Twitter and the Musk saga

The yr 2022 has been fairly a yr for Elon Musk. Whereas the yr began with Musk being Twitter’s largest shareholder, 2022 ended with Musk being topped as the corporate’s CEO. Nonetheless, this journey has been filled with hate and a few love. In case you weren’t capable of preserve monitor of how, what and when all of this occurred, here’s a fast recap;

It began with a ballot

On March 25, 2022, Elon Musk tweeted about free speech being important to democracy. To see if Twitter actually complies with this precept, he launched a ballot for his followers. He talked about that the results of the outcomes are important, therefore vote rigorously. The outcomes confirmed that Twitter doesn’t favour free speech.

The massive revelation

Nicely, Musk dropped the primary trace. On April 4, he publicly revealed himself as the most important shareholder of Twitter, with a 9% stake.

First of many gives

Only a day after the massive revelation, Musk was finally invited to affix Twitter’s board of administrators. He did settle for the provide initially.

A couple of days later

On April 10, 2022, the previous CEO of Twitter, Parag Agarwal, introduced that Musk had declined the provide to affix the staff.

The beginning of the present

Musk declined the provide to affix BODs. Nonetheless, the present did not cease there. What got here subsequent was fairly a shock. On April 14, 2022, Musk positioned his bid to purchase Twitter in a $44bn deal. He later launched a ballot to see if individuals agreed that taking Twitter non-public at $54.20 ought to be as much as shareholders and never the board.

Twitter accepts the takeover

Nicely, that was fast! Twitter accepted Musk’s provide to take over Twitter in a $44 billion deal. Former CEO and co-founder of Twitter, Jack Dorsey, additionally supported the buyout as he trusted Musk to ‘lengthen the sunshine of consciousness.’

Wait, the deal is not sealed but

Right here comes the primary shock. On Could 13, 2022, Musk introduced that he was placing his Twitter deal “quickly on maintain” as he had doubts concerning the information associated to spam and pretend accounts on the platform.

The primary assembly

Whereas Musk stored on sharing his considerations concerning the info shared by Twitter to the general public, he addressed the corporate’s staff earlier than buying it. On June 16, 2022, Musk had a digital assembly with the employees at Twitter, the place he shared his imaginative and prescient for the platform and likewise hinted at layoffs. Nonetheless, he nonetheless didn’t clearly state whether or not he would purchase the platform.

Did it finish already?

It looks like Twitter did not take Musk significantly. Consequently, Musk determined to terminate the $44 billion deal on July 8, 2022. In his causes, Musk said that Twitter failed to supply him with information concerning spam accounts. Twitter later addressed the termination by publicly saying that it’s taking the matter to court docket.

Faceoff on the court docket

Twitter couldn’t afford to lose the deal. Therefore it took the issues to court docket by submitting a lawsuit in opposition to Musk on July 12, 2022.

Twitter isn’t coming gradual

After taking Musk to court docket, the subsequent two months, i.e., August and September, had been again to again stuffed with court docket hearings and countersuing. Whereas Musk tried his greatest to decelerate the listening to course of, Twitter ensured that the deal passed off as quickly as doable. In between these trials, there was a collection of revelations by a former head of safety at Twitter, Peiter Zatko. He claimed that Twitter is deceptive its customers and BODs. His claims added gasoline to the hearth, so Musk tried to revise his case by including new allegations.

Musk offers up

Because the date of the trial got here nearer, Musk dropped one other shock. On October 4, 2022, he lastly agreed to purchase Twitter as per the beforehand agreed phrases and situations. The court docket gave each events a deadline of October 28 to succeed in an settlement.

Let that sink in

Nicely, fairly actually! On October 26, 2022, Musk visited the Twitter headquarters in San Fransisco with a sink in his hand.

The fowl is freed

On October 28, 2022, Musk introduced the signing of the take care of Twitter. Whereas Twitter bought its deal, CEO Parag Agrawal misplaced his job the very day.

Was it a fortunately ever after?

As quickly because the deal was signed, Musk couldn’t wait to implement his concepts. Musk began by revamping the verification system. He launched the brand new concept of charging a lowered value of $8 monthly to let anybody confirm their accounts. Nonetheless, it did not go effectively as a result of huge misuse of the characteristic.

Whereas the employees was busy implementing the brand new system, Musk was busy laying them off. On November 4, 2022, Musk tweeted that firm was choosing layoffs due to an enormous income drop. About 3700 plus staff misplaced their jobs.

A couple of days later, extra staff had been laid off for expressing a adverse opinion in opposition to their boss.

Apple threatens Musk

In a collection of tweets, Musk stated that if Apple and Google take away Twitter from their app shops, he’ll make a brand new telephone. He later visited Apple headquarter and resolved a misunderstanding with CEO Tim Prepare dinner.

Is Musk carried out with Twitter already?

After sharing his plans for Twitter 2.0, shedding the vast majority of the workers and launching new options, Musk not too long ago introduced that he would resign as quickly as he finds ‘somebody silly sufficient’ to take over his place.

Nicely, that’s all for now. The Twitter and Musk deal has been fairly a journey for everybody. Whereas Musk was busy dealing with issues at Twitter, his different recognized firm SpaceX has been making headlines too. The corporate’s traders have been sceptical about Musk’s capability to deal with each SpaceX and Twitter concurrently. Whereas Musk juggles between the 2, Twitter customers cannot wait to see what’s subsequent!