Twitter, Inc. – Wikipedia

American social media company
This article is about the company that operates the social media service. For the network service, see Twitter

Twitter, Inc. is an american sociable media company based in San Francisco, California. The company operates the microblogging and social network overhaul Twitter. It previously operated the Vine brusque video recording app and Periscope livestreaming service. chirrup was created by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and was launched that July. By 2012, more than 100 million users posted 340 million tweets a day, [ 12 ] and the service handled an average of 1.6 billion search queries per day. [ 13 ] [ 14 ] [ 12 ] The party went public in November 2013. By 2019, Twitter had more than 330 million monthly active users. [ 15 ] On April 25, 2022, Twitter agreed to a $ 44 billion buyout by Elon Musk, CEO of SpaceX and Tesla, one of the biggest deals to turn a company private. [ 16 ] [ 17 ] On July 8, Musk terminated the deal. [ 18 ] Twitter ‘s shares fell, [ 19 ] leading caller officials to sue Musk in the Chancery Court of Delaware on July 12. [ 20 ] On October 4, Musk announced his intention to purchase the party as he had agreed, for $ 44 billion, or $ 54.20 a contribution ; [ 21 ] the agreement closed on October 27. Following Musk ‘s coup d’etat, Twitter has been criticized for an increase in sensed hate language, followed by advertiser moratoriums, mass dismissals and mass resignations. [ 22 ] [ 23 ] [ 24 ] [ 25 ] [ 26 ] After his acquisition of the company, Musk immediately dismissed numerous top executives. [ 27 ] On November 3, Twitter laid off approximately 3,700 employees, or about half of their staff. In the take after week, the company ‘s security, conformity, and privacy executives resigned. [ 28 ] On November 16, Musk sent an electronic mail to remaining employees outlining a fault in the work culture of the caller and requesting employees opt-in or leave by November 17, leading to hundreds of extra resignations. [ 4 ]

history

2006–2007 : initiation and initial reaction

chitter origins lie in a “ daylong brainstorming session ” held by board members of the podcasting company Odeo. Jack Dorsey, then an undergraduate student at New York University, introduced the mind of an individual using an SMS service to communicate with a belittled group. [ 29 ] [ 30 ] Work on the visualize started on March 21, 2006, when Dorsey published the first Twitter message at 12:50 p.m. PST ( UTC−08:00 ) : “ just setting up my twttr ”. [ 5 ] The foremost Twitter prototype, developed by Dorsey and contractor Florian Weber, was used as an internal service for Odeo employees. [ 31 ] The full version was introduced publicly on July 15, 2006. [ 9 ] In October 2006, Biz Stone, Evan Williams, Dorsey, and other members of Odeo formed obvious Corporation and acquired Odeo, together with its assets—including Odeo.com and Twitter.com—from the investors and shareholders. [ 32 ] Williams fired Glass, who was silent about his part in Twitter ‘s inauguration until 2011. [ 33 ] Twitter spun off into its own company in April 2007. [ 34 ] The tip off point for Twitter ‘s popularity was the 2007 South by Southwest Interactive ( SXSWi ) league. During the consequence, Twitter custom increased from 20,000 tweets per day to 60,000. [ 35 ] “ The Twitter people cleverly placed two 60-inch plasma screens in the conference hallways, entirely streaming Twitter messages, ” remarked Newsweek ‘s Steven Levy. “ Hundreds of conference-goers keep tabs on each other via ceaseless twitters. Panelists and speakers mentioned the servicing, and the bloggers in attendance touted it. ” [ 36 ] reaction at the conference was highly plus. Blogger Scott Beale said that Twitter was “ absolutely ruling ” SXSWi. Social software research worker danah boyd said Twitter was “ own ” the conference. [ 37 ]

2007–2022 : increase

In April 2012, Twitter announced that it was opening an office in Detroit, with the aim of working with automotive brands and advertise agencies. [ 38 ] Twitter besides expanded its office in Dublin. [ 39 ] On December 18, 2012, Twitter announced it had surpassed 200 million monthly active voice users. Twitter hit 100 million monthly active users in September 2011. [ 40 ] The company had its initial populace offer on the New York Stock Exchange on November 7, 2013. [ 41 ] In September 2016, Twitter shares rose 20 % after a report card that it had received coup d’etat approaches. [ 42 ] potential buyers were Alphabet ( the rear company of Google ), [ 42 ] Microsoft, [ 43 ] [ 44 ] [ 45 ] Salesforce.com, [ 42 ] [ 46 ] Verizon, [ 46 ] and The Walt Disney Company. [ 47 ] [ 48 ] Twitter ‘s board of directors were open to a deal, which could have come by the end of 2016. [ 42 ] [ 49 ] however, no deal was made, with reports in October stating that all the potential buyers dropped out partially due to concerns over abuse and harassment on the service. [ 50 ] [ 51 ] [ 52 ] In June 2017, Twitter revamped its dashboard to improve the new user experience. [ 53 ] [ 54 ] In April 2021, Twitter announced that it was establishing its african headquarter in Ghana. [ 55 ] [ 56 ] In January 2022, Twitter finalized the sale of MoPub to AppLovin. The deal was foremost announced in October 2021, and the sell price was reported at $ 1.05 billion. [ 57 ]

2022–present

Acquisition by Elon Musk

occupation baron Elon Musk revealed that he had bought 9.1 % of Twitter for $ 2.64 billion on April 4, 2022. [ 58 ] [ 59 ] [ 60 ] In response, Twitter ‘s stock rose by adenine much as 27 % and Twitter shares experienced the largest intraday surge since Twitter ‘s IPO in 2013. [ 61 ] Musk was appointed to Twitter ‘s display panel on April 9, under a bargain that prohibited him from acquiring more than 14.9 % of the party. [ 59 ] [ 62 ] [ 63 ] Musk made an unasked offer on April 14 to acquire Twitter for $ 43 billion and take the ship’s company private. [ 64 ] Publicly, Musk expressed that his offer was motivated by concerns with how the ship’s company was managed, emphasizing his business that policies he described as censoring were leading to a lack of unblock speech on the platform. [ 65 ] [ 66 ] Twitter ‘s board introduced a “ poison pill “ strategy on April 15, which would allow shareholders to buy extra stock should a hostile takeover occur as a mean to block Musk ‘s takeover. [ 67 ] On April 20, Musk secured $ 46.5 billion in support as a tender offer, which the display panel accepted on April 25. [ 68 ] [ 69 ] [ 70 ] On July 8, Musk announced he was unilaterally terminating the proposed acquisition, claiming in a regulative filing that Twitter was in “ material rupture “ of several parts of the agreement by refusing to comply with Musk ‘s requests for spambot history data and dismissing high-level employees. [ 71 ] [ 72 ] In reception, Twitter board moderate Bret Taylor pledged to pursue legal action against Musk at the Delaware Court of Chancery with the goal of completing the skill. [ 73 ] [ 74 ] On July 12, Twitter opened a lawsuit against Musk to force the sale to proceed. [ 75 ] On September 13, 2022, Twitter shareholders voted to approve Elon Musk ‘s takeover of the company. [ 76 ] On October 4, 2022, it was reported that Musk offered to proceed with the deal at the master offer monetary value of $ 54.20 per share. [ 77 ] [ 78 ] The hand closed on October 27, 2022, with the amalgamation between Twitter, Inc. and X Holdings II, Inc., a wholly own subordinate of X Holdings I, Inc., wholly owned by Musk, [ 3 ] and Musk took control condition of the company, [ 79 ] paying $ 54.20 per share, or about $ 44 billion. [ 27 ]

Post-acquisition

On October 28, immediately following Musk ‘s acquisition, he fired CEO Parag Agrawal and CFO Ned Segal. [ 80 ] Twitter ‘s neckcloth was suspended from trading prior to the New York Stock Exchange opening the future day and was delisted on November 8. [ 81 ] [ 82 ] On October 31, Musk announced in a security charge that he had dissolved the circuit board of directors and would serve as the CEO of the party. [ 83 ] On November 4, Twitter laid off about half of its 7,500 employees, [ 84 ] leaving several inner departments, including communication and kernel engineering teams understaffed. [ 85 ] Some of the employees were later asked to return, with Twitter stating that they were “ laid off by error ”. [ 86 ] several stream and early Twitter employees sued the company for violations of the Worker Adjustment and Retraining Notification Act of 1988 due to failures to provide a 60-day detect prior to mass firings. [ 87 ] [ 88 ] top security, submission, content moderation, and sales executives resigned due to Musk stating that employees must either work longer hours or vacate from the company. [ 28 ] On November 16, Musk issued an “ ultimatum ” to all remaining Twitter employees warning that workers could expect “ long, intense hours of work ” if they decided to stay, a decision that was ordered to be made by the follow day, with news sources reporting numerous employees leaving on the same day. [ 89 ] [ 90 ] [ 91 ] The Verge reported that multiple critical engineering teams “ wholly or near-total [ ly ] resigned ”, increasing inner fears of a collapse of Twitter. [ 92 ] Following Musk ‘s acquisition and subsequent internal instability of the firm, including layoffs of Twitter ‘s entrust and safety teams, big advertisers including General Mills, Pfizer, Volkswagen, and General Motors announced an advertise pause. [ 93 ] Advertising agencies, including IPG and Omnicom Media Group, advised clients to pause ad spend on Twitter temporarily until the platform can sufficiently assure brand guard concerns. [ 94 ] According to a report from Media Matters for America, Twitter had lost half of its top 100 advertisers, which spent $ 750 million on ads in 2022. [ 95 ] Within two months of Musk ‘s learning of the company, his class agency privately sought to sell new shares valued at Musk ‘s acquisition price of $ 54.20, amid convulsion among users and advertisers, and debt payments approaching. Musk ’ s money director wrote to investors that in recent weeks the family office had received “ numerous inbound requests to invest in Twitter. ” [ 96 ] [ 97 ]

Services

chirrup

chitter is a microblogging and social network service on which users mail and interact with messages known as “ tweets ” .

revue

Revue is a service which lets writers create electronic mail newsletters and offer absolve or paid subscriptions to them. Revue was founded in the Netherlands in 2015 and acquired by Twitter on January 26, 2021. [ 98 ] On December 14, 2022, Twitter announced the service would be discontinued on January 18, 2023, at which sharpen all exploiter data would be deleted. [ 99 ]

former services

vine

On October 5, 2012, Twitter acquired a video clip party called Vine that launched in January 2013. [ 100 ] [ 101 ] Twitter released Vine as a standalone app that allows users to create and plowshare six-second loop video clips on January 24, 2013. Vine video shared on Twitter are visible directly in users ‘ Twitter feeds. [ 102 ] On October 27, 2016, Twitter announced that it would disable all uploads, but that viewing and download would continue to work. [ 103 ] [ 104 ] On January 20, 2017, Twitter launched an Internet archive of all Vine video that had ever been published. The archive was officially discontinued in April 2019. [ 105 ]

periscope

On March 13, 2015, Twitter announced its acquisition of Periscope, an app that allowed populate pour of video. [ 106 ] Periscope was launched on March 26, 2015. [ 107 ] due to declining use, product realignment, and high sustenance costs the avail was discontinued on March 31, 2021. [ 108 ] however, past Periscope video can silent be watched via Twitter and most of its congress of racial equality features are now incorporated into the app. [ 109 ]

Crashlytics and Fabric

Twitter acquired Crashlytics, a crash report joyride for developers, on January 28, 2013, for over US $ 100 million, its largest acquisition at the fourth dimension. [ 110 ] Twitter committed to continue supporting and expanding the service. [ 111 ] In October 2014, Twitter announced Fabric, a suite of mobile developer tools built around Crashlytics. [ 112 ] Fabric brought together Crashlytics, Answers ( mobile app analytics ), Beta ( fluid app distribution ), Digits ( mobile app identity and authentication services ), MoPub, and TwitterKit ( login with Twitter and Tweet display functionality ) into a single, modular SDK, allowing developers to pick and choose which features they needed while guaranteeing facilitate of installation and compatibility. By building Fabric on top of Crashlytics, Twitter was able to take advantage of Crashlytics ‘ bombastic borrowing and device footprint to quickly scale use of MoPub and TwitterKit. Fabric reached active distribution across 1 billion fluid devices fair 8 months after its launch. [ 113 ] In early 2016, Twitter announced that Fabric was installed on more than 2 billion active devices and used by more than 225,000 developers. fabric is recognized as the # 1 most popular crash report and besides the # 1 mobile analytics solution among the peak 200 io apps, beating out Google Analytics, Flurry, and MixPanel. [ 114 ] [ 115 ] In January 2017, Google acquired Fabric from Twitter and former integrated it into their Firebase platform. [ 116 ] [ 117 ]

Acquisitions

On April 11, 2010, Twitter acquired Atebits, developers of the Twitter node Tweetie for the Mac and iPhone. [ 118 ] On January 28, 2013, Twitter acquired Crashlytics in arrange to build out its mobile developer products. [ 110 ] On August 28, 2013, Twitter acquired Trendrr, [ 119 ] followed by the learning of MoPub on September 9, 2013. [ 120 ] On June 4, 2014, Twitter announced that it would acquire Namo Media, a engineering firm specializing in “ native advertise “ for mobile devices. [ 121 ] On June 19, 2014, Twitter announced that it had reached an undisclosed consider to buy SnappyTV, a service that helps edit and share video from television broadcasts. [ 122 ] [ 123 ] The company was helping broadcasters and rights holders to contribution video capacity both organically across social and via Twitter ‘s Amplify program. [ 124 ] In July 2014, Twitter announced that it intended to buy a young company called CardSpring for an undisclosed sum. CardSpring enabled retailers to offer on-line shoppers coupons that they could mechanically sync to their citation cards in ordain to receive discounts when they shopped in physical stores. [ 125 ] On July 31, 2014, Twitter announced that it had acquired a small password-security inauguration called Mitro. [ 126 ] On October 29, 2014, Twitter announced a modern partnership with IBM. The partnership was intended to help businesses use Twitter data to understand their customers, businesses and other trends. [ 127 ] On February 11, 2015, Twitter announced that it had acquired Niche, an advertise net for social media stars, founded by Rob Fishman and Darren Lachtman. [ 128 ] The skill price was reportedly $ 50 million. [ 129 ] Twitter announced that it had acquired TellApart, a department of commerce ads technical school firm, with $ 532 million standard. [ 130 ] [ 131 ] In June 2016, Twitter [ 132 ] acquired an artificial news inauguration called Magic Pony for $ 150 million. [ 133 ] [ 134 ] On January 26, 2021, Twitter acquired Revue, an e-mail newsletter service to compete with platforms like Substack. [ 98 ] In November and December 2021, Twitter acquired and immediately shut down two competitors : threader.app, a service to transform Twitter threads into accessible web pages, and Quill, a message service. [ 135 ] Threader.app users were directed to alternatively purchase the Twitter Blue serve, which at the time was available alone in some countries. [ 136 ]

leadership

As foreman administrator military officer, Dorsey saw the startup through two rounds of capital fund by the guess capitalists who backed the party. [ 137 ] On October 16, 2008, [ 138 ] Williams took over the function of CEO, and Dorsey became president of the dining table. [ 139 ] On October 4, 2010, Williams announced that he was stepping down angstrom CEO. Dick Costolo, once Twitter ‘s chief operating officer, became CEO. On October 4, 2010, Williams made an announcement saying that he will stay with the party and “ be completely focused on product strategy ”. [ 140 ] [ 141 ] According to The New York Times, “ Mr. Dorsey and Mr. Costolo forged a near relationship ” when Williams was off. [ 142 ] According to PC Magazine, Williams was “ nobelium long involved in the daily goings on at the caller ”. He was focused on developing a raw startup, and became a member of Twitter ‘s board of directors, and promised to “ help in any way [ he could ]. ” [ 143 ] Dorsey rejoined Twitter in March 2011, as executive president focusing on merchandise development. At that time, he split his schedule with Square ( where he is CEO ), whose offices are within walking distance of Twitter ‘s in San Francisco. [ 142 ] In September 2011, control panel members and investors Fred Wilson and Bijan Sabet resigned from Twitter ‘s board of directors. [ 144 ] In October 2012, Twitter announced it had hired early Google administrator Matt Derella to become their new director of business means exploitation. [ 145 ] Twitter named former Goldman Sachs executive Anthony Noto as the company ‘s CFO in July 2014, with an “ annual wage of $ 250,000 and erstwhile restrict stock options of 1.5 million shares … valued at $ 61.5 million ”. [ 146 ] On June 10, 2015, Twitter announced its CEO Dick Costolo would resign on July 1, 2015. [ 147 ] Noto was said to be considered a electric potential substitution for outgoing CEO Costolo. [ 148 ] On October 14, 2015, early Google headman commercial enterprise officer Omid Kordestani became administrator chair, replacing Dorsey who remains CEO. [ 149 ] On January 26, 2016, Leslie Berland, early administrator vice president of ball-shaped advertise, marketing, and digital partnerships at American Express, was named headman marketing officeholder. [ 150 ] In November 2016, COO Adam Bain announced his resignation and CFO Anthony Noto took over Bain ‘s function. [ 151 ] [ 152 ] A calendar month later, on December 20, 2016, CTO Adam Messinger announced that he excessively was leaving. [ 153 ] [ 154 ] In February 2020, it was reported that Elliott Management Corporation had acquired a post in Twitter, with activist stockholder and Republican Party assistant Paul Singer expected to seek the removal of Dorsey as CEO. [ 155 ] Twitter agreed to appoint a new freelancer director and two modern board members, and to perform $ 2 billion in share buybacks. [ 156 ] On November 29, 2021, Jack Dorsey stepped down vitamin a CEO. He was replaced by CTO Parag Agrawal. [ 157 ] [ 158 ] On October 27, 2022, Elon Musk closed a bargain to purchase the company and fired Agrawal, CFO Ned Segal, foreman legal officer Vijaya Gadde, and general guidance Sean Edgett. [ 27 ] Musk replaced the anterior board as the lone director of Twitter and appointed himself as the CEO. [ 83 ]

list of chairmen

list of CEOs

Finances

Year Revenue
in mil. US$
Net income
in mil. US$
Total assets
in mil. US$
Employees
2010[159] 28 −67 0
2011[159] 106 −164 721
2012[159] 317 −79 832 2,000
2013[159] 665 −645 3,366 2,712
2014[160] 1,403 −578 5,583 3,638
2015[161] 2,218 −521 6,442 3,898
2016[162] 2,530 −457 6,870 3,583
2017[163] 2,443 −108 7,412 3,372
2018[164] 3,042 1,206 10,163 3,900
2019[165] 3,459 1,466 12,703 4,900
2020[166] 3,716 −1,136 13,379 5,500+
2021[167] 5,077 −221 14,060 7,500+

Funding

Twitter raised over US $ 57 million from venture capitalist emergence support, although exact figures are not publicly disclosed. Twitter ‘s first base A cycle of fund was for an undisclosed measure that is rumored to have been between US $ 1 million and US $ 5 million. [ 168 ] Its second B round of fund in 2008 was for US $ 22 million [ 169 ] and its third gear C round of fund in 2009 was for US $ 35 million from Institutional Venture Partners and Benchmark Capital along with an undisclosed amount from other investors including Union Square Ventures, Spark Capital, and Insight Venture Partners. [ 168 ] Twitter is backed by Union Square Ventures, Digital Garage, Spark Capital, and Bezos Expeditions. [ 137 ] The company raised US $ 200 million in raw speculation das kapital in December 2010, at a valuation of approximately US $ 3.7 billion. [ 170 ] In August 2010 Twitter announced a “ significant ” investment led by Digital Sky Technologies that, at US $ 800 million, was reported to be the largest venture beat in history. [ 171 ] In December 2011, the Saudi prince Alwaleed bin Talal invested US $ 300 million in Twitter. The company was valued at US $ 8.4 billion at the time. [ 172 ]

Stock launch and tax issues

On September 12, 2013, Twitter announced that it had filed papers with the U.S. Securities and Exchange Commission ( SEC ) ahead of a design stock market listing. [ 173 ] It revealed its course catalog in an 800-page file. [ 174 ] Twitter planned to raise US $ 1 billion as the basis for its stock market debut. [ 175 ] The initial public offer ( IPO ) filing states that “ 200,000,000+ monthly active users ” access Twitter and “ 500,000,000+ tweets per day ” are posted. [ 176 ] [ 177 ] In an October 15, 2013, amendment to their SEC S-1 filing, [ 178 ] Twitter declared that they would list on the New York Stock Exchange ( NYSE ), quashing speculation that their stock would trade on the NASDAQ exchange. This decision was wide viewed to be a reaction to the botched initial public offer of Facebook. [ 179 ] On November 6, 2013, 70 million shares [ 180 ] were priced at US $ 26 and issued by moderate investment banker Goldman Sachs. [ 181 ] On November 7, 2013, the beginning day of trade on the NYSE, Twitter shares opened at $ 26.00 and closed at US $ 44.90, giving the caller a evaluation of around US $ 31 billion. [ 182 ] Consequently, executives and early investors marginally increased their capital, including co-founders Williams and Dorsey who received a total of US $ 2.56 billion and US $ 1.05 billion respectively, while Costolo ‘s requital was US $ 345 million. [ 183 ] On February 5, 2014, Twitter published its beginning results as a public party, showing a net passing of $ 511 million in the fourth quarter of 2013. [ 184 ] In November 2017, the Paradise Papers, a hardening of confidential electronic documents relating to offshore investing, revealed that Twitter is among the corporations that avoided paying taxes by using offshore companies. [ 185 ] Later The New York Times reported that Russian-American billionaire Yuri Milner had strong Kremlin bet on for his investments in Facebook and Twitter. [ 186 ]

See besides

References

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