The name change was quietly revealed in a court document earlier this month.
A legal filing published on April 4 shows that Twitter, Inc has renamed to X Corp, bringing the platform one step closer to transforming into X – the ‘everything app’. Twitter also sent an email to its partners several days ago asking them to use the new name in all future details, as reported by Forbes.
Read more: Why Has Doge Replaced the Twitter Blue Bird?
Documents show that Musk incorporated three holding companies called X Holdings I, II and III as early as April 2022 to prepare for the Twitter acquisition.
An ‘everything app’ is an application that provides multiple functions and features within a single platform. It’s a sort of one-stop-shop for digital services, from communication to entertainment to facilitating payments. China’s WeChat is a good example of an everything app. On WeChat, users can send text and voice messages, make payments, book flights, order food delivery and play games.
Why do we think that ‘X’ will be an everything app? Couldn’t the name change be homage to Musk’s young son, X Æ A-12?
No, not really. Elon Musk has confirmed his intentions to create an everything app on Twitter on several occasions.
In fact, he re-confirmed that ‘X’ will be an everything app as recently as last week:
What does this have to do with Doge?
Elon Musk is a vocal supporter of Dogecoin and is sometimes referred to as the Dogefather. The eccentric CEO has dialled up support for the meme coin this year, temporarily changing the Twitter logo to the Doge logo and telling the BBC his ‘dog is the CEO of Twitter’.
The price of Doge is closely tied to Musk’s endorsements. The coin soared by 30% when Twitter changed its logo, but it quickly corrected itself the following week. Doge has nonetheless had a rather strong month this April and has increased by 19.1% over the past 30 days.
Some speculate that Doge will be the preferred payment network of Twitter. This is a reasonable assumption, given that Musk’s other company, Tesla, only accepts Dogecoin as cryptocurrency. Additionally, in May 2021, Elon tweeted that he has been “working with Doge devs” to improve the efficiency of the Doge transaction system.
If speculation is true and Doge does eventually become the payment network for Twitter-based transactions, it has the potential to become one of the most highly-traded coins on the market, despite not having a first-mover advantage.
Speculation aside, there is solid evidence that Twitter is leaning heavily into the financial sector. Last week, the company partnered with trading platform eToro. Founded in 2007, eToro is an online brokerage that lets users buy and sell stocks, cryptocurrencies and index funds.
eToro’s CEO Yoni Assia told CNBC: “As we’ve grown over the past three years immensely, we’ve seen more and more of our users interact on Twitter [and] educate themselves about the markets. There is very high quality content, real-time content on financial analysis of companies and what’s happening around the world. We believe this partnership will enable us to reach those new audiences [and] connect better the brands of Twitter and eToro.”
X Corp will also move its HQ from Delaware to Nevada.
Compared with Delaware, corporate law in Nevada is flexible, and it’s one of the most crypto-friendly states. Nevada’s former Secretary of State, Barbara Cegavske, has been a vocal advocate for the use of blockchain technology in business filings and record-keeping for several years. In 2017, she announced the launch of a pilot program to test the use of blockchain for filing business registrations, and in 2019, she proposed a bill that would allow for the use of blockchain in corporate record-keeping.
Disclaimer: CryptoPlug does not recommend that any cryptocurrency should be bought, sold, or held by you. Do conduct your own due diligence and consult your financial advisor before making any investment decisions.