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The debt was estimated to cost Twitter approximately $1 billion in annual interest and fees. [27] Two days after announcing his bid, Musk registered three holding companies under the name "X Holdings" in preparation for his takeover. [ 33 ]
Over 16 million companies used its product at the time of the acquisition. Twitter's aim with the acquisition was to enhance its geotagging API with GeoAPI features. [9] Twitter paid for the acquisition using roughly $5 million of stock, and Mixer Lab employees were invited to become Twitter employees. [10] [11] [12] 4 April 9, 2010: Atebits ...
[51] [52] [53] 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. [54] 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. [52] [55] [56]
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In early November, Twitter laid off about 3,700 employees in a cost-cutting measure by Musk, who acquired the company for $44 billion. ... Twitter did not immediately respond to Reuters request ...
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