Elon Musk released a poll on Twitter that would decide whether he would continue as the CEO of the social media giant or not.
In the poll that was posted on his Twitter account on December 19, he asked fellow users that should he step down as head of Twitter and he stated that he would abide by the results of that poll.
There are rumors that if he would have to step down as the CEO he would continue as the Chairman of the Board and Twitter.
He had already stated in a court appearance the previous month about his plans of retiring as the leader of the platform. Prior to the launching of the poll Musk in a tweet hinted about the major changes that would appear in the policies soon.
While the poll received a mixture of responses as comments many appreciated him for giving an option to the people. Reportedly he hasn’t chosen a successor. The time of poll would close on Monday around noon.
Followingly on the Twitter handle named Twitter Safety another poll appeared that asked the users should the platform have a policy preventing the creation of or use of existing accounts for the main purpose of advertising other social media platforms.
Musk had made a $44 billion deal of owning the platform and what followed was quite eventful. He made possible the comeback of certain banned personalities, and a huge employee laid off took place which reduced the workforce to half of the original.
Read further to find out what all happened on Twitter before and after the buyout.
Free Speech Poll
Elon Musk took over as the Chief Operating Officer on October 27, 2022. Earlier to that he had followed a pattern of criticizing the platform and pointing fingers at the mishappenings and condemning the policies followed.
In a March 25 tweet, he launched a poll on his official handle that asked the users whether Twitter is adhering to the principle of letting its users have free speech on the platform. In that poll, 70.4 % of users had voted for no as their answer.
Being The Largest Shareholder
On April 4, 2022, a securities filing disclosed Elon Musk as the largest shareholder of Twitter. As per the records he had a 9% stake in Twitter Inc.
Following this, he was asked to join as a fellow member of the Board of Directors of the company to which he did not initially respond.
Turn Down Of The Invitation
On April 10, 2022, it was released that Musk had made a decision not to join the Board of Directors and that he had turned down the invitation for the same.
Parag Agarwal, the then CEO tweeted on his account the information about the same. Agarwal said that Elon was the biggest shareholder and that the company would always remain open to his input.
He further said that they as a company had and would always value inputs from their shareholders whether they are on the Board of Directors or not.
The Billion Dollar Offer
On April 14, 2022, Musk revealed his massive offer before the world. As per the reports he made an offer of $43 billion to purchase the platform. There was also an offer to make the company private for $54.20 per share.
Musk tweeted a poll on his handle that taking Twitter as private for $54.20 should be up to the shareholders and not the board. Users that made 83.5 % voted for yes.
The Buyout Deal
On April 25, 2022, an SEC filing (Security and Exchange Commission of the United States of America) disclosed the finalization of the deal put forward by the Tesla CEO. As per reports that were available the Board of Directors of Twitter had unanimously accepted the offer publicly.
A tweet appeared on Musk’s account which read that he hoped that even his worst critics remain on Twitter because that was the meaning of free speech.
Deal On Hold
On May 13, 2022, Musk issued a hold over the billion deal stating that spam user accounts reach up to 5 % of the total users of the platform.
In relation to that, he wrote on his Twitter account that the deal was put on hold for a temporary period.
Action On Agreement Termination
On June 6, 2022, a letter was sent to Twitter by Musk’s lawyer. Reportedly he was pressing for data about the details of fake accounts.
Twitter Meeting Musk’s Need
On June 8, 2022, the Board of Directors took a collective decision to agree with the demand put forward by Elon Musk.
The company made action to make available the firehose data stream to Musk.
Proceeding With Agreement Termination
As of July 8, 2022, Musk was proceeding with his move on the termination of the agreement. This caused controversies and Twitter’s Board of Directors spoke out that they would enforce the merger by pursuing legal actions on the agreed terms and conditions.
Twitter v/s Musk
On July 12, 2022, the company officially appeared before the law in an attempt to pursue Musk to go forward with his buyout deal. Parag Agarwal was challenged by Musk to appear in a public debate. Musk proposed a public poll to be put before the users to decide whether 5% of the platform’s user accounts are spam or not.
Also Read:- Jared Birchall: The Man Who Handles Elon Musk’s Billion-Dollar Empire
Musk Proceeds With The Deal
On October 4, 2022, Musk revealed that his intention would be to proceed with the already proposed deal on the condition that the company would drop its lawsuit against him. In an October 5 tweet, he mentioned that the purchase of the platform was an accelerant to create X, the everything app.
The Deal
On October 27, 2022, the deal was finalized between the two parties. The first thing he did after becoming the owner was to take down Parag Agarwal from the position of CEO. Ned Segal, the CFO as well as Sean Edgett, the general counsel were also removed.
Since the closing of the deal Musk has restructured the platform’s policies on various aspects, the verification system was renewed with controversial changes including subscription plans, cost-cutting measures were implanted and the workforce got laid off, Donald Trump the former President of U.S. who were restricted from Twitter was allowed to come back and many other reformations.
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