As the world’s richest man, Elon Musk, continues to push to buy Twitter, details have emerged that he might be looking to combine Twitter with his other companies, Tesla and SpaceX, into a single entity.
Speculations about this possibility began to grow when news emerged that he registered three new companies in the tax-friendly state of Delaware on Tuesday.
These companies, all placed under variations of the name “X Holdings”, all appear to be a part of Musk’s bid to buy Twitter.
According to Bloomberg, the first of these companies named X Holdings I Inc would be the parent company of Twitter if the billionaire’s bid succeeds.
A review of the details regarding the registration of this particular company indicates that Musk is listed in three major positions. The billionaire is listed as the president, treasurer, and secretary of the firm.
For the other companies, they are named X Holdings II Inc and X Holdings III LLC.
While the former would merge with Twitter as part of the acquisition, Bloomberg suggested that the latter could be used to help fund the transaction.
Meanwhile, the registration of these companies has returned an old idea about the possibility of Musk merging all his ventures into a single super-conglomerate. The ventures in question include Tesla, SpaceX, Neuralink, The Boring Company, and potentially Twitter.
In December 2020, an investor named Dave Lee wrote that Musk should “form a holding company called X” that would become the “parent company of Tesla, SpaceX, Neuralink and Boring Company” with the “mission to ensure human survival and progress.”
Elon Musk’s audacious $43 million Twitter bid
Per a previous report from us, we revealed that Elon Musk had launched a sensational bid to take over 100 percent of Twitter.
Musk’s offer of $43 billion is well above the social media company’s current market capitalization of almost $36 billion.
The bid has generated a lot of reactions on social media as some members of the Twitter board have kicked against the bid.
Elon Musk said he was going to take the social media platform private in an effort to promote free speech but some skeptics believe he is only playing to the gallery with his choice of words.