Elon Musk on Tuesday sent a letter to Twitter proposing to buy the microblogging platform for the original price of $54.20 per share.
Elon Musk is buying Twitter, finally. After months-long negotiations, Musk on Tuesday sent a letter to Twitter proposing to buy the microblogging platform for the original price of $54.20 per share. After owning Twitter, the Tesla CEO wants to make it a superapp or what he calls an “everything app”.
In his latest tweets, Musk noted, “Buying Twitter is an accelerant to creating X, the everything app.” Well, the billionaire hasn’t clarified what he really means by “everything app” or what he wants Twitter to offer in the long run.
It all started earlier this year when Musk pitched the idea of launching a social media app because Twitter doesn’t adhere to the basic principle of free speech. Later, Musk bought a 100 per cent stake in Twitter for approx $44 billion. Eventually, in a few months, Musk lost interest in Twitter and wanted to come out of the deal stating that Twitter did not disclose accurate details related to bots on the platform. While the microblogging site reported that there are only 5 per cent spambots on the platform, Musk said that atleast 90 per cent of comments on his tweets are bots.
The fight, possibly, has come to an end and Musk should buy Twitter very soon, possibly by end of the year. While it is not clear what Musk means by “everything app”, the billionaire previously said that first thing he is going to do after buying Twitter is get rid of spam bots. Previously, Musk also said that he would take the Edit button as soon as the deal closes. Twitter recently launched the edit button, but for now it is limited to Twitter Blue subscribers only.
While Musk has approved the Twitter buyout deal at the original price, there’s still no clarity about when the final buyout will happen. Twitter, though, said that it is working towards closing the deal very soon.