Elon Musk says Twitter purchase will accelerate the creation of X, his long-discussed 'everything app'

Elon Musk.
Elon Musk has offered the buy Twitter for the original price of $44 billion offered in April.REUTERS/Adrees Latif
  • Elon Musk says buying Twitter will accelerate the creation of X, an "everything app."

  • Musk has offered the buy Twitter for the original price of $44 billion he offered in April.

  • The Tesla CEO has previously teased X.com as a possible Twitter competitor.

Elon Musk's $44 billion deal to buy Twitter is back on the table and the billionaire is claiming the purchase will accelerate the development of his long-discussed "everything app."

After months of litigation, the Tesla CEO is looking to avoid a court battle by offering to buy the social media platform for the price he originally agreed in April, valuing Twitter at $54.20 per share.

Musk followed up news of his renewed offer to buy the company with a tweet claiming the move would accelerate the creation of "X, the everything app."

The billionaire responded to a comment suggesting it would be faster to build X from scratch saying: "Twitter probably accelerates X by 3 to 5 years, but I could be wrong."

Musk made the same claim during a Tesla annual shareholder meeting in August. He told shareholders he had a "grander vision for what I thought X Corporation could have been back in the day."

"It's a pretty grand vision and of course that could be started from scratch but I think Twitter would accelerate that by three to five years."

Musk has previously teased X.com as a possible Twitter competitor. In August, Musk responded to a question asking if he'd launch his own site instead of buying Twitter by tweeting "X.com."

X.com was originally an online bank co-founded by Musk in 1999. The company later merged with another online payment system and became PayPal. In 2017, Musk bought the domain name and relaunched the site.

At the time, Musk claimed he had no plans for the site but the domain had "great sentimental value" for him. Currently, the website displays a small x if launched.

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