Twitter, Inc.

Table of Contents

Twitter Inc.

Twitter, Inc. was an American social media corporation headquartered in San Francisco, California. The firm operated the social networking platform Twit and previously the Vine short video application and Periscope livestreaming service. In April 2023, Twitter merged with X Holdings and ceased to operate as an independent entity, becoming a part of X Corp.

Twit was founded 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 were tweeting 340 million tweets daily. The corporation went public in November 2013. By 2019, Twitter boasted more than 330 million monthly active users.

On April 25, 2022, Twitter consented to a $44 billion acquisition by Elon Musk, CEO of SpaceX and Tesla, constituting one of the largest deals to take a company private. On July 8, Musk terminated the agreement. The value of Twit stocks plummeted, prompting corporate executives to file a lawsuit against Musk in Delaware’s Court of Chancery on July 12. On October 4, Musk declared his intention to proceed with the purchase as initially agreed, for $44 billion, or $54.20 per share; the transaction was finalized on October 27.

In the wake of Musk’s acquisition, Twit faced criticism for a surge in hate speech, as well as for an alleged systemic favoring of right-wing content. His ownership of the corporation has been marked by extensive policy alterations, significant layoffs and departures, and a profound transformation in the company’s organizational culture.

In April 2012, Twit disclosed its plans to establish an office in Detroit, with the objective of collaborating with automotive brands and advertising agencies. Additionally, Twitter expanded its operations in Dublin. The platform reached 100 million monthly active users in September 2011. On December 18, 2012, Twitter announced that it had surpassed 200 million monthly active users. Twitter is a social networking platform where users publicly or privately share and respond to texts, images, and videos, known as “tweets.”



Twitter, Inc. was an American microblogging company headquartered in San Francisco, California. The company operated the social media platform Twit  formerly the Vine short video app and Periscope livestreaming service. In April 2023, Twitter merged with X Holdings and ceased to be an independent entity, becoming part of X Corp.

Twit was founded by Jack Dorsey, Noah Glass, Biz Stone, and Evan Williams in March 2006 and officially launched that July. By 2012, the platform had amassed over 100 million users who were posting 340 million tweets daily. Twitter went public in November 2013, and by 2019, it boasted more than 330 million monthly active users.


twitter logo
Type of site Social networking service
Nationality United States (USA / US)  [3]
Available Language English
Founded Date April 2007
Area served Worldwide
Company Type Private
Traded NYSE: TWTR (2013–2022)
Predecessor Obvious Corporation
  • Jack Dorsey
  • Noah Glass
  • Biz Stone
  • Evan Williams

April 2023
 (2024-01-05)C++ , PHP
 (2024-01-05)C++ , PHP
 (2024-01-05)C++ , PHP

Fate  Acquired by Elon Musk and transferred into X Corp.
Successor  X Corp.
Key people Elon Musk [4]
  • Twitter
  • Vine (discontinued)
  • Periscope (discontinued)
Revenue US$5.1 billion (2021)
Operating income US$−493 million (2021)
Net income  US$−221 million (2021)
Total assets US$14.1 billion (2021)
Total equity US$7.3 billion (2021)
Number of employees  c. 1,000 (2023)
Parent  X Corp.
ASN 13414



On April 25, 2022, Twit  agreed to a $44 billion acquisition by Elon Musk, CEO of SpaceX and Tesla, marking one of the largest deals to privatize a company. However, on July 8, Musk terminated the agreement, causing a decline in Twitter’s stock value. Consequently, company officials filed a lawsuit against Musk in Delaware’s Court of Chancery on July 12. On October 4, Musk reaffirmed his intent to acquire the company for $44 billion, or $54.20 per share; the acquisition was finalized on October 27.

Following Musk’s takeover, Twit faced criticism for an increase in hate speech, along with perceived systemic prioritization of right-wing content. His ownership has been marked by significant policy changes, extensive layoffs and resignations, and a notable shift in the company’s corporate culture.

Twit inception can be traced back to a “daylong brainstorming session” conducted by board members of the podcasting company Odeo. Jack Dorsey, then a student at New York University, proposed the concept of using an SMS service for individual communication within a small group. Development commenced in February 2006, with Dorsey posting the platform’s first message on March 21, 2006, at 12:50 p.m. PST (UTC−08:00): “just setting up my twttr”. Initially, a prototype of Twitter, created by Dorsey and contractor Florian Weber, served as an internal tool for Odeo employees. The full version was publicly launched on July 15, 2006. Subsequently, in October 2006, Biz Stone, Evan Williams, Jack Dorsey, and other Odeo members established Obvious Corporation and acquired Odeo, including its assets such as and, from investors and shareholders. Glass was dismissed by Williams, and his involvement in Twitter’s founding remained undisclosed until 2011. Twitter became an independent company in April 2007.

The turning point for Twit popularity occurred during the 2007 South by Southwest Interactive (SXSWi) conference. Twitter usage surged from 20,000 tweets per day to 60,000 during the event. Steven Levy of Newsweek noted, “The Twit people cleverly placed two 60-inch plasma screens in the conference hallways, exclusively streaming Twit messages,” adding that “Hundreds of conference-goers kept tabs on each other via constant Twit . Panelists and speakers mentioned the service, and the bloggers in attendance touted it.”  Reaction at the conference was overwhelmingly positive, with blogger Scott Beale stating that Twitter was “absolutely ruling” SXSWi, while social software researcher danah boyd remarked that Twitter was “owning” the conference.


In April 2012, Twitter declared its intention to establish an office in Detroit, focusing on collaboration with automotive brands and advertising agencies. Additionally, Twit expanded its presence in Dublin. Twit achieved a milestone of 100 million monthly active users in September 2011. By December 18, 2012, Twit proudly announced that its monthly active users had surpassed 200 million. The company went public on the New York Stock Exchange on November 7, 2013.

In September 2016, Twitter witnessed a 20% surge in its shares following reports of acquisition interest. Prospective buyers included Alphabet (the parent company of Google), Microsoft., Verizon, and The Walt Disney Company. Twit board of directors showed willingness to entertain offers, potentially closing a deal by the end of 2016. However, no agreement materialized, with reports in October indicating that all potential buyers withdrew, partly due to concerns about abuse and harassment on the platform. In June 2017, Twit revamped its dashboard to enhance the experience for new users. In April 2021, Twitter revealed its decision to establish its African headquarters in Ghana. In January 2022, Twit  completed the sale of MoPub to AppLovin. The sale, initially announced in October 2021, was valued at $1.05 billion.

2022 and 2023 - Acquisition by Elon Musk

Business tycoon Elon Musk revealed that he had acquired 9.1% of Twit for $2.64 billion on April 4, 2022. In reaction, Twit stock surged by as much as 27%, marking the largest intraday rise since Twitter’s IPO in 2013. Musk joined Twitter’s board on April 9 under an agreement limiting his ownership to no more than 14.9% of the company. Musk made an unsolicited bid on April 14 to purchase Twitter for $43 billion and privatize the company. Publicly, Musk stated that his offer stemmed from concerns about the company’s management, particularly citing what he perceived as censorship policies impeding free speech on the platform. Twitter’s board implemented a “poison pill” strategy on April 15 to thwart Musk’s acquisition attempt, allowing shareholders to acquire additional stock in the event of a hostile takeover.

On April 20, Musk secured $46.5 billion in funding through a tender offer, which the board accepted on April 25. However, on July 8, Musk unilaterally terminated the proposed acquisition, alleging that Twit had breached several aspects of the agreement by refusing to provide data on spambot accounts and by dismissing key employees. In response, Twitter’s board chair Bret Taylor vowed to pursue legal action against Musk in the Delaware Court of Chancery to complete the acquisition. Twitter filed a lawsuit against Musk on July 12 to compel the sale to proceed. On September 13, 2022, Twitter shareholders voted to greenlight Elon Musk’s takeover of the company.

On October 4, 2022, reports surfaced that Musk offered to proceed with the deal at the original offer price of $54.20 per share. The merger between Twit , Inc. and X Holdings II, Inc., a wholly owned subsidiary of X Holdings I, Inc., wholly owned by Musk, was finalized on October 27, 2022. Musk assumed control of the company, paying $54.20 per share, totaling around $44 billion. By January 2023, Twitter had only approximately 2,300 employees remaining, with just 550 in full-time positions. By April, the active employee count dwindled to less than 1,500, signifying an 80% reduction in Twitter’s workforce within a year.


On October 28, immediately following Musk’s acquisition, he terminated CEO Parag Agrawal and CFO Ned Segal. Twit stock was halted from trading prior to the New York Stock Exchange opening the next day and was removed from listing on November 8. On October 31, Musk declared in a security filing that he had disbanded the board of directors and would assume the role of CEO of the company. In January 2023, he also dismissed an employee who criticized him.

On November 4, Twit laid off approximately half of its 7,500 employees, leaving various internal departments, including communication and core engineering teams, understaffed. Some of the employees were subsequently asked to return, with Twitter stating that they were “laid off by mistake”. 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 layoffs.

Key security, compliance, content moderation, and sales executives resigned due to Musk’s directive that employees must either work longer hours or resign from the company. On November 16, Musk issued an “ultimatum” to all remaining Twit employees, warning that workers could anticipate “long, intense hours of work” if they opted to stay, a decision that was mandated to be made by the following day, with news sources reporting numerous employees departing on the same day.The Verge reported that multiple critical engineering teams “completely or nearly completely resigned,” heightening internal concerns of a collapse of Twitter.

Within a week of Musk’s acquisition and subsequent internal turmoil within the company, including layoffs of Twit trust and safety teams, major advertisers including General Mills, Pfizer, Volkswagen, and General Motors announced a pause in advertising. Advertising agencies, including IPG and Omnicom Media Group, advised clients to temporarily halt ad spending on Twitter until the platform can adequately address brand safety concerns. Apprehension over increased hate speech prompted advertisers to leave in significant numbers. Impersonator accounts had increased following errors in the blue tick scheme for verified users, raising concerns. Musk stated that Twitter was experiencing “a massive drop in revenue,” resulting in losses of $4 million per day, which he attributed to “activist groups pressuring advertisers,” and added that “nothing is working” to entice advertisers back.

According to a November 2022 report from Media Matters for America, Twitter had lost half of its top 100 advertisers, who spent $750 million on ads in 2022. Advertising research firm Standard Media Index said advertiser spending on Twit 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 with debt payments looming. Musk’s money manager wrote to investors that in recent weeks, the family office had received “numerous inbound requests to invest in Twit .” 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, stating, “corporate media shills clearly have their marching orders to write hit pieces on me these days.” The Journal reported in October 2023 that the seven major banks that provided the $13 billion loan had been unable to follow the standard practice of quickly selling down their exposure to other banks due to a lack of appetite for the debt since Musk took over. The banks expected to mark down the debt by at least 15% in order to sell it.

In April 2023, National Public Radio was labeled as “US state-affiliated media,” a designation “that’s typically been reserved for foreign media outlets that represent the official views of the government, like Russia’s RT and China’s Xinhua.” This decision by Twit sparked controversy and accusations of pro-Republican bias. In a statement to Variety, NPR president and CEO John Lansing condemned the decision. Twitter, Inc. was merged with X Corp. in April 2023.



Twit is a social networking service on which users post and respond publicly or privately to texts, images, and videos known as “tweets”.

Former services Vine

On October 5, 2012, Twitter acquired a video clip company called Vine that launched in January 2013. Twit  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. On October 27, 2016, Twitter announced that it would disable all uploads, but viewing and downloading would continue to work. 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.


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

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. Twit committed to continue supporting and expanding the service.

In October 2014, Twit announced Fabric, a suite of mobile developer tools built around Crashlytics. 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.

In early 2016, Twit 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. In January 2017, Google acquired Fabric from Twitter and later integrated it into their Firebase platform.


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


On April 11, 2010, Twit obtained Atebits, developers of the Twit  client Tweetie for the Mac and iPhone. On January 28, 2013, Twit obtained Crashlytics to enhance its mobile developer products. On August 28, 2013, Twit acquired Trendrr, followed by the acquisition of MoPub on September 9, 2013.

On June 4, 2014, Twit announced the acquisition of Namo Media, a technology firm specializing in “native advertising” for mobile devices. On June 19, 2014, Twit announced an undisclosed deal to purchase SnappyTV, a service that assists in editing and sharing video from television broadcasts. The company aided broadcasters and rights holders in distributing video content both organically across social media and via Twitter’s Amplify program. In July 2014, Twit expressed its intention 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 shopping in physical stores. On July 31, 2014, Twit announced the acquisition of a small password-security startup called Mitro. On October 29, 2014, Twitter announced a new partnership with IBM, aimed at helping businesses utilize Twitter data to understand their customers, businesses, and other trends.

On February 11, 2015, Twitter announced the acquisition of Niche, an advertising network for social media stars, founded by Rob Fishman and Darren Lachtman. The acquisition price was reportedly $50 million. Twit also announced the acquisition of TellApart, a commerce ads tech firm, with $532 million in stock. In June 2016, Twit acquired an artificial intelligence startup called Magic Pony for $150 million. On January 26, 2021, Twit  acquired Revue, an email newsletter service to compete with platforms like Substack. In November and December 2021, Twitter acquired and immediately shut down two competitors:, a service to transform Twitter threads into accessible web pages, and Quill, a messaging service. users were directed to instead purchase the Twitter Blue service, which at the time was available only in some countries.


As the chief executive officer, Dorsey guided the startup through two rounds of capital funding by the venture capitalists who supported the company. On October 16, 2008, Williams assumed the role of CEO, while Dorsey transitioned to chairman of the board. On October 4, 2010, Williams announced his resignation as CEO. Dick Costolo, formerly Twitter’s chief operating officer, assumed the role of CEO. Williams affirmed his commitment to the company, stating he would remain and “be entirely focused on product strategy”.

The New York Times reported that “Mr. Dorsey and Mr. Costolo developed a close relationship” during Williams’ absence. According to PC Magazine, Williams was “no longer engaged in the day-to-day operations at the company” as he focused on launching a new startup. He remained a member of Twitter’s board of directors and pledged to “assist in any way possible”. Dorsey returned to Twitter in March 2011 as executive chairman, concentrating on product development, while also managing his responsibilities at Square, where he serves as CEO, conveniently located near Twitter’s offices in San Francisco.

In September 2011, board members and investors Fred Wilson and Bijan Sabet resigned from Twitter’s board of directors. In October 2012, Twitter announced the hiring of former Google executive Matt Derella as their new director of business agency development. In July 2014, former Goldman Sachs executive Anthony Noto was appointed as the company’s CFO. On June 10, 2015, Twitter announced the resignation of CEO Dick Costolo effective July 1, 2015. Noto was considered a potential replacement. On October 14, 2015, former Google chief business officer Omid Kordestani became executive chairman, succeeding Dorsey, who continued as CEO. 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. In November 2016, COO Adam Bain announced his resignation, and CFO Anthony Noto assumed Bain’s role. A month later, on December 20, 2016, CTO Adam Messinger announced his departure.

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 Dorsey’s removal as CEO. Twitter agreed to appoint a new independent director and two new board members, and to undertake $2 billion in share buybacks.

On November 29, 2021, Jack Dorsey resigned as CEO and was succeeded by CTO Parag Agrawal. On October 27, 2022, Elon Musk finalized a deal to acquire the company and dismissed Agrawal, CFO Ned Segal, chief legal officer Vijaya Gadde, and general counsel Sean Edgett. Musk replaced the prior board as the sole director of Twitter and appointed himself as CEO.

List of chairmen
Jack Dorsey (2008–2015)
Omid Kordestani (2015–2020)
Patrick Pichette (2020–2021)
Bret Taylor (2021–2022)

List of CEOs
Jack Dorsey (2006–2008); first term
Evan Williams (2008–2010)
Dick Costolo (2010–2015)
Jack Dorsey (2015–2021); second term
Parag Agrawal (2021–2022)
Elon Musk (2022–2023)


For the fiscal year 2021, the final fiscal period before Twitter transitioned to private ownership, the company recorded a deficit of 221 million, alongside an annual revenue of $5.1 billion. Following its initial public offering (IPO), Twitter achieved profitability in merely two out of the eight years.

Show Table

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


Twitter secured over US$57 million from venture capitalist growth funding, although specific figures are not publicly disclosed. Twitter’s initial A round of funding was for an undisclosed amount speculated to range between US$1 million and US$5 million. Its second B round of funding in 2008 totaled US$22 million, and its third C round in 2009 amounted to US$35 million from Institutional Venture Partners and Benchmark Capital, supplemented by contributions from other investors such as Union Square Ventures, Spark Capital, and Insight Venture Partners. Twitter is supported by Union Square Ventures, Digital Garage, Spark Capital, and Bezos Expeditions.

The company acquired US$200 million in new venture capital in December 2010, with a valuation of approximately US$3.7 billion. In August 2010, Twitter announced a “significant” investment led by Digital Sky Technologies, totaling US$800 million, reported as the largest venture round in history. In December 2011, Saudi Prince Alwaleed bin Talal invested US$300 million in Twitter, valuing the company at US$8.4 billion.

Stock Launch and Tax Issues

On September 12, 2013, Twitter disclosed that it had submitted papers to the U.S. Securities and Exchange Commission (SEC) in preparation for a planned stock market listing. It unveiled its prospectus in an 800-page filing, intending to raise US$1 billion for its stock market debut. The initial public offering (IPO) filing indicated that Twitter had “200,000,000+ monthly active users” and “500,000,000+ tweets per day.” In an amendment to their SEC S-1 filing on October 15, 2013, Twitter announced its decision to list on the New York Stock Exchange (NYSE), dispelling earlier speculation about trading on the NASDAQ exchange. This move was widely interpreted as a response to the flawed initial public offering of Facebook. On November 6, 2013, 70 million shares were priced at US$26 and issued by lead underwriter Goldman Sachs.

On November 7, 2013, the first trading day on the NYSE, Twitter shares debuted at $26.00 and closed at US$44.90, resulting in a valuation of approximately US$31 billion for the company. As a result, executives and early investors saw a marginal increase in their capital, with co-founders Williams and Dorsey receiving US$2.56 billion and US$1.05 billion respectively, while Costolo received US$345 million. On February 5, 2014, Twitter released its first results as a public company, reporting a net loss of $511 million in the fourth quarter of 2013.

In November 2017, the Paradise Papers, a collection of confidential electronic documents related to offshore investment, revealed that Twitter was among the corporations that avoided paying taxes by utilizing offshore companies. Subsequently, The New York Times reported that Russian-American billionaire Yuri Milner had substantial Kremlin support for his investments in Facebook and Twitter.

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