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On April 4, he announced that he had acquired 9.2 percent of the company's shares totaling $2.64 billion, [8] making him the company's largest shareholder. [9] Following the announcement, Twitter's stock experienced its largest intraday surge since the company's initial public offering (IPO) in 2013, rising by as much as 27 percent. [10]
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. [188] In December 2011, the Saudi prince Alwaleed bin Talal invested US$300 million in Twitter.
The social media giant reported a rise in first-quarter earnings to 513 million US dollars (£405 million), but revenues missed forecasts.
Established by Elon Musk in 2023 as the successor to Twitter, Inc., it is a wholly owned subsidiary of X Holdings Corp., which is itself mostly owned by Musk. The company owns the social networking service X (formerly known as Twitter), and has announced plans to use it as a base for other offerings. While the official name of the company and ...
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Twitter beat expectations for both revenue and earnings, but the company confirmed it plans to lay off 9% of its workforce as it looks to cut costs.
On July 23, 2023, Musk announced X's launch, which would replace Twitter, which started when the X.com domain (formerly associated with PayPal) began redirecting to Twitter; [3] the logo was changed from the bird to the X the next day, [37] and the platform's official main and associated accounts also began using the letter X within their handles. [38]
Twitter reported revenue of $361 million for the quarter ending on Sept. 30, versus $163.6 million a year earlier, beating analysts' estimates.Nevertheless, the stock fell after the results came ...