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11/29/2023, 1:58 AM (Source: TeleTrader)
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Musk's Twitter 2 years after Dorsey's departure

On this day, November 29, two years ago (2021), Jack Dorsey, now-former Twitter Inc. CEO, decided to remove himself from the post, paving the way for billionaire Elon Musk to take over, which later led to astronomical changes in the company's operating model.

"I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey proclaimed in a statement as he parted ways with the social media platform he cofounded almost two decades ago, back in 2006. The initial response from investors was seemingly positive, with Twitter's stock jumping not long after the news broke, as there were concerns Dorsey was losing focus due to handling another business of his, Block, Inc. Parag Agrawal, Twitter's chief technology officer at the time, who joined the company as an engineer in 2011, took up the baton. However, the chaotic jumble has been in place ever since Musk started negotiating the buyout.

Back in 2020, Musk started criticizing Twitter and its handling of bot accounts, claiming that they "are a *dire* problem for adversely affecting public discourse & ripping people off." In January 2022, he showed his first real interest in the social media company, buying a portion of its shares. In March of the same year, he expressed the desire to join Twitter's Board of Directors, while in April he became the largest stakeholder (holding around 9% of shares) and put his $44 billion takeover proposal on the table. Twitter's Board, which initially adopted the "poison pill" strategy to stave off the bid, later accepted the deal. In July 2022, Musk threatened to revoke his offer over disagreements on handling bot accounts. Twitter then filed a lawsuit against him for not going ahead with the acquisition, while in August, Musk used a whistleblower to support his countersuit. In October 2022, the agreement was finally closed, as Musk took over and immediately gave the boot to key executives, including Agrawal, while taking the firm, which has been public since 2013, private again. Under Musk's leadership, around 80% of the company's staff was laid off, according to him.

After becoming the CEO, Musk started implementing significant changes to the platform to make it an "everything app." He introduced Twitter Blue, later known as X Premium, which replaced the platform's previous verification program, making it less exclusive and available to virtually anyone willing to pay the monthly subscription of $8. The billionaire then went on to reinstate a number of suspended accounts, including that of ex-United States President Donald Trump, relax hate speech policies, extend the number of characters in a single tweet, launch video and audio calls, as well as an edit option, introduce a stock trading feature, etc. Meanwhile, at the end of December of 2022, Musk announced his plans to abandon the CEO position. In May 2023, he did just that, naming Linda Yaccarino the new head of the company a month later.

In his attempt to further transform Twitter, Musk shook the internet community earlier this year, by deciding to go ahead with a rebrand, as he believed the current name was no longer representative of his vision for the platform and the company. In April 2023, he finally merged it into X Corp., while in July, the iconic bird symbol was scrapped and a new logo was created. According to the latest reports, the valuation now stands at approximately $19 billion, some 57% less than what Musk bought the platform for.

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