Elon Musk Cancels Buying Twitter for IDR 635 Trillion, Here’s the Reason | 1NEWS

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The polemic represents a new phase on Twitter after it was taken over by Elon Musk for $44 billion or IDR 635 trillion. That price is a record purchase for a social media company that was founded 16 years ago.

Twitter by Lifewire indeed started as an idea that the co-founder of Twitter, Jack Dorsey (@Jack), in 2006. Dorsey originally envisioned Twitter as an SMS-based communication platform. Friends groups can observe what their friends are doing with each other based on their status updates on Twitter.

During a discussion session at podcasting company Odeo, Jack Dorsey proposed this SMS-based platform to Odeo co-founder Evan Williams (@Ev). Evan and co-founder Biz Stone (@Biz) finally gave Jack Dorsey the green light to spend more time on the project and develop it further.

In the early days, Twitter was referred to as twttr. At the time, it was a trend to profit domain names by removing vowels in the names of companies and their services. Software developer Noah Glass (@Noah) is credited as the bearer of twttr’s real name as well as its final incarnation known as Twitter.

Jack Dorsey posted the first message on Twitter on March 21, 2006, at 9:50 p.m. It reads, ” just set up my twttr.”

While the initial concept of Twitter was being tested at Odeo, the company was going through a rough patch. They were faced with the launch of Apple’s new product in the form of a podcasting platform that essentially killed Odeo’s business model. The founders decided to buy back their company from investors.

Jack Dorsey, Biz Stone, Evan Williams, and other Odeo staff members facilitated the buyback. By doing this, they acquire the rights to the Twitter platform. However, key members of the Twitter development team were not brought to the new company, especially Noah Glass.

As a formality, Obvious Corporation (@obviouscorp) was created after investors bought back Odeo to house Twitter.

At first Twitter imposed a character limit on tweets because Twitter was originally designed as an SMS-based platform. In the early days, 140 characters was the limit imposed by mobile operators with the standard SMS protocol so Twitter was limited creatively. When Twitter finally grew into a web platform, the 140 character limit had become a problem.

However, in 2017, Twitter decided that the 140 character limit was no longer relevant in the smartphone era and it increased the tweet limit to 280 characters due to the sheer number of outcry.

By 2022, according to CNBC. social media giant Twitter reported revenue growth of 16 percent to $1.2 billion in the first quarter of 2022.

While the company’s main customers, namely daily active users who can be monetized, reached 229 million in the quarter, up 16 percent from a year ago.

In the first quarter of 2022, Twitter also reported a net profit of US$ 513 million or Rp. 7.4 trillion.