What if the Twitter acquisition fails? Elon Musk's plan for a new social media platform

What if the Twitter acquisition fails? Elon Musk's plan for a new social media platform

Twitter's lawsuit against Elon Musk

Updated on August 12, 2022 12:23 PM by Michael Davis

Tech billionaire Elon Musk has prodded a potential new online entertainment stage in a mysterious tweet amid the continuous severe lawful quarrel with Twitter. While answering an inquiry to one of his 103 million supporters, the Tesla CEO uncovered the name of the clear site.

 

"Have you contemplated making your own social stage? On the off chance that Twitter bargain doesn't get through?" the "Tesla Owners Silicon Valley" Twitter account inquired. "X.com," was Musk's answer.

Sale of Tesla shares

The remark came after it was uncovered that the extremely rich person had sold 7.92 million Tesla shares worth $6.9 billion before the genuine opportunity he could be compelled to buy Twitter.

 

"If Twitter powers this arrangement to close and some value accomplices don't come through, it is vital to keep away from a crisis offer of Tesla stock," Musk said about the deal on Twitter.

 

It's not whenever the extremely rich person first indicates sending off an immediate contender to Twitter. In front of his Twitter takeover offer, Musk told Twitter CEO Parag Agrawal he had considered making his foundation.

Also Read: Is Elon plan to sell Tesla?

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The lawsuit against Musk

Furthermore, Twitter recorded the thought as a reason to worry in its claim against Musk, saying they accepted he could be gathering inner information about the organization with an end goal to imitate it.

 

X.com likewise has an intriguing history. At Tesla's yearly investor meeting last week, the CEO remarked on the site, which he repurchased from PayPal in 2017.

 

"I really do kind of have a more terrific vision for what I figured X Corporation might have come back in the day," Musk said. "It's a fantastic vision and obviously that could be begun without any preparation however I figure Twitter would speed up that by three to five years."

Origin of X.com

 X.com was at first a web-based bank that was helped to establish by Musk in 1999. The organization, in the end, converged with another installment framework and became PayPal which eBay purchased for $1.5 billion every 2002.

 

In 2017, Musk purchased the area name "X.com" from PayPal, saying the webpage had "extraordinary nostalgic worth," and relaunched the site. At that point, he said he didn't have plans for it.

 

Today, if you visit the webpage, it just shows a clear white page with a solitary little "X" toward the edge of the site page. The site has stayed a lot similar throughout recent years.

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Problems with Twitter 

 On the off chance that X.com turned into some informal community or Twitter substitute, Musk will probably zero in on annihilating bots on the site and limiting control.

 

The extremely rich person has been profoundly skeptical of Twitter bots and the organization's prohibition on previous President Donald Trump. Musk probably won't have a choice but to fabricate his rival as his court fight with Twitter starts in October.

 Also Read: Elon plans to sell more shares of Tesla

The Twitter deal

 The virtual entertainment organization has said it intends to make the extremely rich person purchase the stage at the first cost of $44 billion. As of late, Twitter has summoned large numbers of Musk's nearest colleagues and companions.

 

The case is being attempted in Delaware. Last month, Twitter seemed to win its most memorable fight against Musk when Chancery Court judge Kathaleen St. J. McCormick consented to a sped-up preliminary.

 

Various specialists recently let Insider know that Musk faces a difficult task in his endeavors to escape the arrangement because of the ironclad agreement he marked recently.

Also Read: Elon vs. Twitter

 

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