Musk Forms ‘X Holdings’ After Hints at a Parent Company for Tesla, SpaceX
- Three holding companies to help facilitate bid for Twitter
- Billionaire has considered creating parent for his businesses
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Elon Musk formed a trio of holding companies as part of his bid to acquire Twitter Inc., potentially giving the billionaire a path to bring all of his business ventures under a single parent.
The new companies -- each with a variation of the name “X Holdings” -- were formed this week in Delaware, according to records filed with the state. Musk and his investing partners plan to put money into one of the entities to fund the purchase of Twitter shares in a tender offer, while a subsidiary would merge with the social-media firm, according to filings with the U.S Securities and Exchange Commission.