X Corp. is a technology company founded by business magnate Elon Musk in 2023. It is a wholly owned subsidiary of X Holdings Corp., which is itself owned by Elon Musk.
The company owns the social networking service Twitter.
Conceptualization and planning (2022–2023)
Further information: Acquisition of Twitter by Elon Musk
In April 2022, filings to the Securities and Exchange Commission (SEC) revealed Musk had formed three corporate entities in Delaware, all under the name of X Holdings. According to the filings, one of the entities was to merge with Twitter, Inc., while another was to serve as the parent company of the new merged company. A third entity would then help take on a US$13 billion loan provided by various large banks to acquire Twitter.[2] The name “X” dates back to X.com, an online bank co-founded by Musk in 1999. In June 2001, X.com became PayPal. Musk considered forming a holding company named “X” for Tesla, Inc. and SpaceX in August 2012. In July 2017, Musk reacquired the domain X.com from PayPal.[5] Musk reaffirmed his support for the name “X” in December 2020, replying to a Twitter user who renewed calls for Musk to form a new holding company under that name, although he dismissed the idea of acquiring his businesses to Chris Anderson.
The concept for X solidified in October 2022, when Musk tweeted that acquiring Twitter is “an accelerant to creating X, the everything app“. According to Musk, Twitter would accelerate the creation of X by “3 to 5 years”. Musk expressed interest in creating an app similar to WeChat—a Chinese instant messaging, social media, and mobile payment app—on a podcast in May 2022. In June, Musk told Twitter employees that Twitter is a “digital town square” that should be all-encompassing, like WeChat. In a Morgan Stanley conference in March 2023, Musk touted X once again as the potentially “biggest financial institution in the world”. On October 27, 2022, Musk acquired Twitter for US$44 billion, and subsequently became its CEO.
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