Yesterday, Tuesday, it was announced that Elon Musk decided to continue with the purchase of Twitter, putting an end to the legal battle they sustained. In his first statements, the billionaire confirmed the acquisition and revealed that owning the platform is part of a more ambitious project.
Returning to the initial terms, the billionaire will pay $44 billion by the social network ($54.20 per share), as reported by Bloomberg. With this decision, the trial between the company and the tycoon, which was agreed for next October 17, is avoided.
A few hours later, the 51-year-old businessman confirmed the purchase of Twitter from the same social network. He also stated that the platform is an “accelerator” for the development of Xan ‘all in one’ application.
“Buying Twitter is an accelerator to create X, the app for everything,” wrote Elon Musk.
Tesla’s CEO has been talking for some time about developing a platform that encompasses multiple everyday functions and doesn’t rely on advertising revenue.
Specialists affirm that it would be a ‘super app’ like the Chinese one wechat, which integrates messaging, social networks, payments, news, shopping, transportation and many more services. This already exceeds 1,000 million users, but until now there is no equivalent in the West.
In May, New York Times released an internal presentation with investors from Twitter, where Musk mentioned a new product called ‘X’. Though no further details were leaked, they estimated that it could be launched in 2023with some 9 million subscribers the first year and reaching 104 million in 2028, according to their projections.
In a subsequent tweet, the billionaire noted that: “Twitter will probably speed up (the creation of) X by 3-5 years, but I could be wrong.”
What is known about X, Elon Musk’s super app
Last August, the South African businessman caused a stir by insinuating that, if the purchase of Twitter did not materialize, he would launch his own social network called “X.com“.
The name is recycled, because that was the name of the first startup founded by Elon Musk in 1999. It was a type of digital bank that a year later merged with PayPalanother company co-founded by owner of SpaceX.
In 2017, the mogul bought back the ‘X.com’ brand and web domain from PayPal. At that moment, thanked the giant of electronic payments for allowing him to return to be the owner of that forgotten signature. “There are no plans for now, but he has great sentimental value for me,” explained then who is now the richest person in the world. Even a few days later announced its relaunchbut so far he hasn’t done anything with the site.
This letter is undoubtedly important to Musk, as we also see it in X Holdings, the company he created in April to manage the eventual purchase of Twitter. Also, it is the name of one of her nine children, X Æ A-Xiiwho was born in May 2020 and is the oldest of the two little ones he has with the singer Grimes.
Jack Dorsey backs Musk’s plans for Twitter
The billionaire has the approval of Jack Dorsey, creator, founder and former CEO of Twitter, to renew the platform.
“Elon is the unique solution that I trust. I trust your mission to spread the light of consciousness,” Dorsey wrote in April, when Twitter accepted the purchase offer. “Elon’s goal of creating a platform that is ‘maximally trustworthy and broadly inclusive’ is the right one,” she added in another tweet.
This week, several private conversations between Musk and Dorsey were leaked, with both agreeing to evolve the platform into “something new.”
“Yes, a new platform is required. It can’t be a company. This is the reason why I left”, the creator of Twitter would have told Elon.
When asked by the tycoon “What should it be like?”, Jack described his vision for the social network:
I think it must be an open source protocol, funded by some kind of foundation that doesn’t own the protocol, it just promotes it. A bit like what Signal has done. You cannot have an advertising model. Otherwise, you will have a surface area that governments and advertisers will try to influence and control. If you have a centralized entity behind you, you will be attacked. It’s not a complicated job, it just has to be done right to be resilient to what has happened to Twitter.
– Jack Dorsey
Next, the former general director of the platform advanced his plans:
“I am out of the Twitter board in mid-May and then completely out of the company. I intend to make this work and correct our mistakes. Twitter started as a protocol. It should never have been a company. That was the original sin.”
In response, the owner of star link Y neurolink let him know they were on the same line:
“Definitely let’s talk more. I think it’s worth trying to move Twitter in a better direction and do something new that is decentralized.”
Editorial Team The editorial team of EMPRENDEDOR.com, which for more than 27 years has worked to promote entrepreneurship.