In a surprising move, Twitter Inc. has been officially merged into X Corp, a privately held corporation incorporated in Nevada with its principal place of business in San Francisco, California.
The change is part of Elon Musk's vision for an 'everything app' which he has referred to as X, and Musk also owns the X.com domain. The question on everyone's mind now is: what is X, and what could be on Musk's mind with this new venture?
Musk has talked about building an app that could provide similar functionality to China's WeChat, which has become a key utility in China. Musk envisions simplified, streamlined payments, along with expanded finance options, all built into a single app that would then become a key facilitator of a user's digital identity.
Musk originally founded X.com in 1999, an online banking startup that was eventually acquired by PayPal and merged under the broader PayPal banner.
Musk still holds his original vision of creating an online financial repository, and he believes that it's possible to become the biggest financial institution in the world just by providing people with convenient payment options. X.com's legacy is now carrying forward into the next evolution of the app, X.
Musk's ultimate goal with X is to make transactions and managing finances as easy as sending a tweet. However, there are regulatory hurdles to overcome, and Western users may not be as receptive to an all-encompassing app like WeChat.