Elon Musk tweeted Tuesday afternoon: “The purchase of Twitter accelerates the development of X, the everything app.” It’s not entirely clear what the “X” app would entail, but Musk is going back to his roots.
Acquisition of Twitter accelerates development of X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Musk made his first fortune through Zip2 and X.com, two startups in the 1990s. X.com would come later PayPal Holdings Inc PYPLdespite Musk’s desire to keep the X.com name.
Musk’s tweet followed messages he now intended to honor the original asking price for Twitter Inc TWTR, a $44 billion deal. The acquisition cost Twitter’s stock $54.20 per share.
Musk’s legal battle most likely looked like an uphill battle, and he decided to avoid mountains of money in legal fees and the potential embarrassment of losing the court case.
It’s not exactly clear what changes Musk will make when he takes over from Twitter, but he did mention making them Algorithm open source and different Methods to combat bots.
Trading in Twitter shares was originally halted on the news, but rose 22.09% to $52 at Tuesday’s close, while shares of Tesla Inc TSLA slipped as investors speculated that Musk would be forced to sell more Tesla stock. A few months ago, he sold about $9 billion worth of Tesla stock. Tesla stock recovered a bit at the close of the market on Tuesday, trading at $249.44 a share, up 2.90%.
While it’s not entirely clear what Musk plans to do with his “everything app,” he has lofty ambitions.
Related link: Twitter up 22% after Elon Musk renewed $44 billion takeover proposal; The company intends to accept the offer
