The deal was lastly closed on October 28, 2022, with Musk turning into Twitter’s new proprietor and CEO.
Billionaire Elon Musk, the proprietor of X, previously referred to as Twitter, shared a video of himself strolling into the social media platform’s headquarters, marking the second anniversary of his $44 billion acquisition. Musk captioned the video, “Let that sink in!” The throwback put up comes after a tumultuous takeover in 2022, throughout which Musk ousted prime executives, together with CEO Parag Agrawal and authorized head Vijaya Gadde, as he asserted management over the corporate.
After the takeover, Musk additionally modified his Twitter profile to confer with himself as “Chief Twit” and his location as Twitter headquarters.
Watch the video right here:
Let that sink in! https://t.co/It4dPAKSk7
— Elon Musk (@elonmusk) October 27, 2024
The acquisition started in January 2022, when Musk began shopping for Twitter shares, turning into the corporate’s largest shareholder by April with a 9.1% possession stake. He then made an unsolicited supply to buy Twitter for $44 billion in April, which the board unanimously accepted on April 25, 2022. Nonetheless, Musk later introduced his intention to terminate the settlement in July, citing considerations over spambot accounts, solely to reverse course in October and transfer ahead with the acquisition.
The deal was lastly closed on October 28, 2022, with Musk turning into Twitter’s new proprietor and CEO. Since taking on, Musk has proposed varied reforms, together with introducing new options, making algorithms open-source, and selling free speech. Nonetheless, his possession has additionally been marked by controversy, together with suspending high-profile accounts and shedding half of the corporate’s workforce.
Greater than six months after he acquired Twitter, he merged the corporate into an entity referred to as X Corp, saying Twitter is an accelerant to constructing an all the pieces app referred to as X. Reactions to the acquisition have been combined, with some praising Musk’s imaginative and prescient and others expressing considerations over the potential rise of misinformation and hate speech.
A month after proudly owning Twitter, he additionally reinstated handles that have been banned within the wake of the January 6 revolt on the Capitol Hill within the US. Amongst them was former US President Donald Trump.