WITH nearly 330 million monthly active users around the world, Twitter has become the world’s most popular social media platform.
But who owns this social media giant and when was it founded?
Who Owns Twitter?
Twitter is a public company and is traded on the NYSE stock exchange, which means it is owned by several people.
About 80 percent of the shares are owned by institutions, including private companies and mutual funds.
The main institutional owners are Morgan Stanley Investment Management – the investment arm of Morgan Stanley – the Vanguard Group and BlackRock Fund Advisors.
According to financial tracker MarketScreener, CEO and Twitter founder Jack Dorsey has the largest share of individual stocks at 2.25 percent. Dorsey is also the CEO of Square, a digital payments system.
However, Paul Singer, the founder and billionaire investor of Elliott Management, suggested that Dorsey step down from his role as CEO.
According to CNBC, Dorsey is expected to step down from his current role on Twitter.
The company’s market cap is $53.47 billion and it brings in a whopping $3.72 billion in revenue annually, according to Macro Trends.
On April 25, it was announced that the platform had been sold to Tesla mogul Elon Musk.
In a press release, the board of the famous social media app stated: “The purchase price represents a 38% premium to Twitter’s closing price on April 1, 2022, the last trading day before Mr. Musk sold his approximately 9% stake in Twitter.” .”
Elon also revealed the details of his Twitter purchase: “Freedom of expression is the bedrock of a functioning democracy, and Twitter is the digital marketplace where matters important to the future of mankind are debated.”
“I also want to make Twitter better than ever by improving the product with new features, open-sourcing algorithms to increase trust, defeat spam bots, and authenticate everyone.”
The SpaceX businessman added, “Twitter has tremendous potential – I look forward to working with the company and the user community to unlock it.”
Who founded Twitter and when?
Twitter was founded in March 2006 by Dorsey, Noah Glass, Biz Stone and Evan Williams and launched as a service in July of the same year.
It was founded from the ashes of another startup, Odeo.
Williams and Glass — well funded from a successful investment in Google — have teamed up to work on a platform to host new radio and podcasts.
Stone followed Williams out of Google’s door.
Dorsey, on the other hand, had to earn his way into the business, then known as Odeo.
He recognized Williams at a California coffee shop while working for a ticket company and decided to send him his resume.
Dorsey has been CEO of Twitter and payment service provider Square since 2015.
He had been CEO from inception until 2008, but took a break and returned to the helm seven years later.
Why was Twitter created?
Before it was Twitter, the company was a podcasting platform called Odeo, founded by Williams, Glass and Stone.
William’s creation drew little attention and was eventually drowned out by Apple announcing its new podcast service iTunes in 2005.
Desperate to save the company, Williams asked employers what kind of company they would start if they had the funds.
Dorsey took the lead and laid the foundation for what is now known as Twitter. In doing so, he used much of his experience in the world of live blogging to set up a platform where users could instantly share their experiences in short posts on an online forum.
Oden founder Glass was so excited about the idea that he even spent a day searching the dictionary to come up with a name for the new program. He eventually settled on Twitter.
Who is Jack Dorsey?
Dorsey was born on November 19, 1976 in St. Louis, Missouri. He studied at the University of Missouri-Rolla for two years before transferring to New York University (NYU) in 1997, dropping out a semester before graduation.
He reportedly developed his idea for a social media network while studying at NYU.
He later moved to California, where he met Williams at a coffee shop and began working on his latest podcasting project, which later became Twitter.
According to Business Insider, Jack earned a salary of $1.40 in 2019 and declined payment the year before.
However, he owns $557 million worth of Twitter stock.
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https://www.the-sun.com/news/3452286/who-owns-twitter-and-when-was-it-founded/ Who owns Twitter and when was it founded?