Millions of users worldwide use Twitter, a social media platform and microblogging service. The site allows registered users to post, like, and retweet (aka repost tweets). The company was founded by Jack Dorsey, Noah Glass, Biz Stone, and Even Williams in March 2006. Four months after that, Twitter officially launched.
In the following years after Twitter grew, Facebook’s founder, Mark Zuckerberg, reportedly became aware of its huge potential. It was rumored that Mark Zuckerberg tried to acquire Twitter. Mark Zuckerberg launched “TheFacebook”, a student directory featuring photos and personal information, on February 4, 2004. Since the day it became a way to communicate with harmonious people on campus, Facebook, revolutionized the way the world communicates and makes friends. The company, which has a market capitalization of $868.52 Billion (as of October 2021), is one of the world’s largest companies.
But is there truth to this rumor? Does Facebook own Twitter? Over the years, Facebook has acquired a number of tech companies such as Instagram and WhatsApp. It has had an incredibly successful journey. But the question remains, did Facebook buy Twitter as well? Is Facebook the owner of Twitter? Let’s find out in this article.
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Does Facebook own Twitter?
Mark Zuckerberg of Facebook tried to get Twitter once or twice through the official channel and co-founder Jack Dorsey. But the deal did not take place. Facebook does not own Twitter.
Twitter is currently a publicly-traded company. Institutional investors such as Morgan Stanley Investment Management, BlackRock, State Street, Clearbridge, Ark Investment, and others owned more than half of its issued stock until April 2022. These institutional investors held more than 80% of the company’s shares. Insiders held around 2% of Twitter’s shares. And no single shareholder held the majority of Twitter’s shares.
As of April 25, 2022, it was announced that Tesla Chief Executive Elon Musk has acquired Twitter for $44 billion cash. Elon Musk wants to transform Twitter into a public platform that is trusted and inclusive, instead of being something under the hands of advertisers and corporations. He offered a $54.20 per-share price.
There is no truth to the rumor that Facebook owns Twitter.
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What prevented Facebook from acquiring Twitter?
Founder of Facebook Mark Zuckerberg tried to acquire Twitter once or twice. The details have been published in Nick Bilton’s book, Hatching Twitter.
The founder of Twitter, Jack Dorsey, was fired as CEO at the end of October 2008 and took on a silent role as Chairman. After getting reinstated in 2015, he was replaced by Parag Agrawal in November 2021.
Mark Zuckerberg invited Evan Williams and Biz Stone to meet with him about an acquisition. Even though Zuckerberg’s been trying to buy Dorsey’s company for months, his plans were thwarted when Dorsey got fired.
Stone and Williams made an assessment of $500 million during the meeting. But the sale didn’t happen.
We now know that Twitter will eventually get sold to Elon Musk instead of Mark Zuckerberg as of April 25, 2022.
Top Companies Owned by Facebook
Facebook turned a corner in 2010 when it reported its first successful year, and in 2012 it launched its first IPO. Facebook has heeded mergers and acquisitions as a way to diversify and expand its portfolio.
In any case, here is a list of essential apps and companies owned by Facebook. Take a look at some of the well-known acquisitions made here.
The social network for sharing Instagram, photos, and videos is now owned by Facebook too! Designed by Kevin Systrom and Mike Krieger, it was started in October 2010 on iOS and Android in April 2012. One can also survey Instagram pages on a web interface as of November 2012.
In March 2012, Facebook purchased Instagram for $1 billion, with plans to run it individually. The deal was officially closed between Facebook and Instagram on September 6, 2012.
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WhatsApp, a social messaging, photo and video sharing platform, was founded in 2009 by former Yahoo employees Brian Acton and Jan Koum!
In February 2014, Facebook declared that it would buy WhatsApp for US$19 billion. WhatsApp now records about 55 billion messages sent daily among users!
Masquerade is a face tracking and (three) 3D face placing app. Face-changing apps became famous in 2015 after Snapchat added face-changing features to their app, and it is speculated that Facebook bought MSQRD to compete against Snapchat. Facebook had already tried to buy Snapchat for billions of dollars in 2013; Snapchat, however, rejected the off
In 2014, Facebook got the Moves app back and owned the company ProtoGeo Oy. Moves is a motion-tracking application that automatically records your walks, cycling, or running. It can also tell you how far you have travelled, how many steps you have taken, and how many calories you have burned.
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It was bought in 2014 for $2.3 billion. Oculus VR is the pinnacle of virtual reality, and its most famous product is the Oculus Rift. It is a VR headset utilized in gaming. Its latest product is the Oculus Go, which does not need to be connected to any gaming console. Oculus VR itself achieved Surreal Vision to expand its gaming vision. It specializes in the 3D mapping of surreal surroundings.
FriendFeed bought it in 2008 for $ 47.5 million, one of the first few companies to invest in Facebook. Friend FriendFeed is a collection of information obtained from social media sites, blogs, articles, and RSS feed. FriendFeed has stopped the operation, but many of its features can be seen in Newsfeed.
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Ascenta was acquired in 2014 for more than $ 20 million. It is said that Facebook engineers were more interested in working than the company. It fits in with a drone manufacturing company and Facebook’s plan to take the Internet to remote corners of the earth.
It was acquired in 2014 as an application monetization platform for video publishers. Its acquisition cost is not transparent, and estimates range from $400 million to $500 million. LiveRail has created a checkpoint technology that filters ads for alcohol, tobacco, and other age-restricted products from children’s accounts.
Final words: Does Facebook own Twitter?
In the case of Twitter, Twitter authorities had no intention of selling. Furthermore, the company they were negotiating with did not think they would fit particularly well or stock up on the team.
The passage introduces us to a worrying alternative reality, where Facebook acquired Twitter, establishing an essential monopoly on the world’s largest and most recognized social networks. And an example of how it is possible to forge business skills and concepts of ethical code.