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This was not the place where you'd expect to find the CEO of one of the biggest tech companies on the planet. Sure, it was in San Jose, California, the heart of Silicon Valley, and Brett Taylor looked the part with his confidence smile in receding hairline. Brett was the co-CEO of Salesforce, and before that he was an ex-Google and Facebook employee and a graduate of Stanford. But on this evening, March 31, 2022, Brett found himself in an unexpected location, waiting for an unexpected guest.
San Jose is the heart of the tech industry, filled with sterile corporate architecture, palm trees, and strip malls. Deals often get done in glass panel conference rooms or in classic Silicon Valley restaurants like Bucks or Maderas. But not today. Brett whipped out his phone and fired off a text to two business associates. This wins for the weirdest place I've had a meeting recently. I think they were looking for an Airbnb near the airport. There are tractors and donkeys. He threw in an emoji of a man shrugging.
Besides proximity to a landing strip, it's likely the privacy of this rustic Airbnb was a major selling point. It was far from the prying eyes of tech reporters who'd salivate at the chance to be in the room for this meeting. Brett Taylor was at this particular Airbnb surrounded by tractors and donkeys, not in his role as the co-CEO of Salesforce. He was there in his role as the chair of the board of the social media company, Twitter. He and Twitter CEO Farag Agrawal needed somewhere safe to meet with one of tech's most notorious power players.
Less than a minute after Brett sent his text, he received a response from their guest. Awesome. Maybe Airbnb's algorithm thinks you love tractors and donkeys. Who doesn't? Brett didn't respond to that. Later, he received another text. On my way, they're in about 15 minutes. Brett spotted something in the distance and typed out a reply. An abandoned truck in case we want to start a catering business after we meet.
Brett was keeping things light and chummy as if all of this was friendly. Sounds like a post-apocalyptic movie set. Brett had to agree. Agreeing was probably in his best interest at the time because the man Brett was texting had been quietly buying Twitter stock and was now one of the company's largest shareholders. The man they were waiting to meet was Elon Musk. Never mind that the way Musk had accumulated his Twitter stock might have violated security's law.
He had issued Brett and the rest of the board an ultimatum. Give him a board seat or eat either by Twitter or start a rival company. And that was why Brett and Farag were meeting with him at this Airbnb to hammer out a deal for Elon Musk to join the board and keep Twitter out of his grasp. As Brett watched the Donkeys' grays, he must have been asking himself a question. One a lot of people would soon be asking. What exactly was Elon's plan for Twitter?
When news broke a few days later that Elon had become Twitter's largest shareholder and was set to join his board, perhaps no one was more surprised than the regular employees inside Twitter. Remember being in Slack at that point and there was a lot of discussion there. There were a lot of people who were not happy about the idea. Jim Redmond, a systems engineer in the San Francisco office, would find out about Elon's new stake in Twitter like most employees at the company. He found out on Twitter. He was willing to wait and see what kind of impact Elon would have. I didn't see him as a genius who could do no wrong. I didn't see him as a smoke blower. I saw him as an interesting guy. I didn't really see him as a monster or as a hero.
No one knew whether Elon was going to save Twitter or destroy it. And no one. Not the employees inside Twitter HQ. Not the board. Not the CEO. Not even Elon Musk himself could possibly predict how Elon's takeover of Twitter was going to play out. Because the drama that started at this Airbnb in what Elon joked looked like a post-apocalyptic movie set, went unfold over the next 12 months across boardrooms, courtrooms, and group chats.
And it would put careers, fortunes, reputations, lives, and even the future of Twitter itself in jeopardy. From wondering, I'm David Brown, the host of Business Wars, and this is flipping the bird, Elon versus Twitter.
这将会危及职业生涯、财富、声誉、生命,甚至连 Twitter 的未来都会受到威胁。我是 David Brown,也是《商战》的主持人,这就是埃隆VS推特的故事——“给你一只鸟”(flipping the bird)。
On March 21, 2006, Twitter founder and CEO Jack Dorsey sent a seemingly innocuous message out into the digital ether, just setting up my Twitter. At first glance, Twitter seemed more like a curiosity than a serious social media platform. But by 2022, Twitter had become one of the most influential social media platforms in the world. And Elon Musk, one of its most avid users.
For Elon, Twitter became his personal playground, a place to push the buttons of the entire world all at once, with seemingly little regard for the consequences. Elon had cemented his reputation as a volatile tech wonderkin who could push his companies to solve overwhelming challenges. Reusable rocket ships at SpaceX and sexy-looking electric cars at Tesla. He became the world's richest man. And Elon Musk turned a seeming obsession with Twitter into a crusade and a costly investment. But what is he trying to accomplish with his takeover of Twitter? This is our six-part series on Elon Musk's up and down high-stakes battle to take over Twitter. This is Episode 1. I'm Amazing.
Water gently lapped the pristine sands of a beach in Hawaii. It was November 10, 2020, and the COVID-19 pandemic had been raging around the world for nearly a year. But here, life seemed to carry on as usual. Jack Dorsey clad in a weathered St. Louis Cardinals hat, skimpy white shorts, and his trademark scraggly beard, took a stroll with a shirtless Sean Penn. Jack had made a habit of being seen in exotic locations while most of the world was subject to quarantine and isolation. He took work from home to an extreme, as only a multi-billionaire could. A couple of months earlier, he had been spotted on a yacht in the Hamptons with Jay-Z and Beyoncé. The pandemic had been an unmitigated global catastrophe, and yet for Jack Dorsey and much of the tech world, business had never been so good. People were stuck at home spending time on social media, watching shows on Netflix, ordering groceries online.
Twitter saw massive traffic gains during COVID. To keep growing, they'd need more people. Lots more. So while other businesses were shutting down, Twitter and the rest of the tech world went on a hiring spree. Twitter's staff size increased 53% between 2019 and 2022. It was during this time that Jim Redmond joined Twitter. A systems engineer, he landed his dream job. I was excited because the Twitter is huge. It's Planet Scale Networking, it's Planet Scale Services, it's millions of people at once, billions of users or billions of accounts at least. So it's exciting to work on something that big and that has that much of an impact. And Jim's job was particularly important, incident management. So Queen Elizabeth dies, or there's a player who collapses on the field at a football game. When something big like that happens, there's always a huge spike of traffic, and we have to be able to handle it in a timely fashion that has minimal impact on end users. It's tricky, but it's never a dull moment. It was an exciting time to be at the company.
And the increased traffic during the pandemic's lockdown gave fuel to Jack Dorsey's business ambitions. Our goal is to more than double our total annual revenue to over 7.5 billion in 2023. We're confident we can hit these goals, and we're confident they will make us even stronger, more valuable to you and people around the world. But even as Jack was touting a bright future for Twitter on investor calls, there were worries that the pandemic boom was simply papering over some major cracks in the business. I mean, in COVID, a lot of people were at home just like me looking for something to do. Eric Fraunhoffer had been working at Twitter since 2014. They were spending time on Twitter or buying things on Amazon, you know, from a short term perspective, it seemed like a pretty good bet that things were going to continue growing like they were. But Eric had seen the warning signs from early in his tenure at the company. When I joined Twitter, it wasn't profitable at all. We were burning through cash. And as the pandemic slowly wound down, Twitter's traffic slowed down with it. I think what happens is, you know, COVID starts to end. People just get back to normal, people are spending their time elsewhere.
Jack's pledge to double business had always been optimistic. Now it looked hopelessly so. In the end, the growth didn't match the returns. Layoffs felt inevitable to me. None of this slowed Jack's glamorous world tour, but that started to look a lot less like someone who had it all figured out and a lot more like someone who was not paying attention. On the day in January 2021, when Donald Trump was banned from Twitter, Jack was on a secluded island in French Polynesia, looking like Tom Hanks in Castaway, beard and all. It always felt like Jack was off doing something else. The day-to-day work was being taken care of by the other people involved. I think over the years, Jack lost interest in running Twitter and he was more interested in crypto.
If some of Twitter's employees had gotten the impression that their boss was quiet quitting, well, Jack finally made it official. Breaking news this hour, Twitter CEO Jack Dorsey has announced he's stepping down. In a statement put out by Twitter this morning, Dorsey was quoted as saying that he had decided to leave Twitter because he believed the company is, quote, ready to move on from the company's founders, but he didn't provide any additional detail on why he decided to resign.
To replace Jack, there was no traditional CEO search to fill the job. No outside candidates were seriously considered. Instead, the board picked the cheap technology officer, Parag Agrawal. He's the antithesis of Jack Dorsey, right? Jack Dorsey is kind of the billionaire as all of these famous friends. At Ludlow, a journalist for Bloomberg, extensively covered the succession drama. And at the time, Agrawal was a relative unknown. You know, he's listed on the company's websites and management, but he's ultra-focused on his role and what Twitter's doing technologically speaking.
Parag was 37 when he assumed the top job at Twitter. He had joined the company in 2011 and worked his way up the corporate ladder. Parag publicly, Parag projected a much different persona than his predecessor. While Jack was off-trapsing around the globe with models and celebrities, Parag was every bit the family man. His social media presence was warm, open, and filled with photos of his wife and young son.
Jack didn't publicly discuss his reasons for leaving, but in his public resignation letter, he said his belief in Parag was, bone deep. To Jim, the systems manager who worked in incident management, Parag seemed to lack some of the key skills that a leader needs. He was definitely learning on the job. There was no question about that. He was not the best, most reassuring speaker because he had spent such a long time as an engineer that he hadn't really built up those public speaking kind of soft skills. So it wasn't always inspiring to hear from Parag.
And while Twitter was in a state of transition under Parag, Elon Musk saw an opening to, in his words, say, Twitter, the platform that allowed him to express these pearls of wisdom freely. I put the art in fart. Stop gendering memes. I mean, mimes. Just dropping some friends off at the pool. His tweets could be more than just off-color gags. One of his tweets, for example, had dumb joke about weed got him in trouble with the securities in exchange commission. When he tweeted that he had the money to take Tesla private at the high price of $420 a share, they ended up investigating him for potentially manipulating Tesla's stock price. Elon clearly loved tweeting, but it was arguably hurting his reputation.
If he was worried about that, he didn't show it. Instead of backing away from Twitter, he turned his hobby of tweeting to his growing number of followers into a business investment. In January 2022, Elon started quietly buying up Twitter stock, amassing more and more until he'd acquired 5% of the shares, the threshold where he was technically required to notify the SEC of his stake. But Elon didn't file the paperwork. He kept his acquisition quiet until it was time to make his move. And that time was coming soon.
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In March of 2022, Elon Musk got a series of texts from his ex-wife, Talula Riley.
Talula is a bea-less actress who has had roles in HBO's Westworld and in various made-for-TV movies.
She and Elon had met in 2008 at a bar in London and married in divorce twice, most recently in 2016.
But they still stayed in touch.
That day in March, Talula was particularly outraged by one of Twitter's content moderation decisions.
Rachel Levine, the first ever trans woman to be named Assistant Health Secretary of the United States, had been named by USA Today as one of their women of the year.
In response, the conservative website, the Babylon Bee, had named Levine their Man of the Year. Twitter suspended the Bee's account, saying the tweet violated its policies on hate speech.
Talula rage texted Elon.
The Babylon Bee's suspension is crazy. It was a fucking joke.
Why is everyone become so puritanical?
A couple of minutes later, she texted another ID to Musk.
Or can you buy it and make it radically free speech?
Musk replied a few minutes later.
Maybe buy it and change it to properly support free speech.
Elon hadn't gone public about how much Twitter stocky owned, and he didn't want to yet.
The next day, he tweeted a poll to his followers.
Free speech is essential to a functioning democracy.
Do you believe Twitter rigorously adheres to this principle?
He quickly followed it up with more context.
The consequences of this poll will be important.
Please vote carefully.
More than two million Twitter accounts voted in the poll.
The result?
And overwhelming?
No.
They did not believe the Twitter rigorously followed the principle of free speech.
For the next few days, Elon shared his poll results and a series of tweets critical of the platform.
Given the Twitter serves as the de facto public town square, failing to adhere to free speech principles fundamentally undermines democracy.
What should be done?
Is a new platform needed?
And giving serious thought to this?
Soon after, Elon's phone buzzed.
Was a text from someone unexpected.
Following the thousands of private text messages that later became part of lawsuits surrounding Elon's purchase of Twitter, was this exchange between its founder and its would-be owner?
Yes, a new platform is needed.
It can't be a company.
This is why I left.
It was Twitter co-founder and former CEO Jack Dorsey.
Elon asked Jack what this platform should look like.
Jack had plenty of thoughts.
A new version of Twitter should have no investors dictating policy.
No advertisers controlling content.
A pure flow of free speech around the globe.
He made another surprising admission.
One that the public had no idea about.
I tried my hardest to get you on our board and the board said no.
That's about the time I decided to leave, as hard as it was for me.
I think the main reason is the board is just super-risk averse and saw you as adding more risk, which I thought was completely stupid and backwards.
But I only had one vote and 3% of the company.
We can discuss more.
The time had come for Elon to show his cards.
He revealed the size of his ownership stake to Twitter's board, 5% of Twitter stock.
And he presented them with 3 choices.
He could buy the company.
He could start a rival platform.
Or they could give him a seat on the board.
It was that choice that led Twitter's board chair, Brett Taylor and Twitter CEO Parag Agrawal to meet with Elon at that strange Airbnb near the San Jose airport in late March 2022. The board had decided it was best to pursue the path of least resistance. Instead of antagonizing Elon, now apparently a sizable shareholder in their company, they'd offer him a seat on the board. And Elon accepted.
Later that night, Elon texted Brett and Parag. Great dinner. He added a smiley face at the end. But Elon wasn't content with simply getting a board seat. He had not stopped buying up more and more Twitter stock.
The day after the meeting with Brett and Parag, he surpassed 9% of the shares, which made him officially the company's largest shareholder. Four days after his meeting with Brett and Parag, and more than a week after he should have filed SEC paperwork, Elon finally made his ownership of Twitter stock. New this morning, Elon Musk is taking a 9.2% stake in Twitter. The Tesla CEO bought more than 73.5 million shares according to a regulatory filing.
Right away, Elon's phone blew up. Venture Capitalist Joe Lanzdale was optimistic. Excited to see the stake in Twitter. Awesome. Hope you're able to influence it. I bet you the board doesn't even get a full reporting of the censorship decisions and little cabals going on there, but they should. The lefties on the board likely want plausible deniability.
Podcaster Joe Rogan also texted his excitement. Are you going to liberate Twitter from the censorship happy mob? Even Elon's doctor had something to say. Time for a Latter-day Gutenberg to bring back free speech and buy Twitter. But there were plenty of people who were less thrilled, and some of them used Twitter as the forum to vent.
Our U.S. Labor Secretary Robert Rice tweeted, So let me get this straight. Elon Musk made $156 million by violating securities law, and he was rewarded with a seat on Twitter's board. And this quote from Stephen Colbert went viral. Elon Musk asked in a poll if we wanted an edit button on Twitter. I'd rather you cancel the accounts of all the Nazis, but an edit button would be nice.
Inside Twitter, the top brass simply weren't talking. Twitter's thousands of employees were to each other. Jim Redmond recalls that opinions on Musk were divided. There were people who were a little confused by it like why is Elon taking interest in Twitter like this. We know he was a pretty heavy user, he still is, but we weren't quite sure why he was going to take an ownership interest in it.
Things were moving fast. At 5.30 in the morning, Pacific time, Rog posted two tweets announcing the news. I'm excited to share that we're appointing Elon Musk to our board. Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our board.
He's both a passionate believer and intense critic of the service, which is exactly what we need on Twitter and in the boardroom to make us stronger in the long term. Welcome Elon.
Elon spent the days between the announcement and his start date getting up to speed, and he texted extensively with Parag. I have a ton of ideas, but let me know if I'm pushing too hard. I just want Twitter to be maximum amazing. For his part, Parag seemed to warm to Elon's unabashed enthusiasm.
I want to hear all of your ideas, and I'll tell you which ones I'll make progress on versus not and why. It seemed like that was all the encouragement Elon needed. It would be great to unwind permanent bands, except for spam accounts and those that explicitly advocate violence.
I would like to understand the technical details of the Twitter code base. This will help me calibrate the dumbness of my suggestions. I used to be CTO and have been in our code base a long time, so I can answer many of your questions. I wrote heavy duty software for 20 years. I interface way better with engineers who are able to do hardcore programming than with program manager MBA types. Frankly, I hate doing management stuff. I kind of don't think anyone should be the boss of anyone, but I love helping solve technical design problems.
In our next convo, treat me like an engineer instead of CEO, and let's see where we get to. You got it. Maybe the two men could bond over the cold minutia of coding and bring order to the chaos of Twitter's C-suite. They made arrangements to talk on the phone the next day. Things seemed to be going well. But on April 9th, the day he was set to join the board, Elon did something to ice this budding relationship.
He posted a list of the 10 accounts with the most followers on Twitter and observed that many of those accounts barely tweeted anymore. He cited examples, Taylor Swift hadn't tweeted in three months, Justin Bieber had only tweeted once in 2022. And he asked a simple, but brutal question. Is Twitter dying? Maraud quickly texted him, his tone less friendly. You are free to tweet is Twitter dying or anything else about Twitter, but it's my responsibility to tell you it's not helping me make Twitter better in the current context.
Elon didn't appreciate the reprimand. He snapped back. What did you get done this week? He didn't wait for an answer. 30 seconds later, he sent another text with a declaration. I'm not joining the board. This is a waste of time. 15 seconds after that, he declared war. Will make an offer to take Twitter private.
Coming up on this season of flipping the bird. Musk offered about $43 billion to buy Twitter. You can't break off a deal via tweets. Musk is making a mockery out of that, sharing poop emojis and dismissing the real effort to take it seriously. He's like, to do the thing and then everyone's like, we got to work on that now because he tweeted it. It seems the markets are still looking for the bottom. It just felt like everything was kind of descending into chaos.
Eventually auctioned off the contents of the market street San Francisco Twitter headquarters. Oh my God, maybe this won't work. Things are going to be okay. And it just like the next day, everything went to hell.
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From Wondery, this is episode one of six. Flipping the bird, Elon versus Twitter. I'm your host David Brown. Austin Racklis wrote this story. Our producers are Nika Singh and Dave Schilling. Julia Lowry Henderson and Karen Lowe are our senior producers. Reporting by Emily Corwin, production assistants by Emily Locke and Mariah Dennis. Fact checking by Noelle Anjani, voice acting by Michelle Philippi. Consultant is Kurt Wagner, Bloomberg journalist and author of an upcoming book about Twitter and Elon Musk. Sound designed by Kyle Randall. Music supervisor is Scott Velasquez for Friesson Sink.
When your managing producer is Latha Pontja, managing producer is Olivia Weber, coordinating producer is Heather Beloga. Executive producers are Jenny Lauer Beckman, George Lavender, Marshall Louis and Jen Sargent. We're Wondery.