- The Twitter purchase saga continues as Elon Musk wants to buy the social media platform again.
- Musk is willing to stick to the same asking price of $54.20 per share.
- He also noted that the purchase of Twitter will accelerate the development of a mysterious app.
The well-documented saga between Elon Musk and Twitter over his purchase of the social media platform has now come full circle.
This as SEC filings confirm that Musk will indeed follow through on his purchase of the company, after initially trying to back out of the deal and threatening to take Twitter to court over it.
“We write to notify you that the Musk Parties intend to proceed to closing of the transaction contemplated by the April 25, 2022 Merger Agreement,” the aforementioned filing explained.
“The Musk Parties provide this notice without admission of liability and without waiver of or prejudice to any of their rights, including their right to assert the defenses and counterclaims pending in the Action, including in the event the Action is not stayed, Twitter fails or refuses to comply with its obligations under the April 25, 2022 Merger Agreement or if the transaction contemplated thereby otherwise fails to close,” it added.
As such, it looks like the Tesla CEO wants bygones to be bygones, with the previous price of $54.20 per share for Twitter also being adhered to. Once completed, it will be one of the most expensive acquisitions in the technology sector, at an estimated $44 billion.
Now that Musk is following through, an interesting reveal was also made by the billionaire, using his Twitter account to hint at an upcoming project – the X everything app.
Here he notes that purchasing Twitter will accelerate the development of this mysterious app, with Musk adding that the purchase closes the window to its launch by between three to five years.
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Whether this is all an elaborate smokescreen to cover up for the fact that Musk now has to purchase Twitter after wanting to back out of the deal is unclear. That said, $44 billion is a sizeable figure to go towards the development of another application.
Is Musk trying to build a super app or an all-encompassing social media platform? Only time will tell, but in the interim, he will have to now pay up the $44 billion as agreed. What this means for the future of Twitter is similarly murky.