According to two people familiar with the Deal, Elon Musk has taken control of Twitter and fired the company’s general counsel, chief executive officer, and chief financial officer.
The people declined to confirm whether all the necessary documents for the $44 billion deal had been signed or if it had already closed. However, they claimed that CEO Parag Agrawal and the other executives were fired by Musk, who is in charge of the social media platform. Due to the delicate nature of the personnel moves, neither person wanted to be named.
The decision to complete the transaction, which was made one day ahead of a court-imposed deadline, marks the end of a turbulent six-month process in which the billionaire first announced his surprise bid for Twitter in the spring before changing his mind and announcing his withdrawal in July.
His prompt firing of the top two Twitter executives marks the beginning of what is anticipated to be a period of significant change at the social media company. One can only speculate as to where serial entrepreneur Elon Musk will take Twitter. His companies have disrupted the payments, auto, and space exploration industries.
Agrawal went to court to enforce the terms of a takeover agreement that the Tesla CEO had attempted to elude.
The reports surfaced hours before Musk was supposed to finalise his on-again, off-again agreement to buy the social media network, according to a court-appointed deadline.
Musk stated in a tweet earlier in the day that he was purchasing Twitter because having a common digital town square where a wide variety of beliefs can be discussed in a healthy way is crucial for the future of civilization.
Before Friday’s session, the New York Stock Exchange announced a pending order to halt trading on Twitter.
Although the social media platform’s co-founder Biz Stone thanked the three men in a tweet for their “collective contribution to Twitter,” Twitter did not immediately respond to a request for comment on the departure of its top executives.
“Massive talents all, and each a beautiful person.”
“Chief Twit” The conclusion of the agreement represents the end of a protracted back and forth between the billionaire and the social network.
After his unsolicited offer was accepted in April, Musk attempted to back out of the Twitter deal. In July, he announced the cancellation of the agreement, claiming that Twitter had misled him about the number of fake “bot” accounts. Twitter has denied the claims.
As Musk is known for trolling other Twitter users, the idea of Musk running Twitter has alarmed activists who worry about an increase in harassment and false information.
While acknowledging that Twitter “cannot become a free-for-all hellscape where anything can be said with no consequences,” Musk said he understands this.
It is anticipated that Musk will make it easier for former US president Donald Trump to rejoin the platform by reducing content moderation to a bare minimum.
The then-president was prohibited out of fear that he would incite more violence to overturn his election defeat, similar to the deadly attack on the Washington, D.C., Capitol.
