Elon Musk, CEO of Tesla and SpaceX, suggested on Wednesday if he decides not to continue buying Twitter, he would launch his own social media network.
Musk, who previously offered to pay $44 billion for the social media business, questioned Twitter’s claimed 5% of accounts are fake or spam.
The true figure might be as high as 33%. As a result, the corporation is attempting to compel the conclusion of the sale; now, the multibillionaire is embroiled in a court battle.
The Details
Musk indicated he is preventing an “urgent sale” of stock in the “extremely rare” scenario that Twitter pushes the deal to finishing in a conversation about his recent $6.9 billion selling of Tesla stock.
Musk only provided a link to “X.com” in response to the question of whether he would launch his own social media network if the agreement were to be ended.
In 1999, Elon co-founded X.com, an online bank that later merged with Confinity to form PayPal. As per Business Insider, Musk bought the web address from PayPal in 2017 and said it had “sentimental worth.”
The website now just displays a little black “X” on the page’s side.
deep thot pic.twitter.com/0EcPd30QAs
— Elon Musk (@elonmusk) August 11, 2022
The news source reported that during a recent Tesla investor meeting, Musk made mention of X.com.
Musk admitted he had a “grander vision” for what X Corporation may have been in the past. It’s a really lofty goal; it could certainly be accomplished from the start, but Twitter would hasten the process by three to five years.
Musk, the richest person in the world, frequently cited the need to tackle the lack of free speech on the network as the reason he does not “care about the economics” of the prospective Twitter takeover “at all.”
To support freedom throughout the globe more generally than in the United States, Musk said, “it’s vital to the function of democracies; it is essential to the performance of the United States as a free nation and many other nations.”
A Statement From Twitter in the Mix
The trial to decide how the acquisition transaction will turn out is planned for October. In recent financial results, Twitter claimed the negotiations with Musk were to blame for a loss of $0.08 per share.
According to Twitter, “acceptance of the merger agreement by our shareholders is the sole remaining regulatory condition to sealing the deal under the merger agreement.”
Maybe free some people in jail for weed here too? pic.twitter.com/AYo0ZC79lZ
— Elon Musk (@elonmusk) July 31, 2022
The merger is contingent upon continuing litigation, the acceptance of the proposed merger by Twitter stockholders, and the fulfillment of the remaining closing conditions; so, it is impossible to estimate when it will actually be completed, if at all.
In contrast, Musk’s lawyers claimed in a letter dated July 8 that Twitter had failed to give accurate data on its user base.
This article appeared in Conservative Cardinal and has been published here with permission.
