Elon Musk Might Have Had a More Sinister Motive Behind Registering Twitter’s Parent X Corp. In Nevada
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If Elon Musk finds a particular court’s jurisdiction problematic, he simply moves his business empire to another jurisdiction, one that is preferably not replete with supposedly pesky judges. At least that is one of the theories that is doing the rounds today as Twitter has been formally merged with the shell entity X Corp.
As per a document that was recently filed with the San Francisco division of the United States District Court for the Northern District of California, Twitter has now been merged with the shell entity X Corp. The case pertains to a lawsuit against Twitter and its former CEO, Jack Dorsey, that was filed last year by the conservative activist Laura Loomer.
Bear in mind that Elon Musk had registered three shell companies in Delaware in April 2022, each bearing a variation of the name X Holdings. According to Elon Musk, the shell companies were meant to pave the way for an “everything app” on the pattern of Tencent Holdings’ WeChat super app.
However, the new entity X Corp. was registered in Nevada on the 09th of March, 2023. On the 15th of March, Elon Musk filed for Twitter’s merger with X Corp. Do note that X Corp. itself has a parent company, which bears the name X Holdings Corp. and was registered only in March 2023 with an authorized capital of $2 million. Musk remains the president of X Corp. and X Holdings Corp. He also continues to serve as the CEO of Twitter, Tesla, and SpaceX.
This brings us to the crux of the matter. In light of these shell companies, a question emerges as to why Elon Musk has seemingly abandoned the shell entities that he registered in
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