Elon Musk Buys Lovin Dubai For $100 Million
Elon Musk can now add Middle-Eastern media buyer to his resume after it was revealed that the tech-preneur has paid $100 million to acquire an undisclosed stake in Lovin Dubai, a subsidiary of Augustus Media.
The entrepreneur/angel investor who is currently CEO of SpaceX and CEO, and product architect of Tesla purchased Twitter in October 2022 and for the first time is adding a regional media venture to his portfolio with the surprise move to buy the Dubai-based media brand.
“The funniest, most influential media brand the world has never heard of”
Musk, who recently spoke at Dubai Summit, commented on the venture
Lovin Dubai is a news, culture, and lifestyle brand, one of 16 Lovin cities in the region covering local news born in 2015. The site and social profiles totted up 1 billion video views last year, the company doubled its headcount and generated over $7.2m in revenue in 2022. Musk paid $44 billion for Twitter in October, however, the value of the social media platform famous for short-form tweets has dipped to $20 billion according to the latest figures, which raises eyebrows over Musk’s ability to run a successful media brand.
Elon Musk pays $100 million to buy Lovin Dubai in the region’s first major Western media buyout
We couldn’t think of anyone better to overcompensate our company than Elon
Lovin Dubai employee, anonymous
A media brand that captures a city, that captures a region
The New York Times
Dubai Problems reacted to the news
Musk famously nose-dived into his Twitter takeover with blanket rulings regarding platform updates and staff. What changes can he make to Lovin Dubai? He’d love to read your feedback in the comments
Aiming to roll out ability to reply to individual DMs, use any reaction emoji & encryption later this month
— Elon Musk (@elonmusk) March 5, 2023
Read next: Lovin Dubai Is Opening A Real Life ‘Influencer’ Museum
Opening soon! Lovin Dubai is building an entire luxe museum that the city’s biggest influencers will call home
Without further ado, it gives us immense pleasure to announce the Lovin Dubai Influencer Museum. The SZR development features a gym, a TikTok room, chill zone, tennis course, a wave pool… basically anything to make influencers feel at home. We’re also teaming up with big makeup and beauty brands, for guaranteed live tutorials from resident MUAs!
In plain terms, it’s like a zoo for people, and we’ve got BIG personalities lined up for day 1.
The ‘fluencers will have private bathroom facilities, but the rest of the facility is fair game (open to public viewing)… Do not feed the influencers!
Read it here
