Here is a look at X’s (formerly Twitter’s) history and ownership structure.
KEY TAKEAWAYS
- Elon Musk owns Twitter, now known as X, which he purchased in October 2012 for $43.2 billion.
- Before Musk, Twitter had famous owners including Saudi Arabia’s Prince Alwaleed bin Talal and co-founder Jack Dorsey, institutional investors, and was a publicly listed corporation.
- Since its inception in 2006, Twitter has had a number of leadership transitions, with Jack Dorsey serving as CEO twice and current CEO Parag Agrawal. The corporation underwent significant changes as a result of Musk’s purchase of Twitter, including a name change to X, the introduction of new procedures, and the termination of employees.
Twitter, a firm that was previously unknown, debuted on the IT landscape in 2006. One of the most recognizable trademarks in the world today is the business (later renamed to “X”). The website will have more than 450 million active users monthly by 2023.
The owners of X are no longer the ones who founded Twitter. So, who is currently responsible for it, and how did it grow to the size that it is now? Let’s look at this social media powerhouse’s brief history.
Who Owns Twitter (X) Now?
Elon Musk, the head of Tesla and its founder, owns Twitter. Musk paid $43.2 billion to acquire Twitter in October 2022.The acquisition of Twitter was the culmination of a six-month-long odyssey in which Musk first indicated interest in buying the company, then canceled the transaction, was sued, and then completed the acquisition.
Who Owned Twitter Before Elon Musk?
Since Twitter was a publicly listed company, several different stockholders owned it. According to Yahoo Finance, institutional investors made up the bulk of Twitter’s owners as of April 2022, with Vanguard Group leading the list as the largest stakeholder.
Prince Alwaleed bin Talal of Saudi Arabia and Jack Dorsey, one of the company’s co-founders, were two more important stockholders.
How Did Twitter Get Started? (2006 – 2013)
Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams launched Twitter in March 2006. Dorsey came up with the initial concept for the business when he imagined a service that would enable quick, text-based updates from anywhere in the world.
On March 21, 2006, Dorsey made the first twitter, with the simple message “just setting up my twttr” (which he eventually sold as an NFT). Twitter quickly gathered a small but devoted following of early adopters. Dorsey was ousted from his role as CEO in 2008, but he would rejoin the organization in 2015.
Twitter as a Public Company (2013 – 2022)
In November 2013, Twitter began trading on the New York Stock Exchange under the ticker “TWTR”. Since becoming publicly traded, Twitter has expanded. The business has purchased a number of additional firms, including Vine and the live-streaming apps Periscope. Twitter has also been a pioneer in the creation of innovative features like hashtags and live video broadcasting.
The leadership changes that have occurred throughout the years are likely the most significant aspect of Twitter’s history among many other things that stand out. The company’s co-founder Jack Dorsey has held the position of CEO for two terms, with interim leadership roles held by Dick Costolo and Evan Williams.
Dorsey relinquished his position as CEO of Twitter for a second time in November 2021, transferring the helm to Parag Agrawal.
The Musk Years (2022 – Present)
Twitter was purchased by Tesla CEO and founder Elon Musk in October 2022. Musk’s early years as the company’s CEO were turbulent since he started making significant changes right away. The company’s name will be changed to X, profile verification will become a perk of premium membership, and verification of old accounts that didn’t pay will be revoked. Musk also enacted significant layoffs.
When Musk asked platform users in December 2022 if they thought he should continue serving as CEO, the majority said no. Musk announced the identity of the person who would take over as CEO of Twitter in May 2023. Musk changed positions, becoming CTO and Executive Chair, but his level of commitment seems to have remained very same.
The changes in X’s leadership are a reflection of the difficulties the business has encountered lately. X has faced its fair share of controversy, ranging from its attempts to expand its user base to its challenges with monetization. The corporation has moreover been involved in a number of scandals, including a claim of “willful ignorance and major security flaws” made by its former security chief.
What Does the Future Hold for X?
Despite going through a lot in its existence, X is still among the most widely used social networking sites worldwide. The site has been used to spread news, link people from around the world, and support political uprisings.
Whatever X’s future contains, one thing is certain: it has a remarkable history and will surely continue to play a significant role in our lives for many years to come.
