Elon Musk to Create ‘Everything App’ Known as ‘X’ with Twitter Purchase
Tesla and SpaceX CEO Elon Musk will purchase Twitter again with his original terms at $54.20 per share, as revealed yesterday in a surprise u-turn.
The decision comes ahead of Musk’s scheduled deposition starting tomorrow and his October 17 Supreme Court case in Delaware with Twitter, as the Tesla leader originally wanted to renege on the deal, citing a lack of bot data from the social network.
Musk said later on Tuesday, “Buying Twitter is an accelerant to creating X, the everything app.” When someone asked why he wouldn’t just build X from scratch, Musk replied, “Twitter probably accelerates X by 3 to 5 years, but I could be wrong.”
Buying Twitter is an accelerant to creating X, the everything app
— Elon Musk (@elonmusk) October 4, 2022
Musk owns the domain X.com, with the latter an online bank he co-founded in 1999 during the dot com era, that eventually merged with a competitor Confinity Inc. to then change its name to what we know today, as PayPal (eBay acquired PayPal in 2002 for $1.5 billion).
It’s unclear what “the everything app” entails, but with Twitter being a social network and Musk also supporting cryptocurrency payments with Dogecoin, it could be something like a messaging and payment app, similar to China’s WeChat created by Tencent. WeChat essentially eliminates the need to have multiple apps for messaging, shopping and payments.
Back in June, Musk had previously praised WeChat at a Twitter town hall, saying there was “real opportunity” to create an equivalent for outside of China, saying it was “great”. WeChat allows users to chat and make payments to friends and for retail purchases easily by scanning a bar code or QR code.
“And, you know, if I think of, like, WeChat in China, which is actually a great, great app, but there’s no WeChat movement outside of China. And I think that there’s a real opportunity to create that. You basically live on WeChat in China because it’s so useful and so helpful to your daily life. And I think if we could achieve that, or even close to that with Twitter, it would be an immense success. Hopefully, that is — I really went on there. And I’m happy to elaborate on any of those points,” said Musk previously at the town hall.
As the Musk-Twitter saga continues, it remains to be seen if and when an ‘X’ app will become a reality.