Elon Musk, the billionaire entrepreneur known for his ventures in electric vehicles and space exploration, has made significant waves in the social media landscape with his acquisition of Twitter. Musk’s journey to owning Twitter began in January 2022, when he started purchasing shares of the company. By April 2022, he had become Twitter’s largest shareholder, holding a 9.2% stake.
Musk’s initial investment was just the beginning. On April 14, 2022, he made an unsolicited offer to buy Twitter for $54.20 per share, valuing the company at approximately $44 billion. Despite initial resistance from Twitter’s board, which included adopting a “poison pill” strategy to thwart a hostile takeover, the board eventually accepted Musk’s offer on April 25, 2022.
The acquisition process was far from smooth. Musk expressed concerns over the number of spam and bot accounts on the platform, leading to a temporary hold on the deal in May 2022. This period of uncertainty included legal battles, with Twitter suing Musk to enforce the agreement. Ultimately, Musk completed the acquisition on October 28, 2022, taking Twitter private and merging it into a new entity, X Corp.
Since taking over, Musk has implemented sweeping changes, including significant layoffs and a rebranding of Twitter to “X.” His vision for the platform includes transforming it into an all-encompassing app, akin to China’s WeChat, integrating various services beyond social media.
Musk’s ownership of Twitter has been marked by controversy and significant shifts in the platform’s operations and public perception. Despite the challenges, Musk remains committed to his ambitious plans for the future of X.
The source of the article is from the blog macnifico.pt
