When did Elon Musk buy Twitter? What is this Twitter about?

When did Elon Musk buy Twitter? Whether you accept it or not, Elon Musk and his Twitter purchase deal have been the most talked-about topic in the last six months. It has been exactly 5 months since the billionaire purchased the microblogging platform, and a lot has happened since then. In fact, Musk bought Twitter for $44 billion after months of negotiation, but today the company’s value is only $20 billion, which is less than half of the original price. Wondering what happened in the last five months? Well, the answer is: a lot.

Elon Musk buy Twitter

When did Elon Musk buy Twitter?

AFTER ELON MUSK finalized his purchase of Twitter on October 27, 2022, I wrote an article in which I warned, “We need to take seriously the possibility that this will end up being one of the funniest things that’s ever happened.”

Today, I have to issue an apology: I was wrong. Musk’s ownership of Twitter may well be — at least for people who manage to enjoy catastrophic human folly — the funniest thing that’s ever happened.

Let’s take a look back and see how I was so mistaken.

Musk began his tenure as Twitter’s owner by posting this message to the company’s advertisers, in which he said, “Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise. … Twitter obviously cannot be a free-for-all hellscape, where anything can be said with no consequences! In addition to adhering to the laws of the land, our platform must be warm and welcoming to all.”

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Musk had to say this for obvious reasons: 90 percent of Twitter’s revenues came from ads, and corporate America gets nervous about its ads appearing in an environment that’s completely unpredictable.

I assumed that Musk would make a serious effort here. But this was based on my belief that, while he might be a deeply sincere ultra-right-wing crank, he surely had the level of self-control possessed by a 6-year-old. He does not. Big corporations now comprehend this and are understandably anxious about advertising with a company run by a man who, at any moment, may see user @JGoebbels1488 posting excerpts from “The Protocols of the Elders of Zion” and reply “concerning!”

The consequences of this have been what you’d expect. The marketing consultancy Ebiquity represents 70 of the 100 companies that spend the most on ads, including Google and General Motors. Before Musk’s takeover, 31 of their big clients bought space on Twitter. Last month, just two did. Ebiquity’s chief strategy officer told Business Insider that “this is a drop we have not seen before for any major advertising platform.”

This is why Twitter users now largely see ads from micro-entrepreneurs who are, say, selling 1/100th scale papier-mâché models of the Eiffel Tower. The good news for Twitter is that such companies don’t worry much about brand safety. But the bad news is that their annual advertising budget is $25. Hence, Twitter’s advertising revenue in the U.S. is apparently down 60 percent year over year.

Elon Musk has finally bought Twitter: A timeline of the twists and turns

Elon Musk has added Twitter to his long list of companies, which includes Tesla and SpaceX.

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The billionaire’s purchase of Twitter was finalized Thursday, a day before a court-ordered deadline, according to a source close to the deal. He immediately fired key executives, including CEO Parag Agrawal, in a clear sign that he wants to overhaul the social media company. Twitter’s chief financial officer, top lawyer, and head of public policy were also dismissed.

A day earlier, Musk had renamed himself “Chief Twit” on his Twitter bio page. Musk has vowed to overhaul Twitter’s business model, take it private and loosen rules against harassment, abuse and misleading claims.

Musk and Twitter had been locked in a months-long legal battle after he got cold feet about going through with the deal. But just days before they were set to go to trial, Musk surprised everyone by saying he’d buy Twitter after all.

Elon Musk buy Twitter

Twitter confirms completion of Elon Musk’s $44 billion acquisition deal

Elon Musk has completed his $44 billion acquisition of Twitter, the company confirmed in a securities filing Friday, putting the world’s richest man in charge of one of the world’s most influential social media platforms.

The company said the deal “became effective” on Thursday, as part of a filing notifying its intention to de-list from the New York Stock Exchange, a move that happened later on Friday. The confirmation comes after a source familiar with the deal told CNN the deal had closed Thursday night.

Musk also appeared to acknowledge the takeover in a tweet Thursday night saying, “the bird is freed.”

The deal’s closing removes a cloud of uncertainty that has hung over Twitter’s business, employees and shareholders for much of the year. It also averts a court battle that was set to take place if the acquisition did not close by 5 p.m. ET Friday.

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Elon Musk, Founder and Chief Engineer of SpaceX, speaks during the Satellite 2020 Conference in Washington, DC, United States on March 9, 2020.

But Musk’s takeover now raises a host of new questions for the future of the social media platform, and the many corners of society impacted by it. Musk on Thursday fired CEO Parag Agrawal, CFO Neg Segal and policy head Vijaya Gadde, according to two sources familiar with the situation. He also fired Sean Edgett, Twitter’s general counsel, a source told CNN.

Despite multiple news outlets confirming the changes Thursday night, Twitter staff had still not formally been informed of the changes as of Friday morning, two Twitter employees told CNN. “Employees are left feeling completely rudderless — half our leaders are gone, those who remain are silent, and we’re watching the platform go crazy with people either joyously awaiting more layoffs or pushing the bounds of what previously was allowed,” one Twitter employee told CNN Friday.

In a tweet Friday, Segal confirmed his departure from the company. “Thursday concluded 5 years @twitter,” he wrote. “I’m grateful for the opportunity to have worked with such an incredible group of people building the world’s town square for all of our stakeholders. The work isn’t complete, but we made meaningful progress.”

Musk has said he plans to rethink Twitter’s content moderation policies in service of a more maximalist approach to “free speech.” The billionaire has also said he disagrees with Twitter’s practice of permanent bans for those who repeatedly violate its rules, raising the possibility that a number of previously banned, controversial users could reemerge on the platform.

Elon Musk buy Twitter

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