Tesla's stock market value sank by over $100 billion the next day in reaction to the deal, causing Musk to lose around $30 billion of his net worth.
He subsequently tweeted criticism of Twitter executive Vijaya Gadde's policies to his 86 million followers, which led to some of them engaging in sexist and racist harassment against her.
Exactly a month after announcing the takeover, Musk stated that the deal was "on hold" following a report that 5% of Twitter's daily active users were spam accounts causing Twitter shares to drop more than 10 percent.
Although he initially affirmed his commitment to the acquisition he sent notification of his termination of the deal in July; Twitter's Board of Directors responded that they were committed to holding him to the transaction.
On July 12, 2022, Twitter formally sued Musk in the Chancery Court of Delaware for breaching a legally binding agreement to purchase Twitter.
In October 2022, Musk reversed again, offering to purchase Twitter at $54.20 per share. The acquisition was officially completed on October 27.
Immediately after the acquisition, Musk fired top Twitter executives like CEO Parag Agrawal whom he replaced.
He instituted an $8 monthly subscription for a "blue check" and laid off a significant portion of the company's staff.
Musk lessened content moderation and in December, Musk released internal documents relating to Twitter's moderation of Hunter Biden's laptop in the leadup to the 2020 presidential election.
The Southern Poverty Law Center noted that Twitter has verified numerous extremists. A study of millions of tweets following the acquisition indicated that hate speech on the platform has become "more visible" under Musk's leadership.
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