Thursday February 29, 2024

Musk at Twitter

November 29, 2022

The story began on January 31, 2022 when Elon Musk purchased some shares of Twitter. Initially, the public was unaware of this blasting news. Within no time, Musk succeeded in acquiring more than a five per cent share of Twitter. That was when he had to disclose this partnership per the rules of the Security and Exchange Commission of America. On April 3, he shared his ideas regarding Twitter with the CEO as well as approaching the board members in this regard. Soon news broke that Elon Musk had become the stakeholder with the highest stakes (9.2 per cent) on Twitter. On April 14, he tried to make a deal with Twitter to become the owner of the company for $44 billion. On August 25, Twitter accepted the deal with some terms and conditions. These terms revealed that Elon Musk would not say anything against Twitter or its employees during the time of payment.

After many conspiracies and hurdles, the deal was officially closed on October 27. Musk instantly fired the CEO, CFO, general counsel and chief legal officer. Musk handled the CEO post and shared his ideas regarding Twitter: saying he wanted to make the platform an application through which people send money, chat with each other and play games. He also made new rules for the blue tick. On October 28, Twitter became a private company. It will take some time to understand whether Twitter has improved under Musk.

Qudsia Saleem