Elon Musk is planning to buy Twitter for his original offer price – and he’s hinted at his plans for social media.
The world’s richest man is proposing to go ahead with purchasing the platform for $54.20 per share, a total value of $44bn (£38.4bn), following months of legal battles.
After news of the deal’s reinstatement, Mr Musk said that “buying Twitter is an accelerant to creating X, the everything app”.
And he said that buying the platform has brought forward his X project by three to five years, “but I could be wrong”. He gave no further details.
The idea behind X is a sort of super app, combining messaging, social media, payments-and lack of reliance on ad revenue, similar to the Chinese WeChat. That already has more than one billion users, but so far no equivalent exists in the West.
Earlier, trading in Twitter shares was halted as the stock price spiked following reports the deal was back on. The shares had been up by nearly 13% at $47.93 before trading was paused.
Mr Musk offered to stick to the original deal in a letter to Twitter, he disclosed in a filing with the US Securities and Exchange Commission on Tuesday.