ELON MUSK’S TUMULTUOUS TWITTER TAKEOVER JOURNEY
Since the tech billionaire took ownership of Twitter almost a month ago, he’s axed half of the company’s more than 7,000 employees, fired most of its executive leadership and demanded that those who remain return to the office immediately. He’s also told staffers to brace themselves for long hours, and said bankruptcy was possible if the company doesn’t stop bleeding cash soon.
Here’s how the saga is unfolding:
October 27: Musk takes control
After being forced to complete the deal to buy Twitter for $44 billion, Musk announces he has taken possession of the social network. His first act is to fire the board along with CEO Parag Agrawal, Chief Financial Officer Ned Segal, head of legal and policy Vijaya Gadde and General Counsel Sean Edgett, among others in executive leadership.
October 28: Brands begin to take pause
As Musk plans to unban accounts and says he will charge for user verification, advertisers start to get nervous. General Motors Co. suspends ads, and others review their Twitter budgets.
October 31: Top tweeters protest
Amid murmurings of plans to charge existing verified accounts, bestselling author Stephen King tweets, “$20 a month to keep my blue check? They should pay me. If that gets instituted, I’m gone like Enron.” Musk replies, “We need to pay the bills somehow! Twitter cannot rely entirely on advertisers. How about $8?” Musk double downs on promoting the product.
November 1: Teams working around the clock
The product team works over the weekend on Musk’s idea to charge users for blue check marks. A photo of product director Esther Crawford sleeping on the floor of a conference room, trying to make the deadline, goes viral.
November 3: Massive layoffs begin
A memo is sent to all employees telling them of imminent layoffs and to watch for an email with the subject line: “Your Role at Twitter.” Badge access to offices is suspended as about 3,700 staffers receive word that they’ve been cut.
November 8: Musk sells more Tesla Despite a previous vow not to sell any more Tesla stock, Musk unloads an additional $3.95 billion, bringing the total sold in past year to $36 billion.
November 9: Musk answers advertisers’ questions
In an attempt to stem the departure of brands from the platform, Musk hosts a Twitter Spaces Q&A with the head of sales Robin Wheeler, head of trust and safety Yoel Roth, and the CEO of the Interactive Advertising Bureau, David Cohen. More than 114,000 listeners tune in. Soon after, the company’s blue check mark option becomes available for purchase.
November 10: Musk warns of bankruptcy
In his first meeting with employees, Musk tells them to brace for 80-hour weeks and requires everyone back in the office full time, ending remote work and other perks like free food. He also says bankruptcy for the company is not out of the question if it doesn’t start generating more cash, and that teams need to move
Twitter adds badges that say “official” to verified accounts in some places, though confusion abounds.
with urgency on the $8 subscription product.
November 11: Verified accounts get “official” tags
Twitter adds badges that say “official” to verified accounts in some places, though confusion abounds. More brands depart the platform, including theater guide Playbill.
November 14-15: Twitter quitter ranks grow
With the annual Macy’s Thanksgiving Day Parade fast approaching, the department store retailer tells Ad Age it’s taking a pause on the platform - the brand spent more than a $1 million on Twitter ads the first half of November. Fast food chain Chipotle, which hadn’t tweeted since Halloween, has suspended ads. Luxury fashion brand, Balenciaga, has deleted its account altogether, without so much as saying goodbye.