Elon Musk wants to buy Twitter again: what exactly is the situation?
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Elon Musk wants to buy Twitter again: what exactly is the situation?

Elon Musk wants to buy Twitter again

Elon Musk wants to buy Twitter again – Elon Musk made a striking turn in the Twitter saga on Tuesday. After months of legal wrangling over whether or not to take over Twitter, the billionaire decided to go ahead with the deal. The Tesla CEO has new plans for the network and hopes to avoid lawsuits.

Elon Musk wants to buy Twitter again

Musk let his 107.9 million followers know on Tuesday that he is working on ‘X’ – according to him “an app for everything”. The purchase of Twitter would accelerate plans for such an all-encompassing app, Musk wrote.

But that doesn’t seem to be the only reason for his spin. Experts already expected that Musk had hardly any chance of getting out of the deal. Bloomberg wrote monday on the basis of insiders that legal advisers therefore probably urged Musk to continue with the purchase.

The purchase goes through, the purchase does not go through

It all started in April, when Musk was invited to join Twitter’s board. That happened after he had bought shares in the company for months. Musk accepted the offer, then abandoned it and then tried to buy the entire platform.

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In turn, Twitter initially turned down the takeover bid. But the company turned around when it turned out that Musk was serious and could collect the money. A deal was reached: Musk would buy Twitter.

Then Musk made his next turn. In May, he claimed that Twitter’s estimate of the number of active fake and spam accounts on the platform was incorrect. It was a welles-nietes game that ended in July. Musk said he withdrew from the acquisition.

“Twitter violates multiple provisions of that agreement and appears to have made false and misleading statements, which Mr. Musk relied on when entering into the merger agreement,” Musk’s lawyers reported at the time.

Reversing purchase is a tricky story

On October 17, Twitter and Musk would face each other for the first time in court. Whether that case will continue is not known. Musk has said the deal will happen, provided the lawsuit is stopped. As long as there is no official agreement, the case is expected to proceed as planned.

Experts already predicted that it will be difficult for Musk to get out of the deal. “It’s up to Musk to prove that the spam accounts were not only fake, but that the number also has serious consequences for Twitter’s revenue,” one of them told Reuters. In similar cases in the past, judges usually ruled in favor of the seller, in this case Twitter.

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Musk now has new energy and plans that make him want to complete the purchase. He wanted to buy Twitter first to “get more out of the platform’s potential”. For example, there had to be more room for freedom of expression. He also wanted to attract more users and sell subscriptions to make money.

X: the all-encompassing (Elon Musk wants to buy Twitter again)

Now he seems to see Twitter as a starting point for something bigger, which he calls X. Musk has experience with that letter. In 1999 he co-founded X.com, an online bank that was later developed into the well-known payment platform PayPal.

The X-app could resemble the Chinese WeChat, a service about which Musk has often spoken positively. WeChat is basically a chat app, but is used (daily by more than a billion Chinese) for much more.

With the app, users can, for example, shop online, read news, take out a loan, order food or have an Uber-like taxi drive ahead. Different types of apps are linked to WeChat and together form one ‘superapp’.

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It is unclear how Musk envisions the future of Twitter and what X will be exactly. More will probably come out about that in the coming period, undoubtedly via Musk’s Twitter account. At least, if the acquisition really goes through this time.

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