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

source-logo  coinedition.com 01 April 2023 16:45, UTC

According to an official report, Elon Musk has purchased an undisclosed stake in Lovin Dubai, a subsidiary of Augustus Media, for $100 million. The acquisition marks Musk’s first regional media venture after purchasing Twitter for $44 billion last year.

Notably, Lovin Dubai is a news, culture, and lifestyle brand that covers local news in the Middle-Eastern region. The company generated over $7.2 million in revenue in 2022 and saw a one billion video view on its site and social profiles last year.

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

Contrary to the claims from Lovin Dubai’s official report, Khaleej Times, a well-known UAE media house, has argued that the supposed acquisition deal was a mere media stunt in celebration of April Fool’s Day.

While listing Lovin Dubai’s report on number three, Khaleej Times wrote:

Today, on April Fool’s Day, popular UAE brands have once again come up with their own unique ways to prank residents. From launching new products to amending old ones, we had a great time when we came across these clever pranks taking over social media.

Early this year, Musk reaffirmed his vow that he would “eat a happy meal on live TV” if McDonald’s accepted the meme token Dogecoin (DOGE) as payment. Musk confirmed the deal was still open while responding to McDonald’s tweet.


— Elon Musk (@elonmusk) January 27, 2023

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