KEY TAKEAWAYS
- Elon Musk purchased Twitter for $43.2 billion in October 2022; the firm is currently known as X.Before Musk, Jack Dorsey, a co-founder of Twitter, and Prince Alwaleed bin Talal of Saudi Arabia were among its prominent owners. Twitter was also a publicly traded business.Since its founding in 2006, Twitter’s leadership has changed twice; now, Parag Agrawal is the CEO, having previously held the role twice under Jack Dorsey. Following Musk’s acquisition of Twitter, the business underwent significant changes, changing its name to X and implementing new procedures and layoffs.
A little-known firm named Twitter made a big splash in the internet industry in 2006. The corporation is now among the most well-known brands in the world (it was renamed to “X”). The website has about 450 million active monthly visitors as of 2023.
X is no longer managed by the guys who founded Twitter. So who’s behind it now, and how did it grow into the massive thing that it is now? Let’s look at this social media powerhouse’s brief history.
Who Owns Twitter (X) Now?
Twitter is owned by Elon Musk, the CEO and founder of Tesla. Musk bought Twitter in October 2022 for $43.2 billion.The six-month timeline of the Twitter acquisition included Musk’s announcement of his interest in buying the company, his withdrawal from the deal, a lawsuit, and then moving forward with the purchase.
Who Owned Twitter Before Elon Musk?
Being a publicly listed corporation, Twitter had a diverse range of stockholders. According to Yahoo Finance, as of April 2022, institutional investors accounted for the bulk of Twitter’s shareholders, with Vanguard Group holding the largest position.
Other prominent investors were Jack Dorsey, a co-founder of the company, and Prince Alwaleed bin Talal of Saudi Arabia.
How Did Twitter Get Started? (2006 – 2013)
In March 2006, Jack Dorsey, Evan Williams, Noah Glass, and Biz Stone started Twitter. Dorsey came up with the original concept for the business when he thought of a service that would enable quick text updates from any location in the world.
On March 21, 2006, Dorsey sent out the first tweet, which he eventually sold as an NFT, with the simple message, “just setting up my twttr.” In just a few months, early adopters on Twitter developed a tiny but devoted following. Although Dorsey was removed from his CEO role in 2008, he would rejoin the firm in 2015.
Twitter as a Public Company (2013 – 2022)
When Twitter went public in November 2013, it debuted with the ticker symbol “TWTR” on the New York Stock Exchange. Since being public, Twitter has expanded over the years. The business has bought out a number of other businesses, such as the live-streaming software Periscope and the short-form video platform Vine. Additionally, Twitter has taken the lead in creating new features like live-streaming videos and hashtags.
While a lot has happened in Twitter’s history, the most noteworthy thing might be the numerous leadership changes that have occurred over time. Co-founder Jack Dorsey has held the position of CEO for two terms, with interim appointments to Dick Costolo and Evan Williams.
Parag Agrawal took over as Twitter CEO after Dorsey resigned from his position in November 2021.
The Musk Years (2022 – Present)
In October 2022, Elon Musk, the founder and CEO of Tesla, purchased Twitter. Musk started implementing significant changes right away, which led to turbulent early leadership of the business. These include renaming the business as X, charging for profile verification, and removing the verification of older accounts that never subscribed. Musk also started a large-scale layoff.
When Musk posted a poll on the site in December 2022, asking people if they thought he should continue as CEO, the majority of respondents said he should resign. Musk selected his successor to take over as CEO of Twitter in May 2023. Musk moved from being CTO to Executive Chair, although his level of involvement doesn’t seem to have altered much.
The changes in X’s leadership are a reflection of the difficulties the company has encountered lately. X has seen its fair share of controversy, ranging from its failures to increase its user base to its challenges with monetization. A number of scandals have also engulfed the business, including the accusation of “willful ignorance and major security flaws” made by its former security officer.
What Does the Future Hold for X?
Despite going through a lot in its history, X is still one of the most widely used social media sites worldwide. The site has been used to link individuals worldwide, disseminate news, and support political uprisings.
One thing is certain, regardless of what the future holds for X: it is an amazing company with a remarkable history that will surely continue to play a significant role in our lives for many years to come.