Elon Musk is done with the 9.2% of Twitter worth $2,890 million, based on the stock’s value after the market closed last Friday. The purchase was made a few days after the publication of a survey questioning freedom of expression within the social network.
After this announcement, Twitter shares rose in value 26%before markets open after the revelation this morning of the share buyback by the founder of Tesla and SpaceX, via a relevant event.
Elon Musk currently has more than 80 million followers on Twitter and has become not only his main channel for public communication, but also all the companies he leads, including You’re here, SpaceX and Boring business.
Elon Musk versus Parag Agrawal, the current CEO of Twitter
Elon Musk has been strongly criticizing Twitter and its current CEO for a few months, Parag Agrawal. In December, he posted a meme already comparing him to Soviet leader Joseph Stalin Jack Dorsey (founder and ex-CEO) as Nikolai Yezhov, the Soviet police director thrown into the river.
Last week, after the poll asking if Twitter strictly adheres to the principles of freedom of expression, he assured that he plans to open his own social network. In the end, what he did was buy a good percentage of the company.
He also publicly complained about some of the social network’s new features in relation to cryptocurrencies and blockchain. A few weeks ago, Twitter announced the ability to turn a profile picture into an NFT. Elon Musk described it as somewhat boring. “Twitter uses engineering resources on this garbage while scammers throw a spam party on every thread posted,” he said.
Elon Musk He was considered one of the heroes of cryptocurrencies when he authorized the purchase of Tesla using Bitcoins. But later he became a kind of enemy after reversing the decision due to the immense environmental impact caused by the mining process.
The strange constant evolution of Twitter
Even if Twitter It’s one of the most popular and widely used social networks today, it’s a company with a curious and bizarre history, long before Elon Musk started complaining. It was founded in March 2006 by Jack Dorsey, Evan Williams, Noah Glass and Biz Stone as spin off from odeoa platform intended to do for podcasts what Blogger did for blogs.
The premise is the publication of short texts limited to 140 characters. In November 2017, it was increased to 280 after near popular demand. After the popularization of other social networks such as Facebook and Instagram, they tried to multiply the functions and services offered without much success. It has also gone through a good number of CEOs, with more or less success:
- Jack Dorsey (2006-2008)
- Evan Williams (2008-2010)
- Dick Costolo (2010-2015)
- Jack Dorsey (2015-2021)
- Parag Agrawal (2021-present)
It is estimated that the social network has about 330 million monthly unique usersaccording to data published by the social network in the first quarter of 2019, the last period in which they reported this data.