Twitter was taken private and merged into a new parent company named X Corp. The deal was closed on October 27, with Musk immediately becoming Twitter's new owner and CEO. Weeks before the trial was set to begin, Musk reversed course, announcing that he would move forward with the acquisition. The company filed a lawsuit against Musk in the Delaware Court of Chancery shortly thereafter, with a trial scheduled for the week of October 17. In July, Musk announced his intention to terminate the agreement, asserting that Twitter had breached their agreement by refusing to crack down on spambot accounts. Musk stated that he planned to introduce new features to the platform, make its algorithms open-source, combat spambot accounts, and promote free speech. On April 14, Musk made an unsolicited offer to purchase the company, to which Twitter's board initially responded with a " poison pill" strategy to resist a hostile takeover, before unanimously accepting Musk's buyout offer of $44 billion on April 25. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. on April 14, 2022, and concluded it on October 27, 2022. A series of reports called the Twitter Files were released, intended to shed light on content moderation, censorship, and government influence at the social media company prior to Musk's acquisition.īusiness magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. Musk has been the subject of widespread criticism from those that believed content moderation should be continued. Musk reinstated a number of previously banned accounts such as that of Donald Trump, reduced the workforce by approximately 80%, closed one of Twitter's three data centers, largely eliminated the content moderation team and replaced it with a new feature called Community Notes, and instituted a plan that charged personal users $8 per month to get a "verified" blue badge and $1,000 per month for an organizational gold badge. During that timeframe, the company introduced a series of reforms and management changes. Elon Musk completed his acquisition of Twitter in October 2022, Elon Musk acted as CEO of Twitter until he stepped down in June 2023 and was replaced by Linda Yaccarino.
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