Elon Musk has broken his silence on his proposed $44 billion purchase of Twitter, offering a vision for the future of the social media platform under his ownership.
Billionaire Tesla and CEO of SpaceX took to Twitter on Tuesday to seemingly say that getting Twitter was the first step in creating a new “X” app, similar to WeChat in China.
“Purchasing Twitter is an accelerator for creating X, the everything app,” Mr Musk tweeted hours after it was revealed that he had sent a letter to the Twitter board offering to continue with his purchase in instead of fighting them in court later this month.
Mr. Musk has been trying to undo his deal for Twitter in recent months, claiming that the platform’s leaders had not been honest with him about the number of bot and spam accounts.
In return, he was charged by Twitter and had to be impeached before appearing before a judge in Delaware for several weeks. Experts had predicted that the world’s richest man would have had a hard time winning his case based on the discovery made public.
Buying Twitter is an accelerator for creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Mr. Musk made the offer of $54.20 per share in a letter to Twitter filed Monday with the Securities and Exchange Commission.
Twitter confirmed it had received Musk’s renewed offer.
“We have received the letter from the Musk parties who have filed them with the SEC,” said a spokesperson. “The company intends to close the transaction for $54.20 per share.”
Twitter shares were up 22 percent Tuesday by the end of US trading.
At a June meeting with Twitter employees, Mr. Musk praised WeChat, the most popular app in China, as he outlined his idea for the company.
“Think of it as WeChat in China, which is great now, but there is no WeChat equivalent outside of China,” Musk said when asked why he wanted to buy Twitter. “There’s a real opportunity to create that.”
And he added: “You actually live on WeChat in China because it is so useful, so useful for everyday life. I think if we achieve that or even come close with Twitter, that would be a success.”
WeChat has over a billion monthly users and combines social media, instant messaging and mobile payment in one app.