Did Elon Musk buy Twitter?
Elon Musk is no stranger to controversy, but his $44 billion acquisition of Twitter and the subsequent fallout was big even for him. With Elon Musk as CEO of a major social media network, things are changing rapidly for Twitter’s employees and users alike.
In this post, we’re going to look at the events leading up to the eventual purchase of Twitter and what’s happened since. If you’re in the dark about this monumental transaction, keep reading, and we’ll tell you everything you need to know.
Table of Contents
Why Did Elon Musk Buy Twitter?
Twitter and Elon Musk – how and why did this happen?
Musk has been using Twitter since 2010 and has accumulated 80 million followers since then. In 2017, he published a tweet – “how much is it?” – referring to the price tag of the social media platform.
Things got serious earlier this year when he started openly questioning whether or not Twitter adhered to free speech. After trying and failing to become a board member, Musk acquired 9.2% of the company, which made him the largest single shareholder.
A few months and several critical tweets later, Elon Musk announced his intention to purchase Twitter and make it private. All of this was done under the pretense of free speech.
Elon Musk Buys Twitter
Although Musk was able to secure the capital fairly quickly to purchase the company, there were several controversies along the way. The board unanimously accepted the $44 billion offer on April 25, and Twitter was set to become a private company, but within a couple of weeks, the deal was put on hold.
This occurred because a report came out that 5% of Twitter’s daily users were spambots. Musk alleged a lack of transparency with regard to user data and attempted to pull out of the deal. Twitter filed a lawsuit as a result, but both sides eventually agreed to move ahead with the deal after Musk changed his mind.
The Fallout of Elon Musk as Owner and CEO of Twitter
On October 27, Elon Musk became the new owner of Twitter and took immediate action, firing the CEO, CFO, and several other top-level employees. By November 4, Musk had laid off a huge number of employees and closed Twitter’s San Francisco office.
All-in-all, about half of the company’s workforce was terminated with some finding out through email and others being locked out of their work accounts. On November 16, Musk sent an email to the remaining employees asking them to perform “extremely hardcore” work.
Hundreds more employees quit that day, which affected the platform’s ability to function normally. In addition, Musk had the idea to charge users for the coveted blue checkmark. In the days since, many of Twitter’s users have stopped using their accounts, switching to Mastodon.
If you’re an American who has ditched Twitter in the wake of all of these Musk shenanigans, select a US Mastodon Server and start following people today.
Did Elon Musk Spell the End of Twitter?
Why did Elon Musk buy Twitter only to seemingly sink its value and viability as a social media network? It’s difficult to say, but there’s no denying that he’s one of our most brilliant business minds. It wouldn’t be surprising to see Twitter have its heyday once again.
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