Elon Musk has agreed to pay $44 billion to Twitter. On Tuesday, Musk made his first public statement, a tweet, indicating his plans for creating an app named “X” to beat Twitter. “Buying Twitter is an accelerant to creating X, the everything app,” the billionaire tweeted. The tweet was cited in a filing with the Securities and Exchange Commission.
https://mobile.twitter.com/elonmusk/status/1577428272056389633?
Twitter employees had earlier revealed Musk’s desire to build a “super app” for a long time. This concept is widely used in China, offering apps like WeChat. The billionaire had an online bank named “X.com” that merged with a software company, Confinity Inc., in 2000. The merged company changed its name to PayPal.
When eBay bought PayPal Holdings in 2002 for $1.5 billion, Musk invested the proceeds in Tesla and SpaceX. He renewed X.com in 2017 to reacquire the domain. In May, when Musk settled to obtain Twitter for $44 billion, he created a company named X Holdings. Twitter would become part of it after the successful acquisition.
https://mobile.twitter.com/elonmusk/status/1577428673971777536?
Musk had earlier withdrawn from the deal. He claimed that he didn’t have details regarding the bot accounts, and this kicked off a legal battle between the billionaire and Twitter.
Elon Musk wrote a letter to Twitter executives in which he stated that he will only agree to complete the transaction if all charges are dropped. He wrote the letter just two weeks before the trial was to begin in Delaware Chancery Court. Elon Musk’s tweet indicates that “X, the everything app” aka the “super app” will come after the completion of the $44 billion Twitter buyout deal.
