In the middle of his bitter legal battle with Twitter, Elon Musk hinted at launching a new social media platform which he would refer as X.com.
Is Elon Musk coming up with new social media site https://t.co/5SMtcsbGvc amid Twitter legal feud?
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In a cryptic Tweet on August 10, Wednesday, Elon Musk responded to one of his followers’ questions, who asked him his plausible course of action should the Twitter deal falls apart.
“Have you considered creating your own social platform? If the Twitter transaction falls through, what then?” an account on Twitter called “Tesla Owners Silicon Valley” queried, to which Elon Musk responded with, “X.com.”
— Elon Musk (@elonmusk) August 10, 2022
Notably, X.com was the web address of a company that Musk co-founded in 1999 but it was later acquired by PayPal. In 2017, Musk bought the domain name back from PayPal. Shortly later, Musk declared the site’s relaunch, albeit all that is currently visible is a little “x” in the top left corner of a white screen.
Musk further hinted at his intentions for “X.com” in the “hopefully improbable event” that Twitter pushes this acquisition to complete and certain equity partners don’t come through.
Yes.
— Elon Musk (@elonmusk) August 10, 2022
In the (hopefully unlikely) event that Twitter forces this deal to close *and* some equity partners don’t come through, it is important to avoid an emergency sale of Tesla stock.
Musk’s Tweet comes at a time when Musk is involved in a high-stakes legal battle with Twitter.
Elon Musk Vs Twitter
It may be recalled that on Friday (May 13), Tesla CEO Elon Musk announced that the 44 billion dollar Twitter deal has been temporarily put on hold, subject to the estimate that less than 5% of users on the micro-blogging platform are spam/fake accounts.
Elon Musk, who was already the largest individual shareholder of Twitter holding 9.2% of the company, had earlier stated that he had no faith in the management and couldn’t fulfil Twitter’s true potential under them. He aimed to make the company private so that he could have full control over it and could direct Twitter to fulfil its full potential.
Twitter’s board had tried its best to resist Elon Musk’s takeover bid, including trying to trigger the poison pill strategy. However, the price Musk offered coupled with the mood of the majority of Twitter shareholders eventually forced the Twitter board’s hand.
Elon Musk, who is already the CEO of electric vehicle giant Tesla and SpaceX, had sealed the fate of the micro-blogging platform in a 44 billion dollar deal. Following the takeover, Twitter Inc. has locked changes to its source code to prevent disgruntled employees from making unauthorised changes to the platform.
