Elon Musk, a billionaire, stated on Tuesday that his choice to pay $44 billion for Twitter is ultimately “an accelerant to inventing X, the everything app.”
He responded to a user who suggested it would have been simpler to create X from scratch, saying “Twitter definitely accelerates X by 3 to 5 years, but I could be wrong.”
Musk co-founded X.com in 1999, which was initially an online bank. A year later, it merged with software company Confinity Inc. and adopted the name PayPal.
In 2002, online retailer eBay paid $1.5 billion for the electronic payments startup, and in 2015, PayPal was split off into a separate business.
PayPal Holdings Inc. (PYPL) Ticker Security Last Change Change% 92.61 -0.18 -0.19% eBay Inc. (EBAY) 38.97 0.30 0.78% Musk rebuilt the website in 2017 and bought the X.com domain name .
TWITTER claims that it intends to finalize a deal with Elon Musk.
The CEO of Tesla previously stated during electric vehicles annual meeting in August that he had a “grander vision” for what he believed X.com or X business could have been. Musk’s most recent tweets follow that statement.
It’s a fairly, really expansive idea, added Musk. “Naturally, it could be begun from scratch, but Twitter, in my opinion, would hasten the process by three to five years. In that sense, it’s similar to something I imagined would be helpful for a very long time.”
He added, “I know what to do. “I don’t need Twitter for that, but it would be, as I said, a three-year accelerant and I think it’s something that would be really valuable to the globe,” the speaker stated.
Musk suggested that if the purchase fell through, X.com could become a rival to Twitter a few days after the meeting.