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Twitter, Inc.

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Twitter, Inc.
TypePrivate
IndustryInternet, social media
FoundedMarch 21, 2006; 16 years ago (2006-03-21) in San Francisco
Founders
Headquarters
San Francisco, California
,
United States
Area served
Worldwide
Key people
Elon Musk (CEO)[1]
Services
RevenueIncrease US$5.1 billion (2021)
Increase US$−273 million (2021)
Increase US$−221 million (2021)
Total assetsIncrease US$14.1 billion (2021)
Total equityDecrease US$7.3 billion (2021)
OwnerElon Musk[2][3]
Number of employees
c. 2,300[4] (Jan. 21, 2023)
Websiteabout.twitter.com Edit this at Wikidata
Footnotes / references
[5][6][7][8][9][10][11][12]

Twitter, Inc. is an American social media company based in San Francisco, California. The company operates the microblogging and social networking service Twitter. It previously operated the Vine short video app and Periscope livestreaming service.

Twitter 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 tweeted 340 million tweets a day,[13] and the service handled an average of 1.6 billion search queries per day.[14][15][13] The company went public in November 2013. By 2019, Twitter had more than 330 million monthly active users.[16]

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.[17][18] On July 8, Musk terminated the deal.[19] Twitter's shares fell,[20] leading company officials to sue Musk in the Chancery Court of Delaware on July 12.[21] On October 4, Musk announced his intention to purchase the company as he had agreed, for $44 billion, or $54.20 a share;[22] the agreement closed on October 27.

Following Musk's takeover, Twitter has been criticized for an increase in perceived hate speech, followed by advertiser moratoriums, mass dismissals and mass resignations.[23][24][25][26][27] After his acquisition of the company, Musk immediately dismissed numerous top executives.[28] On November 3, Twitter laid off approximately 3,700 employees, or about half of their staff. In the following week, the company's security, compliance, and privacy executives resigned.[29] On November 16, Musk sent an email to remaining employees outlining a shift in the work culture of the company and requesting employees opt-in or leave by November 17, leading to hundreds of additional resignations.[30]

Discover more about Twitter, Inc. related topics

California

California

California is a state in the Western United States, located along the Pacific Coast. With nearly 39.2 million residents across a total area of approximately 163,696 square miles (423,970 km2), it is the most populous U.S. state and the third-largest by area. It is also the most populated subnational entity in North America and the 34th most populous in the world. The Greater Los Angeles and San Francisco Bay areas are the nation's second and fifth most populous urban regions respectively, with the former having more than 18.7 million residents and the latter having over 9.6 million. Sacramento is the state's capital, while Los Angeles is the most populous city in the state and the second most populous city in the country. San Francisco is the second most densely populated major city in the country. Los Angeles County is the country's most populous, while San Bernardino County is the largest county by area in the country. California borders Oregon to the north, Nevada and Arizona to the east, the Mexican state of Baja California to the south; and has a coastline along the Pacific Ocean to the west.

Microblogging

Microblogging

Microblogging is a form of blogging using short posts without titles. Microposts were originally known as status updates. Microblogs "allow users to exchange small elements of content such as short sentences, individual images, or video links", which may be the major reason for their popularity. Some popular social networks such as Twitter, Mastodon, and Instagram can be viewed as collections of microblogs.

Periscope (service)

Periscope (service)

Periscope was an American live video streaming app for Android and iOS developed by Kayvon Beykpour and Joe Bernstein and acquired by Twitter, Inc. before its launch in March 2015.

Jack Dorsey

Jack Dorsey

Jack Patrick Dorsey is an American Internet entrepreneur and programmer who is a co-founder and former CEO of Twitter, Inc., as well as co-founder, principal executive officer and chairperson of Block, Inc., the developer of the Square financial services platform.

Noah Glass

Noah Glass

Noah Glass is an American technology entrepreneur, whose early work included launching Twitter and Odeo, a podcasting company that closed in 2017. Glass is credited for coining the name "Twitter", which began as "Twttr".

Biz Stone

Biz Stone

Christopher Isaac "Biz" Stone is an American entrepreneur who is a co-founder of Twitter, among other technology companies. Stone was the creative director at Xanga from 1999 to 2001. Stone co-founded Jelly, with Ben Finkel. Jelly was launched in 2014 and was a search engine driven by visual imagery and discovery. Stone was Jelly’s CEO until its acquisition by Pinterest in 2017. On May 16, 2017, Biz Stone announced he was returning to Twitter Inc.

Evan Williams (Internet entrepreneur)

Evan Williams (Internet entrepreneur)

Evan "Ev" Clark Williams is an American billionaire technology entrepreneur and executive. He is a co-founder of Twitter, and served as CEO of Twitter, Inc. from 2008 to 2010 and as a member of its board from 2007 to 2019. He founded Blogger and Medium, two of the largest blogging internet platforms. In 2014, he co-founded the venture capital firm Obvious Ventures. As of February 2022, his net worth is estimated at US$2.1 billion.

Acquisition of Twitter by Elon Musk

Acquisition of Twitter by Elon Musk

Business magnate Elon Musk initiated an acquisition of American social media company Twitter, Inc. on April 14, 2022, and concluded it on October 27, 2022. Musk had begun buying shares of the company in January 2022, becoming its largest shareholder by April with a 9.1 percent ownership stake. Twitter invited Musk to join its board of directors, an offer he initially accepted before declining. On April 14, Musk made an unsolicited offer to purchase the company, which Twitter's board initially responded with a "poison pill" strategy to resist a hostile takeover, before unanimously accepting Musk's buyout offer of $44 billion on April 25. Musk stated that he planned to introduce new features to the platform, make its algorithms open-source, combat spambot accounts, and promote free speech.

Elon Musk

Elon Musk

Elon Reeve Musk is a business magnate and investor. He is the founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc.; owner and CEO of Twitter, Inc.; founder of The Boring Company; co-founder of Neuralink and OpenAI; and president of the philanthropic Musk Foundation. With an estimated net worth of around $139 billion as of December 23, 2022, primarily from his ownership stakes in Tesla and SpaceX, Musk is the second-wealthiest person in the world, according to both the Bloomberg Billionaires Index and Forbes's real-time billionaires list.

Delaware Court of Chancery

Delaware Court of Chancery

The Delaware Court of Chancery is a court of equity in the American state of Delaware. It is one of Delaware's three constitutional courts, along with the Supreme Court and Superior Court. Since 2018, the court consists of seven judges. The chief judge is called the Chancellor, and the remaining judges are called Vice Chancellors. The chancellor and vice chancellors are nominated by the governor and confirmed by the state senate for 12-year terms.

Hate speech

Hate speech

Hate speech is defined by the Cambridge Dictionary as "public speech that expresses hate or encourages violence towards a person or group based on something such as race, religion, sex, or sexual orientation". Hate speech is "usually thought to include communications of animosity or disparagement of an individual or a group on account of a group characteristic such as race, colour, national origin, sex, disability, religion, or sexual orientation". Legal definitions of hate speech vary from country to country.

Organizational culture

Organizational culture

Historically there have been differences among investigators regarding the definition of organizational culture. Edgar Schein, a leading researcher in this field, defined "organizational culture" as comprising a number of features, including a shared "pattern of basic assumptions" which group members have acquired over time as they learn to successfully cope with internal and external organizationally relevant problems. Elliott Jaques first introduced the concept of culture in the organizational context in his 1951 book The Changing Culture of a Factory. The book was a published report of "a case study of developments in the social life of one industrial community between April, 1948 and November 1950". The "case" involved a publicly-held British company engaged principally in the manufacture, sale, and servicing of metal bearings. The study concerned itself with the description, analysis, and development of corporate group behaviours.

History

2006–2007: Creation and initial reaction

A sketch, c. 2006, by Jack Dorsey, envisioning an SMS-based social network
A sketch, c. 2006, by Jack Dorsey, envisioning an SMS-based social network

Twitter 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 idea of an individual using an SMS service to communicate with a small group.[31][32] Work on the project 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 first Twitter prototype, developed by Dorsey and contractor Florian Weber, was used as an internal service for Odeo employees.[33] 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.[34] Williams fired Glass, who was silent about his part in Twitter's startup until 2011.[35] Twitter spun off into its own company in April 2007.[36]

The tipping point for Twitter's popularity was the 2007 South by Southwest Interactive (SXSWi) conference. During the event, Twitter usage increased from 20,000 tweets per day to 60,000.[37] "The Twitter people cleverly placed two 60-inch plasma screens in the conference hallways, exclusively streaming Twitter messages," remarked Newsweek's Steven Levy. "Hundreds of conference-goers kept tabs on each other via constant twitters. Panelists and speakers mentioned the service, and the bloggers in attendance touted it."[38] Reaction at the conference was highly positive. Blogger Scott Beale said that Twitter was "absolutely ruling" SXSWi. Social software researcher danah boyd said Twitter was "owning" the conference.[39]

2007–2022: Growth

In April 2012, Twitter announced that it was opening an office in Detroit, with the aim of working with automotive brands and advertising agencies.[40] Twitter also expanded its office in Dublin.[41] On December 18, 2012, Twitter announced it had surpassed 200 million monthly active users. Twitter hit 100 million monthly active users in September 2011.[42]

The company had its initial public offering on the New York Stock Exchange on November 7, 2013.[43]

In September 2016, Twitter shares rose 20% after a report that it had received takeover approaches.[44] Potential buyers were Alphabet (the parent company of Google),[44] Microsoft,[45][46][47] Salesforce.com,[44][48] Verizon,[48] and The Walt Disney Company.[49][50] Twitter's board of directors were open to a deal, which could have come by the end of 2016.[44][51] However, no deal was made, with reports in October stating that all the potential buyers dropped out partly due to concerns over abuse and harassment on the service.[52][53][54] In June 2017, Twitter revamped its dashboard to improve the new user experience.[55][56]

In April 2021, Twitter announced that it was establishing its African headquarters in Ghana.[57][58]

In January 2022, Twitter finalized the sale of MoPub to AppLovin. The deal was first announced in October 2021, and the selling price was reported at $1.05 billion.[59]

2022–present

Acquisition by Elon Musk

Business magnate Elon Musk revealed that he had bought 9.1% of Twitter for $2.64 billion on April 4, 2022.[60][61][62] In response, Twitter's stock rose by as much as 27% and Twitter shares experienced the largest intraday surge since Twitter's IPO in 2013.[63] Musk was appointed to Twitter's board on April 9, under a deal that prohibited him from acquiring more than 14.9% of the company.[61][64][65]

Musk made an unsolicited offer on April 14 to acquire Twitter for $43 billion and take the company private.[66] Publicly, Musk expressed that his offer was motivated by concerns with how the company was managed, emphasizing his concern that policies he described as censorship were leading to a lack of free speech on the platform.[67][68] Twitter's board introduced a "poison pill" strategy on April 15, which would allow shareholders to buy additional stock should a hostile takeover occur as a means to block Musk's takeover.[69] On April 20, Musk secured $46.5 billion in funding as a tender offer, which the board accepted on April 25.[70][71][72]

On July 8, Musk announced he was unilaterally terminating the proposed acquisition, claiming in a regulatory filing that Twitter was in "material breach" of several parts of the agreement by refusing to comply with Musk's requests for spambot account data and dismissing high-ranking employees.[73][74] In response, Twitter board chair Bret Taylor pledged to pursue legal action against Musk at the Delaware Court of Chancery with the goal of completing the acquisition.[75][76] On July 12, Twitter opened a lawsuit against Musk to force the sale to proceed.[77] On September 13, 2022, Twitter shareholders voted to approve Elon Musk's takeover of the company.[78]

On October 4, 2022, it was reported that Musk offered to proceed with the deal at the original offer price of $54.20 per share.[79][80] The deal closed on October 27, 2022, with the merger between Twitter, Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Musk,[3] and Musk took control of the company,[81] paying $54.20 per share, or about $44 billion.[28]

Post-acquisition

On October 28, immediately following Musk's acquisition, he fired CEO Parag Agrawal and CFO Ned Segal.[82] Twitter's stock was suspended from trading prior to the New York Stock Exchange opening the next day and was delisted on November 8.[83][84] On October 31, Musk announced in a security filing that he had dissolved the board of directors and would serve as the CEO of the company.[85] In January 2023, he also fired an employee who criticized him.[86]

On November 4, Twitter laid off about half of its 7,500 employees,[87] leaving several internal departments, including communication and core engineering teams understaffed.[88] Some of the employees were later asked to return, with Twitter stating that they were "laid off by mistake".[89] Several current and former 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 notice prior to mass firings.[90][91]

Top security, compliance, content moderation, and sales executives resigned due to Musk stating that employees must either work longer hours or resign from the company.[29] 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 following day, with news sources reporting numerous employees leaving on the same day.[92][93][94] The Verge reported that multiple critical engineering teams "completely or near-total[ly] resigned", increasing internal fears of a collapse of Twitter.[95]

Within a week of Musk's acquisition and subsequent internal instability of the firm, including layoffs of Twitter's trust and safety teams, large advertisers including General Mills, Pfizer, Volkswagen, and General Motors announced an advertising pause.[96] Advertising agencies, including IPG and Omnicom Media Group, advised clients to pause ad spending on Twitter temporarily until the platform can sufficiently assure brand safety concerns.[97] Apprehension over increased hate speech made advertisers leave in large numbers. Impersonator accounts had increased following errors in the blue tick scheme for verified users causing concerns.[98] Musk said Twitter was experiencing "a massive drop in revenue" causing losses of $4 million per day, which he attributed to "activist groups pressuring advertisers," adding that "nothing is working" to lure advertisers back.[99]

According to a November 2022 report from Media Matters for America, Twitter had lost half of its top 100 advertisers, which spent $750 million on ads in 2022.[100] Advertising research firm Standard Media Index said advertiser spending on Twitter declined 55% in November year-on-year, and declined 71% in December, despite those holiday months typically seeing higher ad spending.[101]

By December 2022, Musk's family office privately sought to sell new shares valued at his original acquisition price of $54.20, amid turmoil among users and advertisers, and debt payments approaching. Musk's money manager wrote to investors that in recent weeks the family office had received "numerous inbound requests to invest in Twitter."[102][103] The Wall Street Journal reported in January 2023 that talks had been held to raise up to $3 billion to pay down some of the $13 billion in bank debt incurred in the deal, which includes a $3 billion high interest rate bridge loan. Musk denied the report, saying, "corpo media shills clearly have their marching orders to write hit pieces on me these days."[104][105]

Discover more about History related topics

Jack Dorsey

Jack Dorsey

Jack Patrick Dorsey is an American Internet entrepreneur and programmer who is a co-founder and former CEO of Twitter, Inc., as well as co-founder, principal executive officer and chairperson of Block, Inc., the developer of the Square financial services platform.

SMS

SMS

Short Message/Messaging Service, commonly abbreviated as SMS, is a text messaging service component of most telephone, Internet and mobile device systems. It uses standardized communication protocols that let mobile devices exchange short text messages. An intermediary service can facilitate a text-to-voice conversion to be sent to landlines.

Social network

Social network

A social network is a social structure made up of a set of social actors, sets of dyadic ties, and other social interactions between actors. The social network perspective provides a set of methods for analyzing the structure of whole social entities as well as a variety of theories explaining the patterns observed in these structures. The study of these structures uses social network analysis to identify local and global patterns, locate influential entities, and examine network dynamics.

Podcast

Podcast

A podcast is a program made available in digital format for download over the Internet. For example, an episodic series of digital audio or video files that a user can download to a personal device to listen to at a time of their choosing. Streaming applications and podcasting services provide a convenient and integrated way to manage a personal consumption queue across many podcast sources and playback devices. There are also podcast search engines, which help users find and share podcast episodes.

Odeo

Odeo

Odeo was a directory and search destination website for RSS-syndicated audio and video. It employed tools that enabled users to create, record, and share podcasts with a simple Adobe Flash-based interface.

New York University

New York University

New York University (NYU) is a private research university in New York City. Chartered in 1831 by the New York State Legislature, NYU was founded by a group of New Yorkers led by then-Secretary of the Treasury Albert Gallatin.

Biz Stone

Biz Stone

Christopher Isaac "Biz" Stone is an American entrepreneur who is a co-founder of Twitter, among other technology companies. Stone was the creative director at Xanga from 1999 to 2001. Stone co-founded Jelly, with Ben Finkel. Jelly was launched in 2014 and was a search engine driven by visual imagery and discovery. Stone was Jelly’s CEO until its acquisition by Pinterest in 2017. On May 16, 2017, Biz Stone announced he was returning to Twitter Inc.

Evan Williams (Internet entrepreneur)

Evan Williams (Internet entrepreneur)

Evan "Ev" Clark Williams is an American billionaire technology entrepreneur and executive. He is a co-founder of Twitter, and served as CEO of Twitter, Inc. from 2008 to 2010 and as a member of its board from 2007 to 2019. He founded Blogger and Medium, two of the largest blogging internet platforms. In 2014, he co-founded the venture capital firm Obvious Ventures. As of February 2022, his net worth is estimated at US$2.1 billion.

Newsweek

Newsweek

Newsweek is an American weekly online news magazine co-owned 50 percent each by Dev Pragad, its president and CEO, and Johnathan Davis, who has no operational role at Newsweek. Founded as a weekly print magazine in 1933, it was widely distributed during the 20th century, and had many notable editors-in-chief. The magazine was acquired by The Washington Post Company in 1961, and remained under its ownership until 2010.

Steven Levy

Steven Levy

Steven Levy is an American journalist and Editor at Large for Wired who has written extensively for publications on computers, technology, cryptography, the internet, cybersecurity, and privacy. He is the author of the 1984 book Hackers: Heroes of the Computer Revolution, which chronicles the early days of the computer underground. Levy published eight books covering computer hacker culture, artificial intelligence, cryptography, and multi-year exposés of Apple, Google, and Facebook. His most recent book, Facebook: The Inside Story, recounts the history and rise of Facebook from three years of interviews with employees, including Chamath Palihapitiya, Sheryl Sandberg, and Mark Zuckerberg.

Danah boyd

Danah boyd

danah boyd is a technology and social media scholar. She is a partner researcher at Microsoft Research, the founder and president of Data & Society Research Institute, and a visiting professor at New York University.

Detroit

Detroit

Detroit is the largest city in the U.S. state of Michigan. It is also the largest U.S. city on the United States–Canada border, and the seat of government of Wayne County. The City of Detroit had a population of 639,111 at the 2020 census, making it the 27th-most populous city in the United States. The metropolitan area, known as Metro Detroit, is home to 4.3 million people, making it the second-largest in the Midwest after the Chicago metropolitan area, and the 14th-largest in the United States. Regarded as a major cultural center, Detroit is known for its contributions to music, art, architecture and design, in addition to its historical automotive background. Time named Detroit as one of the fifty World's Greatest Places of 2022 to explore.

Services

Twitter

Twitter is a microblogging and social networking service on which users post and interact with messages known as "tweets".

Former services

Vine

On October 5, 2012, Twitter acquired a video clip company called Vine that launched in January 2013.[106][107] Twitter released Vine as a standalone app that allows users to create and share six-second looping video clips on January 24, 2013. Vine videos shared on Twitter are visible directly in users' Twitter feeds.[108] On October 27, 2016, Twitter announced that it would disable all uploads, but that viewing and download would continue to work.[109][110] On January 20, 2017, Twitter launched an Internet archive of all Vine videos that had ever been published. The archive was officially discontinued in April 2019.[111]

Periscope

On March 13, 2015, Twitter announced its acquisition of Periscope, an app that allowed live streaming of video.[112] Periscope was launched on March 26, 2015.[113] Due to declining usage, product realignment, and high maintenance costs the service was discontinued on March 31, 2021.[114] However, past Periscope videos can still be watched via Twitter and most of its core features are now incorporated into the app.[115]

Crashlytics and Fabric

Twitter acquired Crashlytics, a crash reporting tool for developers, on January 28, 2013, for over US$100 million, its largest acquisition at the time.[116] Twitter committed to continue supporting and expanding the service.[117]

In October 2014, Twitter announced Fabric, a suite of mobile developer tools built around Crashlytics.[118] Fabric brought together Crashlytics, Answers (mobile app analytics), Beta (mobile 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 ease of installation and compatibility. By building Fabric on top of Crashlytics, Twitter was able to take advantage of Crashlytics' large adoption and device footprint to rapidly scale usage of MoPub and TwitterKit. Fabric reached active distribution across 1 billion mobile devices just 8 months after its launch.[119]

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 reporting and also the #1 mobile analytics solution among the top 200 iOS apps, beating out Google Analytics, Flurry, and MixPanel.[120][121] In January 2017, Google acquired Fabric from Twitter and later integrated it into their Firebase platform.[122][123]

Revue

Revue was a service which lets writers create email newsletters and offer free or paid subscriptions to them. Revue was founded in the Netherlands in 2015 and acquired by Twitter on January 26, 2021.[124] On December 14, 2022, Twitter announced the service would be discontinued on January 18, 2023, at which point all user data would be deleted.[125]

Discover more about Services related topics

Microblogging

Microblogging

Microblogging is a form of blogging using short posts without titles. Microposts were originally known as status updates. Microblogs "allow users to exchange small elements of content such as short sentences, individual images, or video links", which may be the major reason for their popularity. Some popular social networks such as Twitter, Mastodon, and Instagram can be viewed as collections of microblogs.

Social networking service

Social networking service

A social networking service or SNS is an online platform which people use to build social networks or social relationships with other people who share similar personal or career content, interests, activities, backgrounds or real-life connections.

File hosting service

File hosting service

A file-hosting service, cloud-storage service, online file-storage provider, or cyberlocker is an internet hosting service specifically designed to host user files. It allows users to upload files that could be accessed over the internet after a user name and password or other authentication is provided. Typically, the services allow HTTP access, and sometimes FTP access. Related services are content-displaying hosting services, virtual storage, and remote backup.

Download

Download

In computer networks, download means to receive data from a remote system, typically a server such as a web server, an FTP server, an email server, or other similar system. This contrasts with uploading, where data is sent to a remote server. A download is a file offered for downloading or that has been downloaded, or the process of receiving such a file.

Periscope (service)

Periscope (service)

Periscope was an American live video streaming app for Android and iOS developed by Kayvon Beykpour and Joe Bernstein and acquired by Twitter, Inc. before its launch in March 2015.

Crashlytics

Crashlytics

Crashlytics was a Boston, Massachusetts-based software company founded in May 2011 by entrepreneurs Wayne Chang and Jeff Seibert. Crashlytics helps collecting, analyzing and organizing app crash reports.

Google Analytics

Google Analytics

Google Analytics is a web analytics service offered by Google that tracks and reports website traffic, currently as a platform inside the Google Marketing Platform brand. Google launched the service in November 2005 after acquiring Urchin.

Flurry (company)

Flurry (company)

Flurry is an American mobile analytics, monetization, and advertising company founded in 2005. The company develops and markets a platform for analyzing consumer interactions with mobile applications, packages for marketers to advertise in-apps, as well as a service for applying monetization structures to mobile apps. Flurry analyzes 150 billion app sessions per month. The company's analytics platform tracks application sessions in iOS, Android, HTML5, and JavaME platforms. Flurry has raised a total of $65 million in funding since its founding and in March 2014 announced that it would partner with Research Now to create a panel database on mobile users. Flurry was acquired by Yahoo! on July 21, 2014 for somewhere between $200 and $300 million.

Mixpanel

Mixpanel

Mixpanel is a business analytics service company. It tracks user interactions with web and mobile applications and provides tools for targeted communication with them.

Google

Google

Google LLC is an American multinational technology company focusing on search engine technology, online advertising, cloud computing, computer software, quantum computing, e-commerce, artificial intelligence, and consumer electronics. It has been referred to as "the most powerful company in the world" and one of the world's most valuable brands due to its market dominance, data collection, and technological advantages in the area of artificial intelligence. Its parent company Alphabet is considered one of the Big Five American information technology companies, alongside Amazon, Apple, Meta, and Microsoft.

Firebase

Firebase

Firebase is a set of hosting services for any type of application. It offers NoSQL and real-time hosting of databases, content, social authentication, and notifications, or services, such as a real-time communication server.

Newsletter

Newsletter

A newsletter is a printed or electronic report containing news concerning the activities of a business or an organization that is sent to its members, customers, employees or other subscribers. newsletter : Cambridge English Dictionary, retrieved on 2017-05-18.

Acquisitions

On April 11, 2010, Twitter acquired Atebits, developers of the Twitter client Tweetie for the Mac and iPhone.[126]

On January 28, 2013, Twitter acquired Crashlytics in order to build out its mobile developer products.[116] On August 28, 2013, Twitter acquired Trendrr,[127] followed by the acquisition of MoPub on September 9, 2013.[128]

On June 4, 2014, Twitter announced that it would acquire Namo Media, a technology firm specializing in "native advertising" for mobile devices.[129] On June 19, 2014, Twitter announced that it had reached an undisclosed deal to buy SnappyTV, a service that helps edit and share video from television broadcasts.[130][131] The company was helping broadcasters and rights holders to share video content both organically across social and via Twitter's Amplify program.[132] In July 2014, Twitter announced that it intended to buy a young company called CardSpring for an undisclosed sum. CardSpring enabled retailers to offer online shoppers coupons that they could automatically sync to their credit cards in order to receive discounts when they shopped in physical stores.[133] On July 31, 2014, Twitter announced that it had acquired a small password-security startup called Mitro.[134] On October 29, 2014, Twitter announced a new partnership with IBM. The partnership was intended to help businesses use Twitter data to understand their customers, businesses and other trends.[135]

On February 11, 2015, Twitter announced that it had acquired Niche, an advertising network for social media stars, founded by Rob Fishman and Darren Lachtman.[136] The acquisition price was reportedly $50 million.[137] Twitter announced that it had acquired TellApart, a commerce ads tech firm, with $532 million stock.[138][139] In June 2016, Twitter [140] acquired an artificial intelligence startup called Magic Pony for $150 million.[141][142]

On January 26, 2021, Twitter acquired Revue, an email newsletter service to compete with platforms like Substack.[124]

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 messaging service.[143] Threader.app users were directed to instead purchase the Twitter Blue service, which at the time was available only in some countries.[144]

Discover more about Acquisitions related topics

List of mergers and acquisitions by Twitter

List of mergers and acquisitions by Twitter

Twitter is an online social networking and microblogging service that enables users to send and read "tweets", which are text messages limited to 280 characters. Registered users can read and post tweets but unregistered users can only read them. Users access Twitter through the website interface, SMS, or mobile device app. Twitter Inc. is based in San Francisco and has offices in New York City, Boston, Seattle, Boulder, and London.

Tweetie

Tweetie

Tweetie was a client for the social networking website Twitter. There is a mobile version that runs on iPhone, iPod Touch, and iPad, and a desktop version runs on Mac OS X Leopard, Snow Leopard and Lion.

IPhone

IPhone

The iPhone is a line of smartphones produced by Apple Inc. which uses Apple's own iOS mobile operating system. The first-generation iPhone was announced by then-Apple CEO Steve Jobs on January 9, 2007. Since then, Apple has annually released new iPhone models and iOS updates. As of November 1, 2018, more than 2.2 billion iPhones had been sold. As of 2022, the iPhone accounts for 15.6% of global smartphone market share.

Crashlytics

Crashlytics

Crashlytics was a Boston, Massachusetts-based software company founded in May 2011 by entrepreneurs Wayne Chang and Jeff Seibert. Crashlytics helps collecting, analyzing and organizing app crash reports.

Namo Media

Namo Media

Namo Media was a technology startup providing in-stream advertisements for mobile applications. It was acquired by Twitter in June 2014 for between $50M and $100M.

Native advertising

Native advertising

Native advertising, also called sponsored content, is a type of advertising that matches the form and function of the platform upon which it appears. In many cases it functions like an advertorial, and manifests as a video, article or editorial. The word native refers to this coherence of the content with the other media that appear on the platform.

IBM

IBM

The International Business Machines Corporation (IBM), nicknamed Big Blue, is an American multinational technology corporation headquartered in Armonk, New York, with operations in over 175 countries. It specializes in computer hardware, middleware, and software, and provides hosting and consulting services in areas ranging from mainframe computers to nanotechnology. IBM is the largest industrial research organization in the world, with 19 research facilities across a dozen countries, and holds the record for most annual U.S. patents generated by a business at 29 consecutive years.

Rob Fishman

Rob Fishman

Rob Fishman is an American entrepreneur and writer.

Artificial intelligence

Artificial intelligence

Artificial intelligence (AI) is intelligence—perceiving, synthesizing, and inferring information—demonstrated by machines, as opposed to intelligence displayed by non-human animals and humans. Example tasks in which this is done include speech recognition, computer vision, translation between (natural) languages, as well as other mappings of inputs.

Substack

Substack

Substack is an American online platform that provides publishing, payment, analytics, and design infrastructure to support subscription newsletters. It allows writers to send digital newsletters directly to subscribers. Founded in 2017, Substack is headquartered in San Francisco.

Accessibility

Accessibility

Accessibility is the design of products, devices, services, vehicles, or environments so as to be usable by people with disabilities. The concept of accessible design and practice of accessible development ensures both "direct access" and "indirect access" meaning compatibility with a person's assistive technology.

Leadership

Jack Dorsey, co-founder and  then CEO of Twitter, in 2009
Jack Dorsey, co-founder and then CEO of Twitter, in 2009

As chief executive officer, Dorsey saw the startup through two rounds of capital funding by the venture capitalists who backed the company.[145] On October 16, 2008,[146] Williams took over the role of CEO, and Dorsey became chairman of the board.[147] On October 4, 2010, Williams announced that he was stepping down as CEO. Dick Costolo, formerly Twitter's chief operating officer, became CEO. On October 4, 2010, Williams made an announcement saying that he will stay with the company and "be completely focused on product strategy".[148][149]

According to The New York Times, "Mr. Dorsey and Mr. Costolo forged a close relationship" when Williams was away.[150] According to PC Magazine, Williams was "no longer involved in the day-to-day goings on at the company". He was focused on developing a new startup, and became a member of Twitter's board of directors, and promised to "help in any way [he could]."[151] Dorsey rejoined Twitter in March 2011, as executive chairman focusing on product 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.[150]

In September 2011, board members and investors Fred Wilson and Bijan Sabet resigned from Twitter's board of directors.[152] In October 2012, Twitter announced it had hired former Google executive Matt Derella to become their new director of business agency development.[153] Twitter named former Goldman Sachs executive Anthony Noto as the company's CFO in July 2014, with an "annual salary of $250,000 and one-time restricted stock options of 1.5 million shares ... valued at $61.5 million".[154] On June 10, 2015, Twitter announced its CEO Dick Costolo would resign on July 1, 2015.[155] Noto was said to be considered a potential replacement for outgoing CEO Costolo.[156] On October 14, 2015, former Google chief business officer Omid Kordestani became executive chairman, replacing Dorsey who remains CEO.[157] On January 26, 2016, Leslie Berland, former executive vice president of global advertising, marketing, and digital partnerships at American Express, was named chief marketing officer.[158] In November 2016, COO Adam Bain announced his resignation and CFO Anthony Noto took over Bain's role.[159][160] A month later, on December 20, 2016, CTO Adam Messinger announced that he too was leaving.[161][162]

In February 2020, it was reported that Elliott Management Corporation had acquired a stake in Twitter, with activist shareholder and Republican Party supporter Paul Singer expected to seek the removal of Dorsey as CEO.[163] Twitter agreed to appoint a new independent director and two new board members, and to perform $2 billion in share buybacks.[164]

On November 29, 2021, Jack Dorsey stepped down as CEO. He was replaced by CTO Parag Agrawal.[165][166] On October 27, 2022, Elon Musk closed a deal to purchase the company and fired Agrawal, CFO Ned Segal, chief legal officer Vijaya Gadde, and general counsel Sean Edgett.[28] Musk replaced the prior board as the sole director of Twitter and appointed himself as the CEO.[85]

List of chairmen

  1. Jack Dorsey (2008–2015)
  2. Omid Kordestani (2015–2020)
  3. Patrick Pichette (2020–2021)
  4. Bret Taylor (2021–2022)

List of CEOs

  1. Jack Dorsey (2006–2008); first term
  2. Evan Williams (2008–2010)
  3. Dick Costolo (2010–2015)
  4. Jack Dorsey (2015–2021); second term
  5. Parag Agrawal (2021–2022)
  6. Elon Musk (2022–present)

Discover more about Leadership related topics

Jack Dorsey

Jack Dorsey

Jack Patrick Dorsey is an American Internet entrepreneur and programmer who is a co-founder and former CEO of Twitter, Inc., as well as co-founder, principal executive officer and chairperson of Block, Inc., the developer of the Square financial services platform.

Chief executive officer

Chief executive officer

A chief executive officer (CEO), also known as a central executive officer, chief administrator officer (CAO) or just chief executive (CE), is one of a number of corporate executives charged with the management of an organization – especially an independent legal entity such as a company or nonprofit institution. CEOs find roles in a range of organizations, including public and private corporations, non-profit organizations and even some government organizations. The CEO of a corporation or company typically reports to the board of directors and is charged with maximizing the value of the business, which may include maximizing the share price, market share, revenues or another element. In the non-profit and government sector, CEOs typically aim at achieving outcomes related to the organization's mission, usually provided by legislation. CEOs are also frequently assigned the role of main manager of the organization and the highest-ranking officer in the C-suite.

Dick Costolo

Dick Costolo

Richard William Costolo is an American businessman. He was the CEO of Twitter, Inc. from 2010 to 2015; he also served as the COO before becoming CEO. He took over as CEO from Evan Williams in October 2010. On June 11, 2015, it was announced that Costolo would step down as CEO on July 1, 2015, and would be replaced by Twitter co-founder and chairman Jack Dorsey on an interim basis until the Board of Directors could find a replacement. On August 8, 2015, The New York Times reported that Costolo would be leaving Twitter's Board of Directors by the end of the year or when a new CEO was appointed.

Chief operating officer

Chief operating officer

A chief operating officer or chief operations officer, also called a COO, is one of the highest-ranking executive positions in an organization, composing part of the "C-suite". The COO is usually the second-in-command at the firm, especially if the highest-ranking executive is the chairperson and CEO. The COO is responsible for the daily operation of the company and its office building and routinely reports to the highest-ranking executive—usually the chief executive officer (CEO).

Fred Wilson (financier)

Fred Wilson (financier)

Fred Wilson is an American businessman, venture capitalist and blogger. Wilson is the co-founder of Union Square Ventures, a New York City-based venture capital firm with investments in Web 2.0 companies such as Twitter, Tumblr, Foursquare, Zynga, Kickstarter, Etsy and MongoDB.

Omid Kordestani

Omid Kordestani

Omid R. Kordestani is an Iranian-American businessman who was the Executive Chairman at Twitter from October 2015 to June 2020 and a board member of the company until October 2022. He was a Senior Vice President, the Chief Business Officer, and most recently a special advisor to the chief executive officer and founders at Google from July 2014 to October 2015 and was a director of Vodafone from March 2013 to October 2014. Kordestani had also previously been at Google from May 1999 to April 2009, reaching the position of Senior Vice President for Worldwide Sales and Field Operations.

Leslie Berland

Leslie Berland

Leslie Berland is the former CMO of Twitter.

American Express

American Express

American Express Company (Amex) is an American multinational financial services corporation specialized in payment cards headquartered in New York City. It is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average. The company's logo, adopted in 1958, is a gladiator or centurion whose image appears on the company's well-known traveler's cheques, charge cards, and credit cards. It is based in the American Express Tower in the Battery Park City neighborhood of Lower Manhattan where it maintains its corporate offices. They are the largest provider of traveler's cheques worldwide.

Activist shareholder

Activist shareholder

An activist shareholder is a shareholder who uses an equity stake in a corporation to put pressure on its management. A fairly small stake may be enough to launch a successful campaign. In comparison, a full takeover bid is a much more costly and difficult undertaking. The goals of activist shareholders range from financial to non-financial. Shareholder activists can address self-dealing by corporate insiders, although large stockholders can also engage in self-dealing to themselves at the expense of smaller minority shareholders.

Republican Party (United States)

Republican Party (United States)

The Republican Party, also referred to as the GOP, is one of the two major contemporary political parties in the United States. The GOP was founded in 1854 by anti-slavery activists who opposed the Kansas–Nebraska Act, which allowed for the potential expansion of chattel slavery into the western territories. Since Ronald Reagan's presidency in the 1980s, conservatism has been the dominant ideology of the GOP. It has been the main political rival of the Democratic Party since the mid-1850s. The Republican Party's historical predecessor is considered to be Northern members of the Whig Party, with Republican presidents Abraham Lincoln, Rutherford B. Hayes, Chester A. Arthur, and Benjamin Harrison all being Whigs before switching to the party, from which they were elected. The collapse of the Whigs, which had previously been one of the two major parties in the country, strengthened the party's electoral success.

Paul Singer (businessman)

Paul Singer (businessman)

Paul Elliott Singer is an American hedge fund manager, activist investor, philanthropist, and the founder, president and co-CEO of Elliott Management. As of October 2021, his net worth is estimated at US$4.3 billion.

Elon Musk

Elon Musk

Elon Reeve Musk is a business magnate and investor. He is the founder, CEO and chief engineer of SpaceX; angel investor, CEO and product architect of Tesla, Inc.; owner and CEO of Twitter, Inc.; founder of The Boring Company; co-founder of Neuralink and OpenAI; and president of the philanthropic Musk Foundation. With an estimated net worth of around $139 billion as of December 23, 2022, primarily from his ownership stakes in Tesla and SpaceX, Musk is the second-wealthiest person in the world, according to both the Bloomberg Billionaires Index and Forbes's real-time billionaires list.

Finances

Year Revenue
in mil. US$
Net income
in mil. US$
Total assets
in mil. US$
Employees
2010[167] 28 −67 0
2011[167] 106 −164 721
2012[167] 317 −79 832 2,000
2013[167] 665 −645 3,366 2,712
2014[168] 1,403 −578 5,583 3,638
2015[169] 2,218 −521 6,442 3,898
2016[170] 2,530 −457 6,870 3,583
2017[171] 2,443 −108 7,412 3,372
2018[172] 3,042 1,206 10,163 3,900
2019[173] 3,459 1,466 12,703 4,900
2020[174] 3,716 −1,136 13,379 5,500+
2021[175] 5,077 −221 14,060 7,500+

Funding

Twitter raised over US$57 million from venture capitalist growth funding, although exact figures are not publicly disclosed. Twitter's first A round of funding was for an undisclosed amount that is rumored to have been between US$1 million and US$5 million.[176] Its second B round of funding in 2008 was for US$22 million[177] and its third C round of funding 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.[176] Twitter is backed by Union Square Ventures, Digital Garage, Spark Capital, and Bezos Expeditions.[145]

The company raised US$200 million in new venture capital in December 2010, at a valuation of approximately US$3.7 billion.[178] 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 round in history.[179] 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.[180]

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 planned stock market listing.[181] It revealed its prospectus in an 800-page filing.[182] Twitter planned to raise US$1 billion as the basis for its stock market debut.[183] The initial public offering (IPO) filing states that "200,000,000+ monthly active users" access Twitter and "500,000,000+ tweets per day" are posted.[184][185] In an October 15, 2013, amendment to their SEC S-1 filing,[186] 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 widely viewed to be a reaction to the botched initial public offering of Facebook.[187] On November 6, 2013, 70 million shares[188] were priced at US$26 and issued by lead underwriter Goldman Sachs.[189]

On November 7, 2013, the first day of trading on the NYSE, Twitter shares opened at $26.00 and closed at US$44.90, giving the company a valuation of around US$31 billion.[190] Consequently, executives and early investors marginally increased their capital, including co-founders Williams and Dorsey who received a sum of US$2.56 billion and US$1.05 billion respectively, while Costolo's payment was US$345 million.[191] On February 5, 2014, Twitter published its first results as a public company, showing a net loss of $511 million in the fourth quarter of 2013.[192]

In November 2017, the Paradise Papers, a set of confidential electronic documents relating to offshore investment, revealed that Twitter is among the corporations that avoided paying taxes by using offshore companies.[193] Later The New York Times reported that Russian-American billionaire Yuri Milner had strong Kremlin backing for his investments in Facebook and Twitter.[194]

Discover more about Finances related topics

Union Square Ventures

Union Square Ventures

Union Square Ventures (USV) is an American venture capital firm based in New York City. The firm has backed more than 130 startups, including Twitter, Etsy, Stripe, Coinbase, Zynga, Tumblr, Stack Overflow, Meetup, Kickstarter, MongoDB, Flurry, and Carta.

Spark Capital

Spark Capital

Spark Capital is a venture capital firm in the United States, responsible for early-stage funding startups of consumer, commerce, FinTech, software, frontier, and media sectors. It has branches in San Francisco, Boston, and New York City.

Bezos Expeditions

Bezos Expeditions

Bezos Expeditions is an American investment firm based in Mercer Island, Washington. It serves as a family office for Amazon.com founder Jeff Bezos by managing his personal investments. The firm invests in early stage ventures, late stage ventures and seed stages of companies in many different sectors.

Saudi Arabia

Saudi Arabia

Saudi Arabia, officially the Kingdom of Saudi Arabia (KSA), is a country in Western Asia. It covers the bulk of the Arabian Peninsula, and has a land area of about 2,150,000 km2 (830,000 sq mi), making it the fifth-largest country in Asia, the second-largest in the Arab world, and the largest in Western Asia and the Middle East. It is bordered by the Red Sea to the west; Jordan, Iraq, and Kuwait to the north; the Persian Gulf, Qatar and the United Arab Emirates to the east; Oman to the southeast; and Yemen to the south. Bahrain is an island country off the east coast. The Gulf of Aqaba in the northwest separates Saudi Arabia from Egypt. Saudi Arabia is the only country with a coastline along both the Red Sea and the Persian Gulf, and most of its terrain consists of arid desert, lowland, steppe, and mountains. Its capital and largest city is Riyadh. The country is home to Mecca and Medina, the two holiest cities in Islam.

U.S. Securities and Exchange Commission

U.S. Securities and Exchange Commission

The U.S. Securities and Exchange Commission (SEC) is an independent agency of the United States federal government, created in the aftermath of the Wall Street Crash of 1929. The primary purpose of the SEC is to enforce the law against market manipulation.

Initial public offering

Initial public offering

An initial public offering (IPO) or stock launch is a public offering in which shares of a company are sold to institutional investors and usually also to retail (individual) investors. An IPO is typically underwritten by one or more investment banks, who also arrange for the shares to be listed on one or more stock exchanges. Through this process, colloquially known as floating, or going public, a privately held company is transformed into a public company. Initial public offerings can be used to raise new equity capital for companies, to monetize the investments of private shareholders such as company founders or private equity investors, and to enable easy trading of existing holdings or future capital raising by becoming publicly traded.

Prospectus (finance)

Prospectus (finance)

A prospectus, in finance, is a disclosure document that describes a financial security for potential buyers. It commonly provides investors with material information about mutual funds, stocks, bonds and other investments, such as a description of the company's business, financial statements, biographies of officers and directors, detailed information about their compensation, any litigation that is taking place, a list of material properties and any other material information. In the context of an individual securities offering, such as an initial public offering, a prospectus is distributed by underwriters or brokerages to potential investors. Today, prospectuses are most widely distributed through websites such as EDGAR and its equivalents in other countries.

Form S-1

Form S-1

Form S-1 is an SEC filing used by companies planning on going public to register their securities with the U.S. Securities and Exchange Commission (SEC) as the "registration statement by the Securities Act of 1933". The S-1 contains the basic business and financial information on an issuer with respect to a specific securities offering. Investors may use the prospectus to consider the merits of an offering and make educated investment decisions. A prospectus is one of the main documents used by an investor to research a company prior to an initial public offering (IPO). Other less detailed registration forms, such as Form S-3, may be used for certain registrations.

New York Stock Exchange

New York Stock Exchange

The New York Stock Exchange is an American stock exchange in the Financial District of Lower Manhattan in New York City. It is by far the world's largest stock exchange by market capitalization of its listed companies at US$30.1 trillion as of February 2018. The average daily trading value was approximately US$169 billion in 2013. The NYSE trading floor is at the New York Stock Exchange Building on 11 Wall Street and 18 Broad Street and is a National Historic Landmark. An additional trading room, at 30 Broad Street, was closed in February 2007.

Initial public offering of Facebook

Initial public offering of Facebook

The technology company Facebook, Inc. held its initial public offering (IPO) on Friday, May 18, 2012. The IPO was one of the biggest in technology and Internet history, with a peak market capitalization of over $104 billion.

Goldman Sachs

Goldman Sachs

Goldman Sachs is an American multinational investment bank and financial services company. Founded in 1869, Goldman Sachs is headquartered at 200 West Street in Lower Manhattan, with regional headquarters in London, Warsaw, Bangalore, Hong Kong, Tokyo, Dallas and Salt Lake City, and additional offices in other international financial centers. Goldman Sachs is the second largest investment bank in the world by revenue and is ranked 57th on the Fortune 500 list of the largest United States corporations by total revenue. It is considered a systemically important financial institution by the Financial Stability Board.

Dick Costolo

Dick Costolo

Richard William Costolo is an American businessman. He was the CEO of Twitter, Inc. from 2010 to 2015; he also served as the COO before becoming CEO. He took over as CEO from Evan Williams in October 2010. On June 11, 2015, it was announced that Costolo would step down as CEO on July 1, 2015, and would be replaced by Twitter co-founder and chairman Jack Dorsey on an interim basis until the Board of Directors could find a replacement. On August 8, 2015, The New York Times reported that Costolo would be leaving Twitter's Board of Directors by the end of the year or when a new CEO was appointed.

Source: "Twitter, Inc.", Wikipedia, Wikimedia Foundation, (2023, January 26th), https://en.wikipedia.org/wiki/Twitter,_Inc..

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