Elon Musk's Twitter Takeover Journey (A Timeline)
Elon Musk's purchase of Twitter is an interesting case study in itself. The speed at which he made this decision can teach us how important it really has been for him to get things done quickly and efficiently, even if that means taking risks with other people's projects or investments!
The acquisition of Twitter by Elon Musk began on April 14, 2022, and concluded on October 27, 2022. He began buying shares of Twitter, Inc. in January 2022, eventually becoming the company's largest shareholder in April with a 9.1% ownership stake.
Here's a quick timeline:
?? April 14: Elon Musk wants to buy Twitter for $44 billion.
?? May 13: The deal becomes on hold after Elon Musk queried the number of fake or spam accounts on the social media platform.
?? May 17: He accused Twitter of refusing to give him information about its spam bot accounts and threatened to walk away.
?? October 27: Musk completes Twitter takeover.
?? October 28: Fired top executives and replaced them with A+ leaders.
?? October 29: Elon Musk decided to change Twitter's homepage.
?? October 31: Hinted that Twitter will start charging $20 per month for a blue tick as the verification process is being revamped.
?? November 1: Launched the upgraded plan charging users $8 monthly.
?? November 2: He is considering bringing back Vine App to compete with TikTok.
The ideas are coming at us so quickly that it's difficult to keep up, let alone separate them into a clear plan. In the world of big things, small movements can make a huge difference.
Some may ask, why is he so anxious for Twitter to become profitable? Twitter has to generate income quickly. Though the concepts have been random, they have been largely consistent in their quest for fresh non-advertising revenue streams and drastic expense reductions. Musk has proposed cataclysmic layoffs — somewhere between 50 to 75% of the company’s staff, depending on which reports bear out. He's established an entirely new user tier with the primary goal to reduce all costs.
When you are frantic to enhance the balance sheet of your new company and are prepared to do almost anything, you act in this manner.
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