It has been one year since Elon Musk acquired Twitter for $44 billion. At the time, the deal was seen as a major coup for Musk, who had long been a vocal critic of the social media platform. Musk promised to make Twitter a more open and free platform for speech, and he also said that he would crack down on bots and spam.
However, the past year has been anything but smooth sailing for Musk and Twitter. The company has been plagued by controversy, and Musk himself has been accused of making false and misleading statements about the deal. In addition, Twitter's stock price has plummeted, and the company is now worth only a fraction of what Musk paid for it.
So, what has happened to Twitter since Musk took over?
Controversy and Litigation
One of the biggest problems that Musk has faced since taking over Twitter is controversy. In the months leading up to the deal, Musk made a number of controversial statements about Twitter, including calling the company's moderation policies "a disaster" and saying that he would "make Twitter better than ever."
Once Musk took over, the controversy continued. In November 2022, Musk fired Twitter's top lawyer, Vijaya Gadde, who had been a vocal critic of Musk's plans for the company. In December 2022, Musk was accused of making false and misleading statements about the number of bots on Twitter.
In addition to the controversy, Musk has also been facing a number of lawsuits. In January 2023, Twitter shareholders sued Musk, alleging that he had misled them about his plans for the company. In February 2023, Twitter employees sued Musk, alleging that he had created a hostile work environment.
Declining Stock Price
In addition to the controversy and litigation, Twitter's stock price has also been declining since Musk took over. In the months leading up to the deal, Twitter's stock price was trading at around $50 per share. However, since Musk took over, the stock price has fallen to around $30 per share.
The decline in Twitter's stock price is likely due to a number of factors, including the controversy surrounding Musk, the lawsuits against Musk, and the company's declining user growth.
What's Next for Twitter?
It is unclear what the future holds for Twitter. Musk has said that he is committed to making the company a better platform for speech, but he has also faced a number of challenges since taking over. It remains to be seen whether Musk will be able to turn Twitter around.
In the meantime, Twitter is facing a number of challenges, including declining user growth, controversy, and litigation. It is unclear how the company will be able to overcome these challenges.