TAKEOVER OF TWITTER

Twitter is an online social networking and microblogging service that enables users to send and read "tweets".X, formerly Twitter (2006–2023), is an online social media platform and microblogging.Jack Dorsey, along with Noah Glass, Biz Stone, and Evan Williams, launched Twitter in 2006. Before Elon  according to a regulatory filing, institutional investors formerly held control over the platform, with the Vanguard Group holding the largest position (10.3%) at that time. Successor to Twitter, X Corp, is a wholly owned subsidiary of X Holdings Corp., which is owned by South African–born American entrepreneur Elon Musk. The CEO of electric-vehicle maker Tesla.

           Musk acquired Twitter for $44bn in October 2022 ( for $54.20 per share in cash in a transaction valued at approximately $44 billion). Renamed the platform X in July 2023.

Musk owns about 79% of Twitter. The company is valued at about $20 billion as of March 2023. In July 2023, Musk rebranded Twitter as X. Replacing the blue bird logo with the letter.

Upon completion of the transaction, Twitter will become a privately held company.The main three of Twitter's competitors in the Social Media category are Facebook with 15.47%, Instagram with 4.85%, HubSpot Marketing Hub with 1.47% market share.

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Posted by : Surya Das February 11, 2024

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