Twitter owner and Chief Executive Elon Musk has dispensed with the social-media site’s moniker for corporate purposes, and chosen to house the company in a shell company called X Corp.
Musk, who’s also CEO of Tesla Inc.
TSLA,
and Space X , cryptically tweeted earlier Tuesday:
And that was followed up by a Bloomberg News report early Tuesday that Twitter Inc., the company Musk bought for more than $40 billion, no longer existed as its own company. The report cited an April 4 court document in a lawsuit that stated Twitter “no longer exists,” and is now part of Nevada-based X Corp.
The shift follows a week of prankish behavior, such as covering up the “w” in the company’s sign at its San Francisco headquarters, and applying “state-affiliated media” tags on certain accounts, as advertisers flee the platform.
Shares of Tesla closed Tuesday up 1.2% at $186.79, while the S&P 500 index
SPX,
was flat , the tech-heavy Nasdaq Composite Index
COMP,
slipped 0.4%, and the Dow Jones Industrial Average
DJIA,
ticked 0.3% higher.
Read: Elon Musk’s Twitter is facing a steep slump in ad revenues this year, according to this forecast
This post was originally published on Market Watch
