Elon Musk Forms X Holdings As Parent Company
Tesla, SpaceX, And Twitter
Tech billionaire Elon Musk is making news headlines almost every single day since he has become the second-biggest shared holder on Twitter. Last week it was reported that Musk has announced to leave all his possessions to raise some extra dollars to buy out the social media platform. Now in the latest development, it has been revealed that Tesla's CEO has registered three new companies on Tuesday. According to a report from Bloomberg, the companies are in the tax-friendly state of Delaware and they are registered in the name of X Holdings.[Sly]
US Securities and Exchange Commission filings suggest that Musk is planning to put all his money in one of the newly registered entities to fund the Twitter purchase. According to the report, the first X Holdings I lists Musk as president, treasurer, and secretary of the company and it will become the parent company of Twitter if the bid goes correct and Musk will be able to acquire the social media platform. The X Holdings II Inc is said to be merged with Twitter and the X Holdings III LLC will be utilized to fund the transaction.[Cool]
There is no report on whether the current businesses like Tesla and Space X have any affiliation with X Holdings companies or not. In a TED interview last week, Musk didn’t rule out the possibility of creating a parent company for Tesla and SpaceX. Nevertheless, he does mention that it would a tricky deal. “Investor base of Tesla, SpaceX and certainly Boring Co. and Neuralink, are quite different,” Musk said in the interview.[Cool]
It seems that Musk has all the plans ready to take over Twitter and the suspense behind the acquisition doesn’t seem to be over soon.[Cool]
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
👍👍👍