![]() In April, Musk launched a surprise bid for the company - and then spent months in a grueling, expensive legal battle to get out of the deal.Īfter Musk gave in and took control in late October, he slashed the workforce by more than half, upended the site's long-time rules, amplified conspiracy theories, welcomed back banned accounts including former President Donald Trump, and released internal documents in what appeared to be an attempt to discredit the previous management.īig brands balked at Musk's capricious decisions, with more than half of Twitter's top 100 advertisers halting spending.īut it's not just economic and management upheaval that's shifting the foundation the social media giants have built their businesses on. The company has seen major layoffs and upheaval since Elon Musk completed his purchase of the influential social media service in October.Īt Twitter, things were even more unstable. Soon, companies across tech that had over-hired during the pandemic announced layoffs and budget cuts.ĪFP via Getty Images Twitter's headquarters in San Francisco. Other ad-dependent companies like Twitter, Google and Snapchat also felt the squeeze. The company has lost about two-thirds of its market value this year. Amid global economic turmoil, higher interest rates, and Russia's invasion of Ukraine, the online advertising market cratered.įacebook announced its first-ever declines in users and sales. The company was launching new features and working to boost users and revenue, in a departure from its longtime reputation as being slow to innovate.īut within months, the mood changed dramatically. ![]() Twitter had a new CEO, after co-founder Jack Dorsey handed the reins to technology chief Parag Agrawal. ![]() It's not what many companies expected back in January when they were trying fresh starts.įacebook CEO Mark Zuckerberg had renamed his company Meta to signal a new big bet on the metaverse, an immersive, virtual world he thinks is the future of the internet. Across Silicon Valley, tens of thousands of workers have been laid off as economic woes deflated tech's pandemic high. Elon Musk bought Twitter for $44 billion and plunged the company into chaos, sending advertisers and some power users fleeing. 2022 has been a rocky year for social media companies.įacebook burned through billions of dollars trying to make the metaverse happen. ![]()
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