Elon Musk is Buying Twitter for $44B, Says He is Doing it for 'X' App

Isaiah Richard, Tech Times 04 October 2022, 08:10 pm

The Elon Musk and Twitter deal is back, and the tech CEO announced to the world that he is buying the social media platform in this surprising turn of events for the original price of $44 billion. The Tesla founder justified this change of heart as he said that Twitter would help as an accelerant to his future venture to establish the "X" app.

There is no news or information regarding what the X app would be, but Twitter would play a massive role in it soon.

Elon Musk is Buying Twitter for $44B

(Photo : CHRIS DELMAS/AFP via Getty Images)

It was a normal Tuesday for all, but not for the news regarding Musk's reported decision to buy Twitter again for $44 billion. According to CNN, Musk sent a letter to Twitter to let his intentions to continue with the deal and purchase the company was sent earlier today, with a Twitter spokesperson confirming this deal, with the company hoping to close the deal at $54.20 per share.

The price would be the same for Musk and Twitter, and it is at $44 billion for both to continue with the acquisition and turn the social media private for all to experience.

Additionally, Twitter shares went up by as much as 22 percent, and it took place before their case went to trial in the Delaware court.

Musk Says It's For the 'X' App

Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022

On Tuesday night, Musk also confirmed via his Twitter announcement that the acquisition is back, and the CEO would be doing it for the "X" app, a feature that would focus on everything. While nothing much was said about the X app, Musk claimed that Twitter would be an accelerant for it, as well as Twitter helping it in 3 to 5 years.

Elon Musk and Twitter

Musk joined Twitter's investor pool as the largest shareholder of the company with 9.2 percent of its stock purchases amounting to as much as $3 billion worth of social media. This took place in early 2022 and shocked the world with this new milestone for Musk's career, with some thinking that he would be the next CEO of the company.

After which, the tech CEO also announced shortly that he is offering a $43 billion buyout for the company and acquiring it to transform the social media into a private entity again, back to its roots. Twitter accepted the deal for $44 billion and the board members agreed despite them potentially losing their seats in the company.

However, that too was canceled after the bot incident that was not disclosed by the company in the initial documents.

After a public fight between Musk and Twitter which also took place in court, the top billionaire is now going back to the original plan of buying the social media for $44 billion. Now, Elon Musk is justifying this turn in the decision due to the future of his X app, a platform that the CEO did not share much about, but maybe focusing on a decentralized one for all.

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Written by Isaiah Richard