In recent months, there have been rumors that Tech billionaire Elon Musk was looking to purchase the American Broadcasting Company (ABC), one of the biggest broadcast television networks in the United States. These rumors gained several significant rations online and across major social media platforms. However, it is very important to separate fact from fiction and explore what is known about a potential Elon Musk acquisition of ABC. Did Did Elon Musk Buy ABC? Let’s find out!
The Origins of the Elon Musk Buy ABC Rumor
The speculation of Elon Musk Buying ABC originated from a satirical piece published in late 2022, on social media. The publisher facetiously suggested that Musk should purchase ABC after his $44 billion acquisition of Twitter ( Now X). While it was posted with the intention of having fun, some readers and netizens took the idea seriously, thereby missing the satirical context.
The article, posted with the intention of having fun and prediction, was subsequently amplified by unnamed sources cited in a few blogs and YouTube videos with questionable reputations for accurately reporting business news. From there on, the Elon Musk Buying ABC rumor propagated rapidly across the internet and social media through shares and reposts without fact-checking the facts.
Elon Musk Buying ABC Rumor Lack Proof
As of 2024, there has been no credible evidence that Elon Musk or his companies have engaged in any talks to purchase or invest in ABC. Neither Musk himself nor his companies have made any official statements regarding an interest in buying the American broadcasting network (ABC).
Who Owns ABC
Now you might be wondering: Who Owns ABC? Elon Musk does not own ABC nor did Elon Musk Buy ABC, the company is currently owned by The Walt Disney Company, a company that is Chairman by Mark Parker and CEO by Bob Iger.
The company has not indicated its intention to sell ABC at any given time. In fact, Disney has reiterated its commitment to ABC in numerous shareholder meetings and communications over the past year.
Moreover, financial experts have widely dismissed the feasibility of Elon Musk funding another major acquisition such as ABC, which was made soon after the Twitter purchase, given the challenges and resources required to restructure and maintain the social media platform.
Experts Report On The Elon Musk Buy ABC Rumor
Reputable journalists from major business publications like The Wall Street Journal, The New York Times, and Bloomberg have investigated the rumors and found no factual basis to support them, proving that Elon Musk did not buy ABC. Below are statements from them;
“I’ve seen no evidence, internally at Disney or externally, that any talks are occurring about selling ABC to Elon Musk or any other buyer,” said Julia Alexander, a senior strategy analyst at Parrot Analytics tracking the media industry.
Edward Jones, an investment analyst who closely follows Disney as a company, stated, “A deal of that magnitude for Musk just doesn’t seem plausible at this time given his cash and resource commitments with Twitter.”
Conclusion
Based on the lack of official statements, insider information, or reports from credible news sources, the rumors of Elon Musk purchasing ABC likely started as satire or misinformation amplified online. Established business experts and analysts who closely follow both Musk’s business dealings and Disney as a company have found no evidence that either party is realistically pursuing or considering such an acquisition. There is no truth to the claim that Elon Musk has purchased or is looking to purchase the ABC broadcast network.
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