Who owns Twitter? In 2006, a little-known startup called Twitter burst onto the tech scene. Today, the company (since renamed to “X”) is one of the most recognizable brands in the world. As of 2023, the site has over 450 million monthly active users.
The people who started Twitter are no longer running X. So, who is behind it now, and how did it become the behemoth it is today? Let’s take a look at a brief history of this social media powerhouse.
Who owns Twitter?
Twitter is owned by Elon Musk, the CEO and founder of Tesla. Musk acquired Twitter in October 2022 for $43.2 billion. The timeline of the Twitter deal followed a six-months-long saga in which Musk expressed interest in acquiring Twitter, canceled the deal, got sued, and then eventually went forward with the purchase.
Who Owned Twitter Before Elon Musk?
Twitter was a publicly traded company, meaning that it was owned by a variety of shareholders. As of April 2022, institutional investors made up the majority of Twitter’s shareholders, with Vanguard Group topping the list as the biggest shareholder according to Yahoo Finance.
Other notable shareholders included Saudi Arabia’s Prince Alwaleed bin Talal, and Jack Dorsey, one of the company’s co-founders.
How Did Twitter Get Started? (2006 – 2013)
Twitter was founded in March 2006 by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams. The initial idea for the company came from Dorsey, who conceived of a service that would allow for short, text-based updates from anywhere in the world.
Dorsey sent the first tweet (which he later sold as an NFT) on March 21, 2006, and said simply “just setting up my twttr”. Within a few months, Twitter had amassed a small but dedicated following of early adopters. In 2008, Dorsey was fired from his position as CEO, but he would return to the company in 2015.
Twitter as a Public Company (2013 – 2022)
Twitter went public in November 2013, debuting on the New York Stock Exchange with the ticker symbol “TWTR”. In the years since going public, Twitter continued to grow. The company has acquired several other startups, including Periscope (a live-streaming app) and Vine (a short-form video platform). Twitter has also been a leader in developing new features, such as hashtags and live-streaming videos.
Many things stand out in Twitter’s history, but perhaps the most notable is the leadership changes that have taken place over the years. Jack Dorsey, who co-founded the company, has served two stints as CEO, with Dick Costolo and Evan Williams taking over in between.
In November 2021, Dorsey stepped down as Twitter CEO for a second time, handing over the reins to Parag Agrawal.
The Musk Years (2022 – Present)
Tesla CEO and founder Elon Musk acquired Twitter in October 2022. Musk’s early leadership of the company was tumultuous as he immediately started making big changes. These include changing the name of the company to X, making profile verification a benefit of paid membership, and revoking the verification of legacy accounts who didn’t subscribe. Musk also initiated massive layoffs.
In December 2022, Musk created a poll asking whether users of the platform felt he should remain as CEO and the majority voted for him to step down. In May 2023, Musk named his replacement for the position of Twitter CEO. Musk transitioned to CTO and Executive Chair—though little seems to have changed in terms of Musk’s involvement.
X’s leadership shakeups are reflective of the challenges that the company has faced in recent years. From its struggles to grow its user base to its difficulties in monetizing, X has had its fair share of controversies. The company has also been embroiled in several controversies, including an allegation of “willful ignorance and major security flaws” by its former security chief.
What Does the Future Hold for X?
X has been through a lot in its history, but it remains one of the most popular social media platforms in the world. The platform has been used to facilitate political revolutions, spread news stories, and connect people from all over the globe.
Whatever the future holds for X, one thing is certain: it’s a company with an incredible story, and one that will undoubtedly remain a major part of our lives for years to come.
Does Elon Musk own Twitter now?
It took Elon Musk some time but he has completed his original $44bn deal to purchase Twitter. The billionaire, who is the largest stakeholder and CEO of Tesla, began negotiating with Twitter earlier in 2022.
Musk began purchasing Twitter stock in January 2022 and increased his holdings by about 5% by March. He also began contacting Twitter board members to inform them about his rising stocks, as well as starting a conversation about the potential of joining Twitter’s board.
On 4 April 2022, it was disclosed that Musk had quickly surpassed other investors to possess the largest share in Twitter, with a 9% interest valued at around $3bn.
Musk decided to postpone his purchase of the company because he claimed to need more details on fake and spam accounts on the site. He then withdrew from the deal because Twitter allegedly first refused to release this information and then provided what Musk described as inaccurate stats. Twitter executives refuted this claim.
This caused a chain reaction of legal actions: Twitter sued Musk to pressure him into closing the deal, but Musk filed a countersuit. A Delaware judge ended up mediating both parties and setting a 28 October 2022 closing date on the agreement.
How has Twitter’s share price fluctuated?
Twitter’s stock price was declining in March due to rising interest rates and impending inflation. The social media platform’s advertising expenditures decreased, resulting in a decline in the stock price from $63 at its high in November to $33.
Musk began buying Twitter shares in January 2022 and by March had acquired a 5% stake in the firm. With a 9% stake, he became Twitter’s largest shareholder in April. The share price increased by about 50% as the news of these investments spread.
Musk put the transaction “temporarily on hold” after making an offer to purchase Twitter for $54.20 per share, which led him to try to back out. The price of Twitter stock dropped back to the previous $33 share price range when Musk filed a countersuit against Twitter after the company sued him for backing out.
Finally, after Musk approved the $44bn deal, Twitter’s prices increased by more than 12% once more, and ever since the social media business accepted the proposal, the share price has been between $50 and $54 ($53.70 to $54.20).
When it comes to the actual value of the company, Twitter has seen several major advertisers leave the platform, which made its stake drop by 56%. Indeed, in January 2023, the social media company was valued at less than $20bn. However, the company’s market capitalisation in July 2023 reached $41.09bn.
Above is information about Who owns Twitter? What Does the Future Hold for X? that we have compiled. Hopefully, through the above content, you have a more detailed understanding of Who owns Twitter. Thank you for reading our post.