Yesterday, on December 11, Twitter announced the acquisition of Squad. The Squad app allows one to share screen and video chat with friends simultaneously.
As a part of the deal the entire team at Squad, including Co-Founders Esther Crawford and Ethan Sutin, will be joining the company. Squad Co-Founder Crawford has stated that Twitter has planned to leverage her team’s expertise in audio and video. She added that the entire team” is looking forward to building new formats that allow for fun, meaningful and engaging conversations”.
Twitter hasn’t disclosed the terms of the acquisition of Squad at least till now.
Crawford also added, “I hope that our exit will tip the scale a bit more toward convincing investors to put money into diverse teams because each success is another proof point that we, the historically under-capitalized and underestimated founders, are a good bet, invest in women and people of colour because we will make you money.”
Though this kind of acquisition is quite common, it surely hurts the market by reducing diversity and competition in the market and granting control to a very few and very rich companies.
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