Musk acquired X (then Twitter) in October 2022 after a highly publicized back and forth, in which he gave up on the acquisition midway but ultimately closed the deal, paying $44 billion for the platform. X's user base has been on a decline since the acquisition, and advertising revenues have plummeted.

Chinese government officials are reportedly mulling selling TikTok's US operations to Elon Musk to avoid a complete ban in the country.

The app’s availability in the U.S. has been thrown into jeopardy over data privacy and national security concerns.