Elon Musk Acquires a Stake in Lovin Dubai for $100 Million: Report

• Elon Musk buys an undisclosed stake in Lovin Dubai for $100M.
• Lovin Dubai is a information, tradition, and life-style model within the Center-Jap area.
• Khaleej Occasions claimed the supposed deal was an April Idiot announcement.

In line with an official report, Elon Musk has bought an undisclosed stake in Lovin Dubai, a subsidiary of Augustus Media, for $100 million. The acquisition marks Musk’s first regional media enterprise after buying Twitter for $44 billion final 12 months.

Notably, Lovin Dubai is a information, tradition, and life-style model that covers native information within the Center-Jap area. The corporate generated over $7.2 million in income in 2022 and noticed a one billion video view on its website and social profiles final 12 months.

Moreover, the report claimed Musk had described Lovin Dubai as “the funniest, most influential media model the world has ever heard of” in a latest Dubai Summit.

Opposite to the claims from Lovin Dubai’s official report, Khaleej Occasions, a well known UAE media home, has argued that the supposed acquisition deal was a mere media stunt in celebration of April Idiot’s Day.

Whereas itemizing Lovin Dubai’s report on quantity three, Khaleej Occasions wrote:

Right this moment, on April Idiot’s Day, standard UAE manufacturers have as soon as once more provide you with their very own distinctive methods to prank residents. From launching new merchandise to amending outdated ones, we had a good time after we got here throughout these intelligent pranks taking up social media.

Early this 12 months, Musk reaffirmed his vow that he would “eat a contented meal on reside TV” if McDonald’s accepted the meme token (DOGE) as fee. Musk confirmed the deal was nonetheless open whereas responding to McDonald’s tweet.

— Elon Musk (@elonmusk) January 27, 2023

Notably, the billionaire proprietor of Twitter has been a staunch proponent of the meme Dogecoin.

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