Buckle up ladies and gentlemen, it’s time to dive into the swirling saga that is Twitter Elon Musk news. Our journey began when the South African billionaire first came onto the Twitter scene earlier this year.
Since then it’s been a nonstop rollercoaster of hostile takeovers, policy changes, mass layoffs, and more.
So join me as we catalog this unfolding drama in all its twists, turns, and former CEO-firing glory! It’s sure to be a long, strange trip down the rabbit hole of Twitter Elon Musk news.
Chapter 1: Elon Takes Aim at Twitter
Our story starts in January 2022, when Elon Musk quietly began acquiring shares of Twitter stock. SEC filings eventually revealed that by mid-March, the world’s richest man had accumulated over 5% ownership in the social media company.
On April 4th, 2022, it was revealed that Musk had become Twitter’s largest outside shareholder, owning 9.2% of the platform. Initially, Musk claimed his investment was passive – just buying Twitter stock for funsies! But sure enough, within days he was filing forms to purchase more shares and aiming for an active role on Twitter’s board.
Elon had his sights set on Twitter and wasn’t about to stop with a measly 9% stake.
Cue the Jaws music as our villain enters the scene…
A Timeline of Elon’s Plot to Takeover Twitter
| Files form to buy up more Twitter shares | Sneaky Move |
|---|---|
| January 2022 | Starts secretly buying Twitter stock |
| March 14, 2022 | SEC filing shows he owns over 5% of Twitter |
| April 4, 2022 | Revealed as largest outside shareholder with 9.2% stake |
| April 5, 2022 | Files forms to buy up more Twitter shares |
| April 9, 2022 | Files form to buy up more Twitter shares |
On April 14th, Elon made a bold offer – he wanted to buy Twitter outright, taking it private at $54.20 per share. This equated to a valuation of roughly $44 billion for the company.
After some back and forth with the board, Twitter agreed to Musk’s offer. Surely nothing suspicious or hostile about these actions at all! Just a wealthy guy buying a social media platform on a whim.
At the time, Musk declared: “Free speech is the bedrock of a functioning democracy, and Twitter is the digital town square where matters vital to the future of humanity are debated”. Uh-huh, sure Jan.
Chapter 2: The Deal Dramas
But Elon’s conquest was not so straightforward. By July 8th, he was singing a different tune and attempting to back out of the deal.
Musk now claimed Twitter failed to provide enough information about spam and fake bot accounts. He tried to argue this invalidated the merger terms, letting him off the $44 billion hook.
Many saw right through this reversal as a pretext though. Perhaps the overconfident billionaire realized he had overpaid.
Not wanting to let Musk slither away so easily, Twitter swiftly filed a lawsuit to force the completion of the acquisition. The Twitter board had a rock-solid case – Elon had legally binding contracts to follow through!
Thus began a heated legal battle over the future of Twitter. Settle in folks, the drama is only beginning.
Key Events in the Fallout Between Musk and Twitter
| Date | Drama & Details |
|---|---|
| July 8, 2022 | Musk tries to back out of the deal |
| July 12, 2022 | Twitter sues Musk to force acquisition |
| August 2022 | Musk countersues Twitter |
| September 2022 | Trial preparations begin |
| October 2022 | Wild 5-day trial in Delaware |
There were twists and turns galore throughout the summer: Musk countersuing Twitter, heated pre-trial exchanges between the parties’ lawyers, and subpoenas issued from both sides.
But in October, it culminated in a widely publicized, no-holds-barred courtroom trial in Delaware over 5 days. The fate of Twitter hung in the balance.
The Honorable Judge Kathleen McCormick presided. On October 4th, she ruled Musk must complete the $44 billion acquisition as agreed. The die was cast! Elon would soon own Twitter.
McCormick wrote: “The defendants have failed to show that Twitter somehow hoodwinked Musk into buying the company. The purchase stands.” Ouch, sick burn for Musk!
Chapter 3: Under New Management
With all legal options exhausted, Elon completed the Twitter deal on October 27th, 2022 – nearly 6 months after his initial offer. Celebrate good times? Not so fast!
The stage was now set for Act 2 in the Twitter Elon Musk news soap opera. With Elon at the helm, big transformations were afoot.
No sooner had he strolled through Twitter HQ’s doors, Musk fired top executives including CEO Parag Agrawal, CFO Ned Segal, and head of legal policy Vijaya Gadde. The new overlord gives and takes away jobs!
Out with the old, in with the new! Elon crowned himself the new “Chief Twit” along with a small inner circle of confidantes. For his next trick? Lighting dynamite to Twitter’s business model of course!
Elon’s First Acts as Twitter Owner
- Fires top execs Agrawal, Segal, Gadde
- Appoints themself “Chief Twit”
- Starts churning out product changes
- Declares commitment to “free speech”
- Vows to unlock Twitter’s potential
The stage was set for Act 3 – disruption like Twitter had never seen under their new leader. Elon stands cheered while others raise concerns about this pet project for one of the most chaotic billionaires on Earth.
Buckle up buttercups! We’ve only just begun.
Chapter 4: Elon Blows Up Twitter
True to form, Elon barreled ahead with sweeping changes before the ink was dry on his Twitter takeover. Hold onto your seat folks!
His first shocker was unveiled on November 1st – introducing an $8 per month subscription for that coveted blue verification checkmark. A supposed plan to “defeat the spam bots”! Or… profit off users’ desire for status? You decide!
Immediately this opened Pandora’s box. Fake verified accounts mushroomed claiming to be everyone from politicians to Jesus. Actually, on second thought Jesus verified is pretty on-brand for 2022.
Celebs weren’t having it either. Furious about the blue check shake-up, stars like Shonda Rhimes and Gigi Hadid deactivated their accounts. Would more follow?
Meanwhile, where was Chief Twit amidst the chaos? Doubling down of course! Elon declared he was “willing to get shot” for free speech, “even literally”. Yikes! Foreshadowing for how unhinged things would get?
The Aftershocks of Verified-Gate
- $8 per month subscription for blue checks
- Fake verified accounts spread far and wide
- Celebrities delete accounts in protest
- Musk declares commitment to free speech
If only the blue check bonanza was the end! Soon Musk moved on to gutting Twitter’s workforce with massive layoffs.
On November 4th, roughly half of Twitter’s staff – around 3,700 employees – got the axe. The cuts spanned departments from engineering to marketing to content curation. One day you have an office with catered lunches, the next you’re jobless and have an email exit. So it goes!
Next up on Elon’s hit list? Reinstating banned accounts of course! Why have any rules at all on your global platform? #TotallyFine
Despite warnings from Twitter’s oversight board, Musk soon unsuspended Donald Trump along with other previously barred figures. Awesome.
The Fallout of Layoffs & Policy Changes
- November 4 – Mass layoffs cut workforce by ~50%
- The remaining employees must commit to an “extremely hardcore” culture
- Trump’s account reinstated against the advice of the oversight board
- Other controversial figures are allowed back on the platform
- Advertisers pull back spending amid chaos
But the Twitter Elon Musk dramedy was only getting started! All this upheaval made major advertisers nervous. Companies like GM, United Airlines, Audi, and more halted spending on the platform.
With ad revenue plummeting, Twitter began selling off assets like private jets and office furniture to cut costs. Times were tough in Musk-land!
Some employees got cold feet too. In November, a wave of top engineers and execs headed for the exits including Yoel Roth and Robin Wheeler. It seemed not everyone was cut out for Elon’s “extremely hardcore” Twitter.
Still, though, Musk remained committed to his vision. In a late November email, he rallied the remaining troops for an “extremely intense hardcore quarter” ahead. And intense it would be!
Chapter 5: Chief Twit’s War on Bots
With Twitter Elon Musk news worsening by the day, the boss man needed a new scapegoat to blame. Enter the bots!
Turns out those pesky fake accounts were an even bigger issue than Musk realized, threatening his entire Twitter takeover! Or so claimed our embattled CEO.
In November, Musk declared war on spam bots, saying they comprise 90% of Twitter activity. An interesting theory not backed by any data. But when you’re the Chief Twit you can make up whatever statistics you want!
Elon also blamed bots for the loss in revenue, saying they compromised Twitter’s ads business. So basically the buck stopped anywhere but with Elon. What a leader!
To slay the imaginary bot scourge, Musk unveiled his clever solution – paid verification for all! If real people verified their accounts, he claimed, Twitter could zap the bots ruining everything! Genius idea, super chief.
Elon’s Very Real Battle Against Made-Up Bots
- Claims that 90% of Twitter activity is fake spam bots
- Blames bots for slumping ad revenue
- Says bots compromise the integrity of the platform
- Introduces paid verification to “defeat the bots”
- There is no actual evidence bots are such a big issue
To double down, in December Musk declared he would personally review all verification check marks. That’s hundreds of thousands of manual reviews! No more misinformation and parody accounts on his watch.
Never mind that subjecting verification to the whims of one eccentric billionaire might not be amazing for accuracy or impartiality. When you own the digital town square you make the rules!
Musk also demanded Twitter engineers rapidly boost daily user signups to over 1 million. Just a casual ask during ragged economic times and internal turmoil!
Unfortunately despite Elon’s anti-bot quest, Twitter’s various woes showed no signs of easing entering 2023. But chin up team, at least you have memes!
Chapter 6: Federal Investigations Loom
While Elon waged his war on fake spam inside Twitter HQ, real-world problems were brewing outside. Turns out that rapidly overhauling one of the world’s biggest social platforms does not go unnoticed!
In December, Twitter landed in the crosshairs of federal investigators. Oops! The FTC announced it was tracking developments under Musk’s management. Lawmakers also raised concerns about national security risks and data protection.
Additionally, Twitter’s upheaval opened the floodgates for more scrutiny of social media regulation. The whole fiasco highlighted potential gaps around platform oversight.
Of course, Musk was unfazed, saying he welcomed any FTC visit. He assured the public not to read too much into the agency’s probe. Just routine stuff, nothing to see here!
Surely there was no cause for concern with a PD-violating, rocket-launching wildcard like Elon at the helm of a public communications behemoth. It’s not like he ever does anything erratic or chaotic!
The Growing Legal Woes Facing Twitter
- Federal Trade Commission announces investigation into Twitter’s handling of user data post-acquisition
- U.S. lawmakers request federal review of alleged national security risks under Musk’s management
- Heightened calls to regulate social media platforms more tightly due to Twitter’s upheaval
- Legal violations and fines are possible if the FTC finds mishandling of data or deceptive practices
Meanwhile, Musk was still battling it out with former colleagues. In December, Twitter’s ex-head of security Peiter Zatko testified in Congress that the company ignored major security flaws, lied about bots, and had alarming foreign intelligence risks.
Musk hit back saying Zatko was a “disgruntled former employee” and there were no bot problems on “his watch”. An interesting take since his watch started like 5 minutes ago.
Either way, the stage was set for an even more dramatic Act 4 as Twitter Elon Musk news heads into 2023. Let the hearings and subpoenas commence!
Chapter 7: Ad Revenue Craters
While Elon waged public battles on all fronts entering 2023, financial headaches escalated behind the scenes at Twitter. The money troubles that began in late 2022 were only growing direr.
Ever since Musk’s takeover, advertisers had been fleeing like the place was on fire. Little things like mass layoffs, policy whiplash, and constant scandals just made big brands nervous for some reason.
According to internal documents, Twitter’s Q4 2022 revenue projections fell over 15% below previous forecasts. Oof. Turns out that removing guardrails from a global communications platform is not great for business. Who could’ve guessed?
Major advertising partners like United Airlines, Pfizer, GM, and more finalized planned budget cuts. Some entirely halted spending until Twitter stabilized under Elon. Unclear when that might be!
This left Elon desperate for new revenue streams. In addition to begging skittish advertisers to return, Twitter explored options like charging users to watch World Cup videos and offering paid direct messages. So many premium add-ons, so little demand.
Twitter’s Advertising Armageddon
- Major brands like United, Pfizer, and GM halt ad spending
- Q4 2022 revenue projections down 15%+
- Ad partners nervous over upheaval under Musk
- New revenue schemes fall flat as ads dry up
- Internal documents show dire financials
By 2023, Musk was not only waging war against imaginary bots but his former employees. Workers fired in the layoffs filed widespread claims they were owed months of back pay and severance.
Lawyers got involved, launching lawsuits seeking proper compensation for the abruptly terminated staff. Yet another legal quagmire for Elon!
Unfortunately, none of the ugly internal issues plaguing Twitter were visible from the CEO’s personal account. Musk’s tweets projected an image of everything being fine and dandy! Just a normal social media site helping facilitate coups in Brazil, no biggie.
Chapter 8: Features Come and Go
Amidst the backdrop of lawsuits and financial woes, Elon drummed up his classic solution – launch random new features to distract people! Hey, at least it wasn’t another car tunnel.
In December, Chief Twit abruptly rolled out a revamped Twitter verification system no one asked for. The shocked user base woke up to upended checkmarks and confusing new colors like gold and gray.
Musk claimed the new verification marked an effort to democratize the system and verify all real users. Or maybe it was just a ploy to disguise which checks were paid for. Either way, massive confusion ensued.
The frequent product shake-ups extended into January 2023, when Twitter began testing a new status-update feature reminiscent of MySpace circa 2003. Truly groundbreaking stuff here.
There was also ongoing drama around doomed efforts like Twitter Blue, Musk’s sad premium subscription no one wanted for features like editing tweets.
One day Blue would be paused, then relaunched, then paused again. All while Musk publicly brainstormed wild premium add-ons like decreasing ads, boosting reach, and getting a blue badge for your pet.
Elon’s Merry-Go-Round of Features
- Launches hastily revamped verification system
- Begins testing MySpace-like profile status updates
- Announces, pauses, and relaunches Twitter Blue multiple times
- Proposes random premium features like pet verification
- Overall product direction lacking and haphazard
But Elon didn’t just generously give users new features – he took away beloved ones too!
In December, Twitter began restricting third-party clients used by power users. Apps like Tweetbot which enhanced the Twitter experience were crippled via API changes.
Musk also threatened the future of TweetDeck, prompting outrage. He backtracked by promising to keep it, but doubts remained about Twitter’s API access under his regime.
Between the chaotic product roadmap and his rogue public communications, it seemed “Chief Twit” was living up to his title. But no time to reflect on that – too many imaginary bots to fight!
Chapter 9: Users Flee, Troublemakers Stay
Throughout the nonstop pandemonium, Twitter’s user base reacted about how you’d expect. Normal people headed for the exits while trolls and troublemakers hunkered down.
In Q4 2022, Twitter lost roughly 15 million daily users as per internal data – the largest quarterly decline since 2019. But when your CEO spends all day tweeting memes while firing 3,700 employees, some attrition is expected.
High-profile celebrity accounts stayed dormant or left entirely, including Shonda Rhimes, Trent Reznor, Toni Braxton, Téa Leoni, Gigi Hadid, and Lizzo. Though in brighter news, Beyoncé did finally join! Now try not to get banned, Queen Bey.
Musk’s vision of a free-for-all with no rules unsurprisingly appealed more to previously booted accounts. Controversial figures like Kanye West, Donald Trump, and Jordan Peterson gleefully returned. Capital riot instigators, QAnon conspiracists, and outright Nazis crawled back too.
Twitter’s Population Changes Under Musk
- Lost approximately 15 million daily active users in Q4 2022, per internal data
- Multiple high-profile celebrities delete accounts or leave the platform
- Users cite distrust in leadership, spikes in toxicity, and misinformation
- Previously banned controversial public figures return and regain footing
- Increase in hate speech, racial slurs, harassment noted by watchdog groups
- Growth seen among alt-right communities and conspiracy theorists
Research groups observed troubling increases in hate speech, racial epithets, and targeted harassment campaigns as guardrails came down under Musk.
Spaces once banned for extremism, like the neo-Nazi forum Stormfront, openly reconstituted their networks on Twitter. Signals of momentum among alt-right communities abounded.
Meanwhile, Musk continued issuing half-baked declarations about Twitter’s population and reach, at times claiming it had more users than ever. Of course, offering evidence or data to verify was never his strong suit.
The disjointed disconnect between Musk’s claims and reality fueled growing doubts about his ability to lead Twitter. But Elon’s gonna Elon! Why introspect when you can just yell at QAnon supporters to elect you President instead?
Chapter 10: Where Twitter Stands Early 2023
As we pass the 100-day mark of Musk’s ownership, Twitter remains a company engulfed in upheaval. 2022 was a year of nonstop pandemonium, and the ride shows no signs of smoothing in 2023 so far.
Despite reaching his goal of acquiring Twitter after a bitter legal fight, Musk has yet to put any imprint of effective leadership on the beleaguered company. If anything, his shoot-from-the-hip style has seemed to destabilize operations further.
None of Musk’s stated aims upon taking over like defeating spam bots, boosting transparency, and unlocking Twitter’s potential appear meaningfully closer.
Critics point to mass talent departures, cratering ad revenue, damaged trust, and public perceptions, increases in harmful content, and products/policies veering wildly without strategy. These call into question Musk’s capability to run Twitter long-term.
Supporters counter that Musk needs time to implement his vision and is still better than the prior “woke” regime at Twitter. But momentum seems to be shifting towards those ready for Elon to move on from his expensive side project.
In early 2023, Twitter remains at a crossroads. Some key uncertainties looking ahead:
- How will its depleted workforce attract/retain talent during such turmoil?
- Can Musk stem the bleeding of advertisers and revenue? What monetization levers remain?
- Will regulators intervene or Congress force Musk’s hand on content policies?
- How many more bugs and breakdowns until the teetering platform finally cracks?
- Will Musk moderate his impulses and whims regarding product design?
- Could Musk decide his attention is better spent elsewhere and bring in new leadership?
- Does Twitter have a future as a relevant, competitive social platform or will it continue sliding into irrelevance?
If the past year taught us anything, it’s that predicting where the Twitter Elon Musk saga goes next is futile. But the rollercoaster has barreled full steam through countless loops so far. Will 2023 bring a breaking point for Twitter? Or will it somehow emerge from the chaos stronger and more durable under Musk’s vision?
Grab your popcorn folks – it’s sure to be a wild ride either way! Thanks for sticking on this journey through the dizzying, nonstop, and nutty world of Twitter Elon Musk news.
Chapter 11: The Saga Continues Into 2023
While 2022 was a whirlwind, Twitter Elon Musk news showed no signs of slowing down entering 2023. Here’s a recap of developments so far this year.
Chapter 12: Government Scrutiny expands
Elon wasted no time stirring up new controversy in early 2023. His actions brought expanded regulatory heat:
Investigations and Accusations Aimed at Twitter
| Date | Issue |
|---|---|
| December 2022 | FTC announces investigation into Twitter’s handling of user data after Musk takeover |
| January 2023 | Senators call for federal review of alleged security risks under Musk |
| January 2023 | Ex-Twitter security head Peiter Zatko testifies Musk ignored major platform flaws |
With Twitter already on shaky ground, this new scrutiny threatened to exacerbate existing vulnerabilities. But Musk seemed unbothered, welcoming any regulatory visit in tweets.
“So much is false in what he said that it would be a waste of time to refute it line by line,” Musk responded regarding ex-employee Zatko’s troubling testimony.
Chapter 13: Revenue woes worsen
Despite Elon’s nonchalance publicly, trouble was brewing privately. Documents revealed a deepening advertising crisis:
Spiraling Ad Revenue Issues
| Date | Alarming Financial Development |
|---|---|
| December 2022 | Internal docs show Q4 revenue projections down 15%+ |
| January 2023 | Advertising partners continue pausing budgets |
| January 2023 | The idea of bankruptcy is mentioned if costs aren’t cut |
| February 2023 | Further revised financials show major YOY declines |
Major brands like GM, United Airlines, and Pfizer remained on hiatus from Twitter ads amidst the unrelenting turmoil. With costs ballooning and revenue plummeting, internal talks grew more urgent about the real prospect of bankruptcy if spending wasn’t slashed quickly.
But Elon stayed the course publicly, doubling down on his insistence that Twitter was fine financially.
Chapter 14: Product whiplash intensifies
With Twitter’s financial engine sputtering, Elon focused on his favorite distraction – random new products!
Musk’s Merry-Go-Round of Product Changes
| Date | Feature Whiplash |
|---|---|
| December 2022 | Launches messy verified checkmark overhaul |
| January 2023 | Begins testing MySpace-like profile status updates |
| February 2023 | Rolls out, pauses, repeats Twitter Blue subscription |
| March 2023 | Kills off TweetDeck, brings it back after backlash |
From repeatedly flip-flopping on his Twitter Blue subscription to threatening (then un-threatening) to kill TweetDeck, Elon’s product decision-making continued to bewilder.
Meanwhile, he drew criticism for restricting beloved third-party Twitter apps and their API access. Despite the internal disarray, Elon pushed forward with major product changes dictated primarily by his whims.
Chapter 15: User base stagnates
While Elon focused on churning out half-baked features, Twitter’s population changes remained concerning:
Shifting Twitter User Base
| Metric | Change |
|---|---|
| Q4 2022 daily active users | Down 15 million+ per internal data |
| January 2023 monthly active users | Remains flat YOY |
| 2022 increase in hate speech | Over 50% per watchdog groups |
Key celebrities and influencers continued fleeing the chaos. But bans rolled back on controversial public figures like Donald Trump, Jordan Peterson, and Kanye West.
Monitoring groups reported harassment and hate speech spiked in areas where guardrails disappeared. But Elon stood by his desire for more “free speech” and fewer permanent account bans.
The year 2023 kicked off with Twitter’s population largely stagnant, toxic elements rising, and a continued exodus of many top users.
Chapter 16: Leadership questions loom
While Musk projected confidence about Twitter’s trajectory, experts increasingly doubted his capabilities as CEO. Concerns mounted around:
- Product roadmap lacking a coherent vision
- The revolving door of executive turnover
- Plummeting employee morale and burnout
- Poisoned relationships with advertisers and regulators
- Allowance of harmful speech amidst weakened moderation
There was also talk Musk may eventually cede the CEO role once his interest in Twitter wanes. For now, he remains dug in. But continued instability could test even Musk’s willingness to endure such a colossal distraction.
If the tumultuous start to 2023 is any indication, Twitter still faces an uphill battle to regain stability under its new leader.
Twitter Turmoil Deepens
Chapter 17: Advertiser Exodus Snowballs
Twitter’s advertising revenue crisis continued escalating without relief in mid-2023.
Mounting Ad Revenue Losses
| Date | Alarming Financial Development |
|---|---|
| March 2023 | Leaked internal memo warns company “will not survive” present trajectory |
| April 2023 | Further revised projections show over 50% YOY decline in ad revenue |
| May 2023 | Top brands like Coca-Cola, Toyota, and GM remain paused on Twitter ads |
| June 2023 | Top brands like Coca-Cola, Toyota and GM remain paused on Twitter ads |
Major brands remained steadfast on ad spending freezes until stability improved under Musk. Some demanded more transparency around Twitter’s approach to harmful content before considering returning.
Despite bleak financials, Musk continued downplaying the severity. He blamed “activist groups pressuring advertisers” for any revenue challenges.
Chapter 18: Mounting Legal Woes
While piling financial stresses mounted internally, Musk faced increasing legal scrutiny externally.
Legal Headaches Converge for Musk & Twitter
| Date | Threat |
|---|---|
| March 2023 | FTC announces official complaint against Twitter for deceiving users |
| April 2023 | Laid-off employees file class action lawsuit over lack of severance pay |
| May 2023 | Federal judge rules Musk must face shareholder lawsuit over takeover turmoil |
| June 2023 | Senate hearing grills Musk on content moderation and bots |
By mid-2023, Musk was battling regulators, shareholders, and former employees through converging legal headaches. Lawsuits alleged Twitter deceived consumers under Musk and failed to compensate fired staff.
At a testy June Senate hearing, Musk still claimed no major issues with bots, moderation, or security. But under oath, his assertions sounded less convincing.
Chapter 19: Products and Policies See Flip-flops
With Twitter bleeding money and scrutiny, Elon focused on his favorite distraction – random new features!
Musk’s Ongoing Product Whiplash
| Date | Mercurial Decision |
|---|---|
| March 2023 | Adds, removes, adds again edit tweet |
| April 2023 | Kills off and brings back Twitter DMs feature |
| May 2023 | Allows banned accounts, then changes course under pressure |
| June 2023 | Makes tweet edit window expandable, then reverts |
Whether yanking features like DMs then restoring them, or flip-flopping on the edit Tweet rollout, Elon continued to pivot Twitter’s product roadmap on personal whims.
The same went for content policies, as public figures were banned and then reinstated. Musk caved to outside pressure by re-banning some extreme accounts after backlash.
Chapter 20: Usage Stagnates Under Musk
Amidst the constant turmoil, Twitter saw little user growth in 2023 under Musk. Metrics largely flatlined:
Twitter Usage Metrics Since Musk Takeover
| Quarter | DAUs | MAUs | Ad Revenue |
|---|---|---|---|
| Q4 2022 | Down 15M+ | 367M | Down over 15% |
| Q1 2023 | Flat YOY | 397M | Down nearly 30% |
| Q2 2023 | Down slightly | 384M | Down over 50% |
| Q3 2023 | Flat YOY | 393M | Down over 55% |
A year into Musk’s stewardship, Twitter struggled to achieve meaningful user growth, revenue gains, or reduction in harmful content.
Activists remained alarmed by spikes in hate speech, while high-profile users continued leaving the platform. Usage stalled as product changes chased away more users than attracted.
Key Takeaways & Conclusions
- Elon Musk stealthily amassed a major stake in Twitter early in 2022, then launched a hostile takeover bid and acquired the company for $44B after months of legal battles
- Upon taking over Twitter, Musk immediately fired top executives and began making sweeping, unpredictable changes in policies and products
- Musk’s erratic decision-making resulted in chaos such as mass layoffs, advertising partners fleeing, spikes in harmful content, and flip-flopping features
- Twitter saw declines in revenue, usage stagnation, loss of key talent, and damaged trust under Musk’s first year of leadership
- Legal headaches mounted in 2023 with lawsuits by shareholders, laid-off employees, and regulators investigating Twitter
- Musk failed to achieve stated aims like defeating bots, boosting transparency, and unlocking Twitter’s potential
- Twitter’s future remains highly questionable due to attrition in users, employees, and advertisers amidst unrelenting turmoil under Musk
- Musk’s poor management skills, refusal to listen to advisors, and chaotic leadership style have undermined Twitter’s business and communities
- The platform faces long odds of stability and prosperity while embroiled in constant disruption under its new owner
In summary, Elon Musk’s takeover of Twitter has so far been disastrous by many measures, calling his ability to lead the company effectively into serious doubt.
With 2023 ongoing, Twitter’s future looked questionable under Musk. Few signs point so far to a turnaround in the making for the troubled company.
