Elon Musk tweeted Tuesday afternoon that Buying Twitter is an important factor in creating X, the Everything app. It is not exactly clear what the X app would entail, but Musk is getting back to his roots.
Musk made his initial fortune through Zip 2 and X.com, two startups in the 1990s. X.com would later turn into PayPal Holdings Inc PYPL, despite Musk s wishes to keep the name X.com.
The stock of Twitter was priced at $54.20 a share.
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Musk's legal battle looked like an uphill battle, and he decided to bypass mountains of money in legal fees, as well as the potential embarrassment of losing the court case.
It is not exactly clear what changes Musk will do when he takes over Twitter, but he mentioned making the algorithm open source and different methods to combat bots.
On Wednesday, trading for Twitter shares was up 22.09% at $52 at market close to the news, while shares of Tesla Inc TSLA fell as investors speculated that Musk would have to sell more Tesla shares. He sold $9 billion worth of Tesla stock a few months ago. The stock of Tesla rebounded a bit at the end of the market Tuesday and was $249.44 a share, up 2.90%.
While it is not clear what Musk has in mind for his everything app, he does have lofty ambitions.
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