At $54.20 a share, Elon Musk has agreed to buy Twitter at a staggering $44 Billion.
Musk has plans on turning Twitter into an “everything” platform, which he has named “X”,
The X App, much like the Chinese-made WeChat app, hopes to be a platform that integrates social media, messaging, and payments. Having once been a pipeline idea, Elon has said that it has brought the project forward by 3 to 5 years.
In a disclosed filing with the US Securities and Exchange Commission, last Tuesday, Musk said he will commit to the deal, providing he gets debt financing and that the Delaware Court of Chancery throws away a lawsuit brought by Twitter.
Dan Ives, an analyst at Wedbush investment firm, said “This is a clear sign that Musk recognised heading into Delaware Court that the chances of winning versus the Twitter board was highly unlikely and this $44bn deal was going to be completed one way or another.’
Musk’s initial back out of the Twitter acquisition came from the number of bot users on the platform, claiming Twitter’s estimate of bot users being 5% was incorrect and lower than the actual number.
Last month, the takeover deal received approval from Twitter’s shareholders.
