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Elon Musk is getting close to creating “X,” a company that will bring several other ideas under one umbrella. He wrote that buying Twitter is an accelerant to creating X, the app for everything, by 3-5 years.
Elon Musk has offered to continue his original bid to buy Twitter for $44 billion, filings with the U.S. Securities and Exchange Commission show. The purchase will make him the head of one of the most influential media platforms and put an end to months of litigation.
If the purchase goes through, Musk will lead the company, which should be significantly transformed according to his idea. On October 4, he tweeted that buying Twitter would accelerate his drive to build an app for everything, called X. Musk suggested that buying the social media platform would speed up his plan by 3-5 years, though he admitted he might be wrong about that.
In April, in preparation for the Twitter acquisition, Musk created a trio of holding companies dubbed “X Holdings.” According to the April 20, 2022 filing, new companies were created in Delaware, each with a variant of the name “X Holdings.” In particular, we are talking about X Holdings II, Inc., which is listed in the document as “Purchaser” and X Holdings I, Inc., which is named “Parent.”
Musk talked about creating a parent back in 2012, and in 2020 said that naming it “X,” which was suggested by one of Tesla's investors, was “a good idea.” Musk also owns the X.com domain. He owned it when it served as home to his financial services startup, which was eventually merged with another company called Confinity in a deal that would be rebranded as PayPal in 2001.
Apparently, X will only refer to an application for everything, like the Chinese platform WeChat and Tesla, SpaceX, Boring Co., and Neuralink will not be included in it. Speaking at the TED 2022 conference, Musk said that it would be difficult to create a holding company that united all of his companies. This is due to the fact that Tesla is traded on the stock exchange, and the fact that the investor bases of Tesla, SpaceX, Boring Co., and Neuralink are completely different.
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