If Twitter Inc.'s ownership changed, funding for the Bluesky effort would need to be re-evaluated, said Jack Dorsey, the company's creator, in a tweet.
"Twitter doesn't own it," Dorsey replied in response to a Bluesky comment. "Funding would need to be evaluated," he says.In early trade, Twitter shares jumped 3.6 percent to $47.49. The social networking platform's shares, which were valued at $37 billion before Musk's bid, fell by nearly a third in value during the preceding year.
Bluesky's development has been gradual, he claims. The initiative's goal is to create a system that would allow numerous social networks to engage with one another.
Elon Musk announced a $43 billion hostile takeover proposal for Twitter earlier this week. To assist fight off the idea, the business enacted a so-called "poison pill" clause.
Elon Musk wants to purchase Twitter for $43 billion in cash, stating that "social Media needs to turn into a private corporation." Musk, the billionaire entrepreneur of Tesla automobiles, revealed this month that he owns 9.2 percent of Twitter and proposed in a regulatory filing on Thursday to purchase the remaining shares for $54.20 per unit.
Musk "I have invested in Twitter because I think in its potential to become a wonderful venue for free expression throughout the world, and I believe free speech is a societal essential for a functioning democracy," the filing states.
"However, after making my investment in Twitter, I've recognized that the firm, in its current shape, can neither develop nor satisfy this societal necessity."
In a statement, Twitter said, "we have received Musk's offer to acquire remaining shares, and the board will carefully consider this proposal."
In early trade, Twitter shares jumped 3.6 percent to $47.49. The social networking platform's shares, which were valued at $37 billion before Musk's bid, fell by nearly a third in value during the preceding year.