Elon Musk Believes That Acquiring Twitter (TWTR Stock) Is An Essential Step Toward Developing An "Everything App."

On Tuesday, Elon Musk stated that the acquisition of Twitter (TWTR Stock) is an “accelerator to producing X, the everything app.”

In the past, Elon Musk has lauded the Chinese software WeChat as a model for Twitter (NYSE:TWTR). However, it is not obvious what this app will be used for. WeChat integrates the functions of text messaging, social networking, and mobile payment systems.

Musk stated that he might be incorrect, but it seems likely that Twitter will accelerate X by three to five years.

After attempting to back out of his deal to purchase Twitter (NYSE:TWTR), the billionaire CEO of Tesla has been engaged in a legal struggle with the social media network for several months. Twitter reported on Tuesday, just before the trial was to begin in a Delaware court, that Musk’s attorneys had written in a letter indicating the billionaire wanted to finalize the purchase at the price of $44 billion that he proposed in April. The trial was scheduled to begin on Wednesday.

Following a 22% increase in value on Tuesday, Twitter stock share prices had a 0.5% decline in premarket trading on Wednesday, reaching $51.74 per share. The price of Tesla shares was down by 1.4% early on Wednesday.

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Valerie Remorosa

About the author: Valerie Ablang is a freelance writer with a background in scientific research and an interest in stock market analysis. She previously worked as an article writer for various industrial niches. Aside from being a writer, she is also a professional chemist, wife, and mother to her son. She loves to spend her free time watching movies and learning creative design.