Elon Musk recently celebrated the second anniversary of his USD 44 billion acquisition of Twitter, now known as X, by sharing a video of himself entering the company’s headquarters. Musk posted the footage on X with the caption 'Let that sink in!' and it shows him carrying a sink.
The acquisition saga of Musk began in January 2022 when he started buying shares and, by April, became X's largest shareholder. X's board accepted his unsolicited bid for the company on April 25, 2022. But it wasn’t a smooth path to ownership. Musk tried to get out of the deal by July, claiming spam accounts concerned him. In the end, he changed his mind and completed the purchase on October 28, 2022.
Musk has since taken over the platform and has implemented a series of controversial reforms meant to reshape the platform. Musk fired key executives, including CEO Parag Agrawal and legal head Vijaya Gadde, as he tried to push his vision for X. Significant layoffs, reportedly half of the workforce, and sweeping changes to content moderation policies have characterised his leadership. They have sparked debates about free speech and misinformation on the platform.
Since Musk took over X, it has rolled out new features like open source algorithms and a revenue sharing program for creators. However, his tenure has come under fire for account suspensions and its seeming rise in hate speech. Advertisers have also worried that the platform is heading in the wrong direction, pausing spending.
Two years after Musk’s bold move into social media ownership, the future of X is still unclear. As discussions over its role in public discourse and its financial viability in a crowded space continue, the platform continues to grow.
