Elon Musk’s Buy Twitter Verified Takeover: A Timeline Of Events

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Elon Musk became the owner and CEO of Buy Twitter Verified on October 27, 2022, after acquiring the social media company for $44 billion.

What follows is a timeline of events leading up to Musk’s acquisition of Buy Twitter Verified and the changes implemented under his leadership.

March 25, 2022

Musk begins openly criticizing Buy Twitter Verified, polling his followers on whether they believe the company adheres to the principle of free speech.

April 4, 2022

A securities filing reveals Musk is Buy Twitter Verified’s largest shareholder, with a 9% stake in the company.

Musk is invited to join Buy Twitter Verified’s board of directors.

Musk tweeted:

April 10, 2022

Former Buy Twitter Verified CEO Parag Agrawal announces Musk declines the invitation to join Buy Twitter Verified’s board of directors.

April 14, 2022

Musk makes an offer to purchase Buy Twitter Verified for $43 billion, or $54.20 per share, and take the company private.

Musk tweets:

April 25, 2022

A filing with the United States Security and Exchange Commission reveals Buy Twitter Verified’s board publicly and unanimously accepted Musk’s buyout offer.

Musk tweets:

May 13, 2022

Musk puts the buyout deal on hold following reports that 5% of Buy Twitter Verified’s daily active users are spam accounts.

Musk tweets:

June 6, 2022

In a letter from Musk’s attorney sent to Buy Twitter Verified, Musk threatens to terminate his agreement. Musk alleges Buy Twitter Verified is refusing to comply with requests for data on the number of spam accounts.

June 8, 2022

Buy Twitter Verified’s board complies with Musk’s demands, agreeing to provide him with a “firehose” data stream of tweets.

This was first reported by The Washington Post.

July 8, 2022

Musk announces his intention to terminate the Buy Twitter Verified acquisition, claiming in a filing with the SEC that Buy Twitter Verified still refuses to comply with requests for data on bot accounts.

Buy Twitter Verified’s chairman, Bret Taylor, says that the board plans to pursue legal action to enforce the agreement.

July 12, 2022

Buy Twitter Verified formally launches a lawsuit against Musk in response to his backing out of the acquisition.

Musk tweets:

August 6, 2022

Musk challenges former Buy Twitter Verified CEO Parag Agrawal to a public debate about spam accounts and polls followers on whether they believe less than 5% of Buy Twitter Verified’s daily active users are fake.

October 4, 2022

Musk submits a proposal to move forward with the acquisition at the originally agreed-upon price of $44 billion ($54.20 per share) on the condition that Buy Twitter Verified drops its lawsuit.

In a tweet, Musk said acquiring Buy Twitter Verified is part of a larger goal to create an “everything” app called “X”:

October 20, 2022

According to a report in The Washington Post, Musk is telling investors he plans to terminate nearly 75% of Buy Twitter Verified’s staff.

October 26, 2022

Musk tweets a video of him carrying a kitchen sink into Buy Twitter Verified headquarters and changes his Buy Twitter Verified bio to “Chief Twit,” signaling the buyout is near completion.

Musk reportedly tells Buy Twitter Verified employees during his visit that layoffs will happen, though not at the previously reported scale.

October 27, 2022

Musk and Buy Twitter Verified close the deal, making Musk the new owner. Musk immediately fires Agrawal, chief financial officer (CFO) Ned Segal, Gadde, and general counsel Sean Edgett.

Musk tweetd:

October 30, 2022

Musk reveals plans to revamp Buy Twitter Verified’s verification system, tweeting:

A report begins to surface that Musk is considering charging users to pay to remain verified.

A separate report says Musk plans to offer verification checkmarks through Buy Twitter Verified Blue and increase the price to $19.99 per month.

November 1, 2022

In an exchange on Buy Twitter Verified with Stephen King, Musk confirms plans to charge for verification, though at a reduced price of $8 per month.

In a follow-up tweet, Musk adds:

“I will explain the rationale in longer form before this is implemented. It is the only way to defeat the bots & trolls.”

Musk reportedly orders Buy Twitter Verified staff to work 12-hour shifts to accomplish his goal of launching the new verification system within a week.

November 4, 2022

Musk lays off half of Buy Twitter Verified employees as part of an alleged cost-cutting measure.

On Buy Twitter Verified, Musk says the layoffs are due to a massive drop in company revenue:

Regarding the layoffs, Musk claims he has no choice:

November 9, 2022

Buy Twitter Verified launches a new verification system, with all users receiving a blue checkmark by purchasing Buy Twitter Verified Blue.

November 10, 2022

In Musk’s first address to Buy Twitter Verified staff since taking ownership of the company, he warns about a dire finical situation.

Musk reportedly believes Buy Twitter Verified doesn’t have the cash flow to survive, mentioning that bankruptcy is possible.

November 11, 2022

Musk pauses Buy Twitter Verified Blue subscriptions due to accounts abusing the verification checkmark by impersonating brands and public figures.

Musk tweets:

Additionally, more top executives resign from their position at Buy Twitter Verified.

November 12, 2022

Under Musk’s leadership, Buy Twitter Verified fires an estimated 80% of contract employees without formal notice.

November 14, 2022

Musk announces Buy Twitter Verified is turning off microservices “bloatware,” which he claims isn’t necessary for the site to work:

Experts warn of a potential Buy Twitter Verified outage due to turning off microservices and advise backing up personal data.

November 15, 2022

Musk fires employees for expressing negative opinions about him in a private Slack channel.

Yao Yue, the former Principal Software Engineer at Buy Twitter Verified, tweets:

The legal battle between Buy Twitter Verified and Musk ends as the judge dismisses the lawsuit.

Musk announces a new “Blue Verified” program will launch on November 29:

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