Here is what led Elon Musk to speak of individual bankruptcy for Twitter: Timeline


It’s been a tough commence for Twitter Inc. below Elon Musk.

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In the two months since the tech billionaire took possession of Twitter, he is axed 50 % of the firm’s much more than 7,000 staff members, fired most of its govt leadership and demanded people who keep on being to return to the place of work immediately — ending remote operate, regular “days of rest” and cost-free meals. He is informed employees to brace by themselves for prolonged several hours, that “the highway ahead is arduous and will involve intense operate to thrive,” and claimed individual bankruptcy was feasible if the enterprise isn’t going to prevent bleeding money soon.

With $1.2 billion of yearly desire payments from the acquisition coming because of, and probably bigger with increasing curiosity premiums, Musk is in a rush to shore up dollars. But with models pulling back again on paying out as fears of recession loom, he is in a race to find new resources of income. With groups functioning all over the clock to include blue “verification” look at marks to the subscription product or service, impersonator accounts are proliferating, ensuing in an exodus of brands that is producing the organization to reduce $4 million a working day, according to Musk.

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Here’s how the saga is unfolding:

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Oct. 27: Musk usually takes handle

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Right after becoming forced to entire the deal to acquire Twitter for $44 million, Musk announces he has taken possession of the social network. His first act is to hearth the Board along with Main Govt Officer Parag Agrawal, Chief Economical Officer Ned Segal, head of lawful and plan Vijaya Gadde and Basic Counsel Sean Edgett, amongst other individuals in govt leadership.

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Soon after altering his Twitter bio to connect with himself “Chief Twit,” Musk types a modest advisory group that consists of celeb legal professional Alex Spiro, enterprise capitalist and engineer David Sacks, Neuralink Corp. CEO and head of Musk’s spouse and children business office Jared Birchall, tech investor Jason Calacanis, and typical husband or wife of Andreessen Horowitz Sriram Krishnan.

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Oct. 28: Makes commence to just take pause

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As Musk ideas to unban accounts and says he will cost for user verification, advertisers start to get nervous. Standard Motors Co. suspends advertisements, and other individuals critique their Twitter budgets.

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Oct. 31: Leading tweeters protest

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Amid murmurings of designs to demand current verified accounts, bestselling author Steven King tweets, “$20 a thirty day period to hold my blue test? F**k that, they really should shell out me. If that gets instituted, I’m long gone like Enron.” Musk replies, “We need to pay back the costs someway! Twitter simply cannot count completely on advertisers. How about $8?” Musk double downs on promoting the solution. A attainable release day of Monday, Nov. 7 is debated.

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Nov. 1: Teams functioning all-around the clock

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The solution crew operates more than the weekend on Musk’s idea to cost users for blue examine marks. A picture of solution director Esther Crawford sleeping on the ground of a conference home, hoping to make the deadline, goes viral. In the meantime, administrators are asked to make lists of who can be fired. Staff members print out their application code for assessment by Musk and engineers from Tesla Inc., to determine if their contributions are worthy of keeping a occupation.

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Nov. 3: Massive layoffs start out

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A memo is despatched to all employees telling them of imminent layoffs and to look at for an e-mail with the issue line: “Your Job at Twitter.” Badge access to workplaces is suspended as 3,700 staffers acquire phrase that they’ve been minimize. Sources report chaos in the aftermath with “survivors” not knowing who will be their manager or which jobs to work on, and undertaking leads not figuring out who is still left on their workforce. Realizing workers important for the continuity of the business have been permit go by oversight, some are requested to occur back again.

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Co-founder Ev Williams tweets, “Heart’s out to the tweeps obtaining laid off these days.” Times later on, co-founder and previous CEO Jack Dorsey, who was a proponent of Musk’s acquisition, adds, “I comprehend numerous are indignant with me. I have the responsibility for why everyone is in this circumstance: I grew the business measurement too rapidly. I apologize for that.”

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A class motion lawsuit is submitted questioning whether or not California staff were given enough notice beneath state law.

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In the meantime, extra advertisers faucet the brakes, involved that cuts to content material moderation teams suggests their adverts could demonstrate up along with unsavory content material.

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Nov. 5-6: Musk responds to superstar protests

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Unrest grows on the platform over the weekend, specially about the issue of impersonator accounts. Actress Valerie Bertinelli commences a movement of individuals modifying their Twitter names to “Elon Musk.” Comic Kathy Griffin joins the protest, finds her account locked, and then Musk announces, “Going ahead, any Twitter handles participating in impersonation devoid of obviously specifying ‘parody’ will be permanently suspended.”

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Nov. 7: Musk urges followers to vote Republican just before Election Working day

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Musk breaks out of the ordinary neutral posture of social media leaders when he tweets to his far more than 100 million followers, “To independent-minded voters: Shared electricity curbs the worst excesses of both of those parties, as a result I recommend voting for a Republican Congress, provided that the Presidency is Democratic.” He then pins the tweet to the top of his profile.

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Nov. 8: Musk sells a lot more Tesla

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Despite a former vow not to promote any more Tesla stock, Musk sells an further $3.95 billion, bringing the whole marketed in past calendar year to $36 billion.

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Nov. 9: Musk answers advertisers’ inquiries

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In an attempt to stem the departure of brand names from the system, Musk hosts a Twitter Areas Q&A with the head of income Robin Wheeler, head of believe in and security Yoel Roth, and the CEO of the Interactive Promoting Bureau, David Cohen. Far more than 114,000 listeners tuned in, such as a number of official brand accounts these as Target, Pandora, Chipotle and Chevron. Musk brainstorms about how his subscription solution can improve by setting up additional commerce into the system, which include by supplying substantial generate cash current market accounts on Twitter that buyers can hyperlink with their bank accounts.

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Quickly right after, the company’s blue verify mark selection gets available for purchase, and immediately turns into a resource for impersonators. An account masquerading as Nintendo Inc. posts an image of Super Mario holding up a center finger, while a faux Eli Lilly & Co. account tweets that insulin is now absolutely free. An impersonator Tesla Inc. account jokes about the carmaker’s protection history. Politicians and stars are also spoofed.

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Nov. 10: Extra crucial executives give up as Musk warns of personal bankruptcy

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In his first conference with workforce, Musk tells them to brace for 80-hour months and requires anyone back in the place of work total time, ending distant perform and other perks like totally free food. He also says individual bankruptcy for the company is not out of the dilemma if it will not start off making a lot more hard cash, and that teams want to go with urgency on the $8 subscription merchandise.

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Numerous executives in charge of trying to keep Twitter secure and accountable to its customers stop, together with chief information and facts safety officer Lea Kissner, main privateness officer Damien Kieran and main compliance Marianne Fogarty. Their departure raises issues about the firm’s ability to retain its system secure and comply with laws. Later on in the day there is news that both of those Roth and Wheeler resign, even though quickly soon after Wheeler returns.

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Nov. 11: Confirmed accounts get “Official” tags

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Twitter adds badges that say “formal” to verified accounts in some areas, while confusion abounds.

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Far more models depart the system, together with theater guideline Playbill. “Simply because of its tolerance for despise, negativity, and misinformation, our time with the social media system has appear to an end,” the theater guidebook enterprise reported in a statement. It warns followers to disregard any tweets from a Twitter account that is made up of the Playbill title. “Remember to recognize that it is not us,” it stated.

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