Elon Musk formed a trio of holding companies as part of his bid to buy Twitter.
According to reporting by Bloomberg, the new companies all have a variation of the same name, X Holdings.
Musk formed the three new companies this week in Delaware. According to the US Securities and Exchange filings, Musk and his partners were to put money into one of the entities to fund the purchase of Twitter shares.
A subsidy would then merge with Twitter to combine the two companies.
However, it is unclear how the other holding companies come into play. Some speculate that Musk may be forming a parent company for Tesla and SpaceX.
This would not be the first time Musk mused about forming a parent company. He first brought it up in 2012, and in 2020 he said it was a good idea.
Musk was asked at TED about a parent company, and he did not dismiss the idea. However, he said it would be tricky.
Tesla, of course, is publicly traded, and the “investor base of Tesla and SpaceX, and certainly Boring Co. and Neuralink, are quite different.”
Musk did not provide a comment on the new holding companies nor did he provide any updates on his Twitter takeover bid.