Elon Musk is marking his first year at the helm of X, the social media platform formerly known as Twitter, on October 28 – and to say that a lot has happened over the past 12 months would be an understatement.
We look back at the saga between Mr Musk and the social media company, highlighting key dates that triggered a series of events that defined one of the most tumultuous acquisitions and transitions in business history.
December 21, 2017: An innocent tweet?
Not everyone knows this but on this day, Mr Musk sends out one of his first tweets, simply saying, “I love Twitter”. Twitter founder Jack Dorsey responds with, “Same”, before another user says, “You should buy it then”.
Mr Musk's answer? “How much is it?”
It is unclear if this tweet triggered anything in Mr Musk to make his famous offer about five years later.
January 31 to April 4, 2022: Taking stock
Mr Musk begins to buy Twitter stock as he quietly begins to build his stake. On April 4, he becomes the company's biggest individual shareholder, and this is made public owing to Securities and Exchange Commission regulations. Twitter invites him to be a member of its board, as long as he does not own more than 14.9 per cent of shares.
On April 9, he declines the seat on the board. Two days later, he files an amended disclosure with the SEC so he can buy as much shares as he desires, setting off speculation on his intentions.
April 14: The beginning of the saga
Mr Musk makes a surprise $44 billion offer, at $54.20 a share, to buy Twitter in what is described as a hostile takeover bid. The company's board says it will review the bid.
The following day, Twitter triggers a “poison pill” – allowing shareholders to buy stock at a discount if their ownership exceeds 15 per cent – to deter Mr Musk.
April 25: It's a deal
After much wrangling and barbs traded – including locking horns with then Twitter chief executive Parag Agrawal over the company's estimates of spam accounts – Twitter gives in and agrees to be bought. A deal is set to be finalised before the end of 2022.
Mr Musk then says he will promote free speech on the platform, tackle the spam problem and make it open source, among other promises.
April 29 to May 4: Raising funds
After selling Tesla stock worth about $25 billion in the six months up to this point, Mr Musk says he has received more than $7.1 billion in new equity funding from various investors to help finance his Twitter takeover.
On May 26, he personally commits $6.25 billion to the Twitter acquisition.
May 7: Grand plans
Mr Musk lays out a pitch, seen by the New York Times, in which he intends to boost Twitter's revenue by five times to $26.4 billion by 2028.
His projected revenue in six years will mean a compound annual growth rate of more than a quarter from the $5 billion reported by Twitter in 2021.
June 16: First face-off with Twitter staff
Mr Musk's first open discussion with staff at Twitter includes views on freedom of speech, remote work, aliens and job cuts.
That last one proves to be a sign of things to come.
June 22: Board endorsement
Twitter’s board recommends that shareholders approve the $44 billion sale of the company to Mr Musk. The proposed deal is fair and in the best interests of the social media platform and its stockholders, a US SEC filing shows.
July 29 to October 4: Yes, no, yes
Mr Musk files paperwork stating that he is terminating his transaction to purchase Twitter, claiming the company has failed to meet requests to give him relevant business information.
Lawsuits ensue – Mr Musk files one to terminate the deal on August 30 – but, eventually, he decides to push through on October 4.
October 28: 'Let that sink in'
Mr Musk completes his $44 billion acquisition of Twitter after tumultuous months of back and forth. A day before, he turns up at Twitter's headquarters in San Francisco with a kitchen sink to drive the point home.
On the same day, he fires Mr Agrawal, chief financial officer Ned Segal and legal policy, trust and safety boss Vijaya Gadde.
October 29: Minus ads
General Motors suspends paid advertisements on Twitter and says it will only resume when it has a better understanding of what will happen to the platform with Mr Musk in control.
More companies express concern about the direction Twitter intends to take under its new leadership.
By November 26, Twitter has lost at least half of its major advertisers, representing a loss of about $750 million, non-profit watchdog Media Matters reports.
October 30: 'Fire' starter
The New York Times and Washington Post report that Mr Musk plans to fire staff at Twitter. The following day, the Post says this will be a quarter of its global workforce.
The company begins to lay off staff on November 4. The following day, Twitter cuts its global workforce by half, triggering a lawsuit from some employees. The layoffs are estimated to be about 3,700. Entire teams, including key units such as public relations, are scrapped.
However, Twitter backtracks a bit on November 7 and asks some of those fired to return.
On November 17, Mr Musk gives Twitter staff an ultimatum to sign an agreement that they will work with “hardcore” intensity or leave the company. This ultimatum leads to the exit of a large number of employees. About 1,200 more employees quit on November 19.
On November 27, Twitter says, “we're recruiting”. By January 21, 2023, Twitter's headcount had fallen to 1,300.
Soon thereafter, users and celebrities begin to leave Twitter as they look for alternative platforms.
October 31: Tightening up
Mr Musk says Twitter's verification process is being revamped, without giving any further details, in an apparent attempt to rein in spam accounts.
November 1: Tweeter-in-chief
Mr Musk becomes Twitter's chief executive and dissolves its board to become sole director.
November 6: Making it tick
Twitter starts giving users who agree to pay a monthly subscription of $8 a verified check mark, days after Mr Musk floats the idea of a different verification system.
However, on November 9, Twitter previews the “Official” label, as confusion reigns over the paid blue tick system.
November 17: Talk of long-form tweets begins
Mr Musk talks about having longer tweets. The character limit for a tweet at the time stands at 280, having been doubled from 140 in 2017.
On January 8, 2023, he says long-form tweets will be introduced in February. True to his word, a 4,000-character limit is introduced on February 9.
On March 23, he floats the idea of 10,000 characters with simple formatting tools. On April 14, Blue subscribers are finally given the privilege of using this feature.
November 25: Amnesties and colourful tiers
Mr Musk says he wants to grant an “amnesty” for suspended accounts, which online safety experts predict will lead to a rise in harassment, hate speech and misinformation.
On December 2, online safety campaigners claim hate speech has increased on the platform since he took over.
On the same day, he says the company will introduce new coloured user tiers: a “gold check for companies, grey check for government, blue for individuals (celebrity or not) and all verified accounts will be manually authenticated before check activates. Painful, but necessary”.
December 12: Office auction
Twitter auctions off a host of items from its San Francisco headquarters, part of Mr Musk's attempts to cut costs and stem losses. On January 19, 2023, a bird logo statue from Twitter's headquarters is sold for $100,000.
Speaking of auctions, on January 12, 2023, Twitter says it will consider auctioning off popular user names to make more money.
December 13: Blue is back – for a fee
Mr Musk reintroduces the Twitter Blue subscription offering weeks after it was pulled back because of imitation accounts – with Apple users paying more.
The new service will cost $8 a month for those who sign up via the web browser, and $11 for iPhone users.
On February 18, 2023, Twitter says it will be charging its users to use two-factor authentication to secure their accounts via text message.
On March 31, 2023, Mr Musk defends his controversial pay model, saying social media platforms not following suit will be swarmed by bots, resulting in failure.
Celebrities, meanwhile, are warned of impostors as the April 1 deadline for subscribing to blue ticks looms. Twitter eventually removes those blue ticks from users who do not pay up.
On September 19, 2023, Mr Musk suggests that Twitter will make users pay a “small” fee to use the service.
December 18: Stepping down as chief executive
Mr Musk puts out a poll asking his followers whether he should remain Twitter chief executive or not.
He promises to abide by the results. The poll ends with about 58 per cent saying he should step down, which he does.
On December 21, Mr Musk says he will resign once he finds someone who is “foolish enough to take the job”.
January 31, 2023: Into payments
Twitter said it is moving forward with plans to introduce a payments feature on its platform to tap into new revenue streams, as the platform applies for licences across the US.
February 3: Ad-sharing for creators
Mr Musk said Twitter will start sharing advertising revenue with some content creators, “ads that appear in their reply threads”, without giving further details.
February 6: Breaking even?
Mr Musk claims Twitter has been saved from bankruptcy, is in a stronger financial position and on track to break even. This appears to be good news given that he had revealed, soon after acquiring the company, that it was losing $4 million a day and at risk of going bankrupt.
On March 4, the Wall Street Journal reports that Twitter's revenue and adjusted earnings fell by 40 per cent on an annual basis in December as several advertisers withdrew.
February 22: Opening up
Mr Musk says Twitter's algorithm could be opened up to the public as soon as the end of February.
Twitter does open up parts of its code to the public on April 1, and Mr Musk says the company will open source “literally everything”.
April 11: X doesn't mark the spot?
Twitter merges with Mr Musk's X Corp as the company is positioned to be an “everything app”. The company eventually rebrands as X – apparently his favourite letter – and its famous blue bird logo is replaced with a stylised “X”.
Experts had issued warnings that this would harm the brand's value – and this turns out to be true as the move wipes off about $20 billion from its brand value.
Before this, on April 4, Mr Musk temporarily replaces Twitter's logo with the Shiba Inu dog associated with the Dogecoin cryptocurrency.
May 12: A new chief executive
Mr Musk confirms former NBCUniversal advertising head Linda Yaccarino will become X's next chief executive. She begins her new role on June 6.
Among her pledges is to make X the world’s “most accurate real-time information source and a global town square for communication”. She also says X could be profitable in 2024.
Mr Musk remains X's chief technology officer and chairman of the board.
June 1: Sign in to view tweets
Twitter requires users to have an account and be logged in, in order to view user profiles and tweets, a move Mr Musk claims will prevent data from being “pillaged so much”.
Twitter's restrictions on viewing its content affect its presence on Google, as tweets no longer show up at the top of the search engine's results.
August 18: Dropping the blocks
Mr Musk says the “block” feature – which he says “makes no sense” – will soon no longer be available for users. This draws concern from users who say it is a shield against things such as hate speech and online harassment.
October 20: For a premium
X says it plans to launch two new premium subscription models. However, the company does not disclose the subscription rates and the launch timetable.
October 26: Hello, voice and video calls
X announces the introduction of voice and video calls – idea was first floated by Mr Musk on May 10. While only premium subscribers can make calls at present, all accounts can receive them.
MATCH INFO
Champions League quarter-final, first leg
Ajax v Juventus, Wednesday, 11pm (UAE)
Match on BeIN Sports
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What is an ETF?
An exchange traded fund is a type of investment fund that can be traded quickly and easily, just like stocks and shares. They come with no upfront costs aside from your brokerage's dealing charges and annual fees, which are far lower than on traditional mutual investment funds. Charges are as low as 0.03 per cent on one of the very cheapest (and most popular), Vanguard S&P 500 ETF, with the maximum around 0.75 per cent.
There is no fund manager deciding which stocks and other assets to invest in, instead they passively track their chosen index, country, region or commodity, regardless of whether it goes up or down.
The first ETF was launched as recently as 1993, but the sector boasted $5.78 billion in assets under management at the end of September as inflows hit record highs, according to the latest figures from ETFGI, a leading independent research and consultancy firm.
There are thousands to choose from, with the five largest providers BlackRock’s iShares, Vanguard, State Street Global Advisers, Deutsche Bank X-trackers and Invesco PowerShares.
While the best-known track major indices such as MSCI World, the S&P 500 and FTSE 100, you can also invest in specific countries or regions, large, medium or small companies, government bonds, gold, crude oil, cocoa, water, carbon, cattle, corn futures, currency shifts or even a stock market crash.
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BMW M5 specs
Engine: 4.4-litre twin-turbo V-8 petrol enging with additional electric motor
Power: 727hp
Torque: 1,000Nm
Transmission: 8-speed auto
Fuel consumption: 10.6L/100km
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.
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Favourite quote: “My people and I will not settle for anything less than first place” – Sheikh Mohammed bin Rashid.
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The specs
Engine: 4.0-litre V8 twin-turbocharged and three electric motors
Power: Combined output 920hp
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Transmission: 8-speed dual-clutch automatic
Fuel consumption: 11.2L/100km
On sale: Now, deliveries expected later in 2025
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
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2002
The Enzo model is announced
2010
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2015
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
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MATCH INFO
South Africa 66 (Tries: De Allende, Nkosi, Reinach (3), Gelant, Steyn, Brits, Willemse; Cons: Jantjies 8)
Canada 7 (Tries: Heaton; Cons: Nelson)
if you go
The flights
Etihad, Emirates and Singapore Airlines fly direct from the UAE to Singapore from Dh2,265 return including taxes. The flight takes about 7 hours.
The hotel
Rooms at the M Social Singapore cost from SG $179 (Dh488) per night including taxes.
The tour
Makan Makan Walking group tours costs from SG $90 (Dh245) per person for about three hours. Tailor-made tours can be arranged. For details go to www.woknstroll.com.sg
Results
Ashraf Ghani 50.64 per cent
Abdullah Abdullah 39.52 per cent
Gulbuddin Hekmatyar 3.85 per cent
Rahmatullah Nabil 1.8 per cent
SPECS
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MATCH INFO
Mainz 0
RB Leipzig 5 (Werner 11', 48', 75', Poulsen 23', Sabitzer 36')
Man of the Match: Timo Werner (RB Leipzig)
