, is a social networking service.It is one of the world's largest social media platforms and one of the most-visited websites. [4] [5] Users can share short text messages, images, and videos in short posts commonly known as "tweets" (officially "posts") and like other users' content. [6]
The X rebrand may have a harder journey, Withey said, due to it being an unusual case of a high equity brand — one that was a cultural force for well over a decade — being renamed overnight.