![]() ![]() The deal was closed on October 27, with Musk immediately becoming Twitter's new owner and CEO. Weeks before the trial was set to begin, Musk reversed course, announcing that he would move forward with the acquisition. The company filed a lawsuit against Musk in the Delaware Court of Chancery shortly thereafter, with a trial scheduled for the week of October 17. In July, Musk announced his intention to terminate the agreement, asserting that Twitter had breached their agreement by refusing to crack down on spambot accounts. Musk stated that he planned to introduce new features to the platform, make its algorithms open-source, combat spambot accounts, and promote free speech. On April 14, Musk made an unsolicited offer to purchase the company, to which Twitter's board responded with a " poison pill" strategy to resist a hostile takeover before unanimously accepting Musk's buyout offer of $44 billion on April 25. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. on April 14, 2022, and concluded it on October 27, 2022. One year after Musk's acquisition, active user engagement had declined 16% and the company estimated the value of the company about 55% below the acquisition price of $44 billion, while an external estimate from Fidelity was about 65% below the acquisition price at around $19 billion.īackground Twitter logo from 2012 to 2023īusiness magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. senator Ed Markey, the Southern Poverty Law Center, and the Anti-Defamation League. representative Alexandria Ocasio-Cortez, U.S. Musk's decisions have also been criticised by Stephen King, U.S. This included his personal support of white nationalism and white pride, resulting in condemnation from the White House and the suspension of advertisement campaigns on the platform by numerous companies including Apple and Disney. Shortly thereafter, unverified users began to receive limits on direct messages.Īfter stepping down from CEO to CTO, Musk remained the subject of widespread criticism over viral misinformation and disinformation, an increase in hate speech, the persistence of child pornography on the platform, and antisemitism. In June 2023, Twitter began restricting unregistered users from viewing Tweets, described by Musk as a "temporary emergency measure". In November 2022 Twitter began offering paid verification checkmarks (available through X Premium, previously known as Twitter Blue) as well as a golden checkmark for organizations (available through Verified Organizations, previously known as Twitter Blue for Business), and removed legacy verified checkmarks.Įncouraged by the former Twitter CEO Jack Dorsey, a series of reports called the Twitter Files were released from December 2022 through March 2023, intended to shed light on content moderation, censorship, and government influence at the company prior to Musk's acquisition. President Donald Trump, reduced the workforce by approximately 80%, closed one of Twitter's three data centers, and largely eliminated the content moderation team, replacing it with the community voting system Community Notes (formerly Birdwatch). ![]() During Musk's tenure as CEO, Twitter introduced a series of reforms and management changes the company reinstated a number of previously banned accounts, including former U.S. Twitter was then rebranded to X in July 2023. Elon Musk completed his acquisition of Twitter in October 2022 Musk acted as CEO of Twitter until June 2023 when he was succeeded by Linda Yaccarino. ![]()
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