Elon Musk has a brand new plan for Twitter Inc. after giving up a authorized battle and agreeing to pay $44 billion for the corporate Tuesday.
““Shopping for Twitter is an accelerant to creating X, the the whole lot app””
That tweet was Musk’s first public assertion Tuesday in regards to the resolution, which was revealed in a submitting with the Securities and Alternate Fee earlier within the day. Whereas the Tesla Inc.
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chief govt has tossed off myriad concepts for enhancing Twitter
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this was his first point out of making a brand new app that features Twitter, although he has cryptically tweeted a hint before about plans for a social-media service beneath that identify.
In a dialogue with Twitter staff earlier within the acquisition course of, Musk did convey up a need to construct a “tremendous app,” an idea that has change into ubiquitous in China, with choices like WeChat, however has but to search out an equal within the U.S.
Whereas the point out of turning “X” into its personal app is new, Musk has a historical past with the letter effectively earlier than Tesla launched the Mannequin X. One among Musk’s first large wins as an entrepreneur was when his on-line financial institution, X.com, merged with one other firm to create PayPal Holdings Inc.
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in 2000.
When eBay Inc.
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purchased PayPal for $1.5 billion in 2002, Musk obtained thousands and thousands in proceeds, which he funneled towards Tesla and his rocket startup, SpaceX. However he returned to X.com in 2017, reacquiring the area — certainly one of solely three single-letter domains accessible — for an undisclosed charge.
Musk hasn’t finished a lot with X.com — the web site at the moment exists with only a single X on a white background. However when he agreed in Could to accumulate Twitter for $44 billion, he established a holding firm that will swallow Twitter as soon as the acquisition accomplished, and he named it X Holdings.
After agreeing to accumulate Twitter, Musk tried to name off the acquisition, resulting in a authorized battle with Twitter. Simply two weeks earlier than a trial was set to start in Delaware Chancery Court docket, Musk despatched a letter to Twitter executives agreeing to undergo with the transaction in the event that they dropped the authorized proceedings.
Whereas he has not beforehand offered his plans for an X app, in a follow-up tweet Tuesday, Musk recommended these plans have been sped up by the acquisition of Twitter.
Whereas his plans could also be secret for now, Musk has no less than dropped one trace about them: X marks the spot.