Elon Musk Discloses X Takeover To Twitter Partners, Implications For Dogecoin

Elon Musk Discloses X Takeover To Twitter Partners, Implications For Dogecoin

Time Stamp: April 19, 2023 9:25 AM
Source Node: 2594437

On his way to transforming Twitter into the “‘Everything App,” Dogecoin aficionado Elon Musk has emailed Twitter’s business partners to inform them that the company behind the social media app is now operating under the name X Corp. As Bitcoinist reported, this news has already been leaked by court documents from Twitter’s case against political activist Laura Loomer last week.

The documents revealed that Twitter was already fully acquired by the Elon Musk owned X Corp. on April 4, which is part of the parent company called X Holdings Corp. Remarkably, Musk incorporated three holding companies called X Holdings I, II and III as early as April 2022 to prepare Twitter acquisition.

Yesterday, Tuesday, Twitter sent an email to its partners, Forbes reports. It says, “Twitter, Inc. has been renamed X Corp.” The company is asking its partners to use that new name in all future dealings, according to screenshots of the message.

It’s also worth noting that the email to business partners emphasizes that Twitter will remain the name of the social media app. In this respect, the corporate restructuring can be compared in some ways with Facebook / Meta and Google / Alphabet.

Likewise, the general terms of use of Twitter have been adjusted. These now no longer state Twitter Inc. but the company X Corp. as the official owner of the app. It is unclear when the change was made.

Part of Twitter’s restructuring also includes moving its headquarters from Delaware to Nevada. Carl Tobias, a law professor at the University of Richmond, told Forbes that Musk may have made the change because he believes Nevada corporate law is “more flexible than Delaware.”

Implications For Dogecoin

In the short term, the implications for Dogecoin are likely to be minor. At press time, the DOGE price showed no reaction to the news, although Musk’s strategy should be positive for Dogecoin in the long run.

Among Musk’s many ambitions is to turn Twitter into an everything app comparable to China’s WeChat, which will notably integrate mobile payments. For the crypto and Dogecoin community, this offers great hope for a new use case.

And that finance, which includes stocks and cryptocurrencies like Dogecoin, is an important part of the strategy was confirmed by Musk just last week when Twitter announced a partnership with eToro. The deal allows users of the app to buy stocks, DOGE and the like via Twitter.

The price of Dogecoin has been extremely dependent on Musk and his DOGE tweets in recent months, which always massively boost the price. Since the eToro announcement last Thursday, DOGE was in an uptrend in the 4-hour chart.

However, today’s market-wide correction saw the Dogecoin price break this trend to the downside. At press time, DOGE was trading at $0.0883.

Dogecoin DOGE price
Dogecoin price, 4-hour chart | Source: DOGEUSD on TradingView.com

Featured image from Fox Business, chart from TradingView.com

Time Stamp:

More from Bitcoinist