MILAN, Oct 5 (Class Editori) — The acquisition of Twitter is an accelerant to creating X, the everything app. This was written by billionaire Tesla founder Elon Musk in a tweet, following his about-face on Wednesday, October 4, with the decision to proceed with the purchase of the Nasdaq-listed social network, where it rose by 22% following the announcement, ending struggles to get out of the deal.
Musk had previously indicated that the name X.com applied to a social media company he might have created if the Twitter deal had not happened. The unexpected turnaround came after Musk confirmed that he would close the 44-billion-dollar deal to buy the company at 54.20 euros per share, according to the initially agreed terms. Musk's change of heart could allow the two parties to avoid a lawsuit, which is scheduled to be heard on October 17 before the Delaware Chancery Court, to adjudicate his abandonment of the Twitter acquisition. In April, the South African entrepreneur proposed to buy the Group, but in July Musk changed his mind, criticizing the company for hiding the number of fake accounts it was hosting. The social network responded with a lawsuit against Musk for reneging on its commitment. Yesterday came Musk's reversal that changed the scenario.
How WeChat works
X takes on the WeChat model. “Twitter probably accelerates X by 3 to 5 years, but I could be wrong,” Musk tweeted, responding to one of his followers. As reported by Bloomberg, X could look a lot like WeChat, Tencent’s Chinese super-app of which Musk has appreciated the evolution as a messaging platform used daily by over a billion Chinese people. WeChat offers a platform that combines apps such as Facebook, Twitter, Uber, Instagram and Substack. In addition to booking some services, ordering food and giving opinions, it is one of the most popular entertainment and information websites in China. However, it is also a major fintech provider as one of the biggest online payment and finance networks in the country: users can exchange money, pay for goods and services and borrow money. Finally, companies also use it: the WeChat mini-program business is worth about 240 billion dollars and users grew by 12.5% to 450 million in 2021.
(Source:Class Editori)
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A single purchase
