A court case full of twists and turns, the takeover of Twitter by Elon Musk is experiencing a new turning point. Eventually, the CEO of Tesla and SpaceX will buy one of the largest social networking platforms in the world. But not only ! He also plans to create a universal application through Twitter. The latter will be called “X”.
Elon Musk VS Twitter case: the turnarounds never end!
Musk’s case against Twitter has been going on since April. This current CEO of Tesla wanted to acquire the Twitter platform in its entirety. He, however, canceled the transaction after a full audit of the social network. According to his explanation, the number of fake accounts (bots) and spam on Twitter was greater. This would obviously affect his plans for the platform.
A reversal of the situation which did not at all please the leaders of Twitter since they took legal action against Elon Musk. The trial should begin soon, more precisely on October 17.
On October 5, Elon Musk announced that he was finally going to take over Twitter under certain conditions. In a short letter, Elon Musk’s lawyers have indeed proposed the purchase of shares of Twitter at the initial price of 44 billion dollars (or 44 dollars per share). A new purchase offer that should delight both parties, according to some people. Knowing that Twitter thinks to finalize the transaction at 54.20 dollars per share.
For his part, Elon Musk underlined an important point: “the purchase of Twitter would accelerate the creation of X by 3 to 5 years”. A tweet that leaves its 170 million followers perplexed!
So what would this great X application be?
For the time being, Elon Musk has not revealed any details of his project. Still, he argues that the all-purpose app X might just become a better version of WeChat. It is a Chinese application that offers almost complete functionality. More than just a social network, it also includes payment tools, games and even carpooling solutions.
The letter X: an obsession with Elon Musk?
Elon Musk’s followers have certainly seen it: this is not the first time that he has mentioned the letter X. In August, for example, he was talking about a social media application X.com. He was also the co-founder of the online bank X.com, now known as PayPal (after its merger with Confinity Inc. in 2000). Elon Musk even created two holding companies, X Holdings I and X Holdings II, which are currently dealing with the takeover of Twitter.
By creating the universal application X, Elon Musk could well revolutionize social media. Especially since he has other plans for Twitter. It is still necessary that his project succeeds and that he does not change his mind at the last minute!
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My name is Ariela and I am 31 years old. I have been working in the field of web writing for 7 years now. I only discovered trading and cryptocurrency a few years ago. But it is a universe that interests me a lot. And the topics covered within the platform allow me to learn more. Singer in my spare time, I also cultivate a great passion for music and reading (and animals!