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Elon Musk says Twitter will eventually be part of ‘X, the app for everything’

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Elon Musk has a new plan for Twitter Inc. After abandoning a legal battle and agreeing to pay the company $44 billion on Tuesday.

“Buying Twitter is an acceleration to create X, apply everything”


– Elon Musk

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That tweet Musk’s first public statement on Tuesday about the decision was, that has been revealed On file with the Securities and Exchange Commission earlier today. While Tesla Inc.
TSLA,
+ 2.90%

The CEO has come up with a myriad of ideas to improve Twitter
TWTR,
+ 22.24%
And the
This was his first mention of creating a new app that includes Twitter, though He surreptitiously tweeted a hint before About plans for a social media service under that name.

In a discussion with Twitter employees earlier in the acquisition, Musk sparked a desire to build “Excellent application”, A concept that has gone ubiquitous in China, with offerings like WeChat, but has yet to find an equivalent in the US

While the mention of turning the “X” into its own app is new, Musk had a history with the letter long before Tesla launched the Model X. One of Musk’s big gains as an entrepreneur was when his online bank, X.com, merged with another company to create PayPal Holdings Inc.
PYPL,
+ 6.43%

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in 2000.

When eBay Inc.
ebay,
+ 3.90%

Buying PayPal for $1.5 billion in 2002, Musk received millions in proceeds, which he directed toward Tesla and his rocket startup, SpaceX. But he returned to X.com in 2017, Domain Recovery – One of three monogrammed domains available – for an undisclosed fee.

Musk hasn’t done much with X.com – the site is currently with a single X on a white background. But when he agreed in May to acquire Twitter for $44 billion, he created a holding company that would swallow up Twitter once the acquisition was complete, naming it X Holdings.

After agreeing to acquire Twitter, Musk attempted to cancel the purchase, which led to a legal battle with Twitter. Just two weeks before the trial began in Delaware Chancery Court, Musk sent a letter to Twitter executives. Agree to proceed with the transaction if they drop the legal process.

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While he hasn’t previously presented his plans for the X app, in a follow-up tweet Tuesday, Musk noted that those plans have been accelerated by his Twitter acquisition.

Although his plans may be kept secret for now, Musk has dropped at least one hint from them: X marks the location.



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MicroStrategy is at its lowest level since 2020 after the sales were revealed

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(Bloomberg) — Shares of MicroStrategy touched their lowest level since August 2020 after the enterprise software company, which in recent years has been known as the largest buyer of bitcoin, revealed its first sale of the token.

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The stock fell 1.1 percent to $136.63 on Thursday, down 75 percent this year. Bitcoin rose less than 1% to around $16,590 and is believed to have fallen 64% since the start of the year.

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In a filing on Wednesday, MicroStrategy said it acquired approximately 2,395 Bitcoin between the beginning of November and December 21 through its subsidiary MacroStrategy, and paid out approximately $42.8 million in cash. It then sold 704 of the tokens on Dec. 22 for a total of about $11.8 million, citing tax purposes, before buying another 810 of them two days later.

Matt Malley, chief market strategist for Miller Tabak + Co. Step down as CEO. This news means they don’t seem to want to do that anytime soon.”

Overall, MicroStrategy held about 132,500 bitcoins worth over $4 billion USD as of December 27th. The company paid an average purchase price of $30,397 per bitcoin.

“Given MicroStrategy’s $2.4 billion in leverage, we believe the company may have a lot of leverage over Bitcoin, and may face some liquidity risk,” Jefferies analyst Brent Thiel wrote in a note on Wednesday. Thill has an “underperform” rating on the stock and a price target of $110.

Over the years of the pandemic, MicroStrategy has become well known for its Bitcoin takeovers, largely led by Saylor. Earlier this year, Saylor stepped down from that role and now serves as CEO at the company and continues to lead its bitcoin strategy.

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MicroStrategy was trading around $120 before Saylor first announced the company’s Bitcoin purchases in 2020. The stock reached an all-time high of $1,315 in February 2021.

(Updates to include the stock’s closing price in the second paragraph.)

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Bankman-Fried May File Petition in New York Federal Court Next Week Before Judge Louis Kaplan By Cointelegraph

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Former FTX CEO Sam Bankman-Fried is set to appear in court on the afternoon of January 3 to enter a lawsuit over two counts of wire fraud and six counts of conspiracy against him related to the collapse of cryptocurrency exchange FTX, according to Reuters. mentioned on December 28, citing court records. Bankman-Fried will appear before District Judge Lewis Kaplan in Manhattan.

Judge Kaplan was appointed to hear the case on December 27 after the original judge in the case, Ronnie Abrams, Resigned herself because of connections between FTX and the law firm Davis Polk & Wardwell, where her husband is a partner. The company provided advisory services to FTX in 2021.