Elon Musk has hinted at his plans for social media and plans to purchase Twitter for the amount he originally offered.
Following months of legal wrangling, the world’s richest man is putting out an offer to buy the platform for $54.20 per share, or a total of $44 billion (£38.4 billion).
Mr. Musk stated that “purchasing Twitter is an accelerant to inventing X, the everything app” in response to the news of the deal’s resumption.
And he said, “but I could be mistaken,” that purchasing the platform had accelerated his X project by three to five years. He said nothing more in-depth.
Similar to the Chinese WeChat, the concept behind X is to create a kind of super app that combines messaging, social media, payments, and a lack of dependency on advertising. That has more than a billion users now, but there isn’t yet a Western equivalent.
Prior to this, trading in Twitter shares was suspended as the stock price soared as a result of news that the deal was once again on. Before trading was halted, the shares were up over 13% and trading at $47.93.
In a letter to Twitter, Mr. Musk offered to keep to the original terms, as he revealed in a filing with the US Securities and Exchange Commission on Tuesday.
