ELON TIME COMING Elon Musk officially takes over Twitter.
- Fri 28 Oct 2022 - 10:53 PM
ELON TIME COMING Elon Musk officially takes over Twitter and
‘fires senior executives including CEO Parag Agrawal’ following $44bn deal
Jona JaupiForrest McFarland.
10:59, 28Oct 2022
Updated: 10:30, 28 Oct 2022
TECH billionaire Elon Musk has formally taken over Twitter and allegedly sacked many senior executives after a difficult $44bn transaction was ultimately concluded.
The Tesla leader tweeted that "the bird is liberated" referring the company's distinctive emblem after finally concluding the sale after months of legal fighting.
As the firm fell into the hands of the Tesla boss, Twitter's previous CEO Parag Agrawal and CFO Ned Segal were sacked, insiders stated.
Musk has also sacked the head of legal policy, trust, and safety Vijaya Gadde and Sean Edgett, who belongs to the company's general counsel,
inside sources informed The Washington Post.
Following the takeover, the billionaire updated his Twitter bio to "Chief Twit."
Agrawal previously gone to court to hold Musk to the terms of a bargain he had sought to avoid.
The takeover occurred hours before the court-appointed deadline for Musk to finalise his on-again, off-again arrangement to acquire the social media network.
Musk has already detailed the reasons he wants to take over Twitter.
"The reason I purchased Twitter is that it is crucial to the future of civilization to have a shared digital town square, where a broad variety of opinions can be argued in a healthy way,
without resorting to violence," he stated.
"I didn't do it thinking it would be simple. I didn't do it to earn more money.
"I did it to try to serve mankind, whom I adore. And I do it with humility, realising that failure in attaining this aim, despite our greatest efforts, is a very real possibility."
Meanwhile, the platform's co-founder Biz Stone congratulated Agrawal, Ned Segal and Vijaya Gadde for their "combined contribution to Twitter."
"Massive skills, all, and lovely persons each."
It was also disclosed early Friday that Musk purportedly wants to accept the post of Twitter CEO while still heading Tesla and SpaceX, according to Bloomberg.
The news portal added, citing a source, that "life bans" on the platform may also be revoked.
This comes as the public has been given a sneak glimpse at Twitter's headquarters as Musk was besieged by workers and colleagues.
The billionaire suddenly came up at the workplace on Wednesday while carrying a sink, hinting that his upcoming ownership is something that needs to "sink in."
On Thursday, American author Walter Isaacson captured a picture inside the Twitter offices' coffee bar showing Musk speaking to a gathering of people.
The conclusion of the agreement came after a protracted back-and-forth between the billionaire and the platform.
Musk proposed to acquire the firm earlier this April but he then tried to back out of the arrangement.
The SpaceX CEO highlighted difficulties with privacy and alleged that Twitter was lying about the amount of bots and spam accounts operating on the platform- claims that have been disputed by Twitter.
In response, Twitter sued Musk on July 12 in an attempt to compel the merger to go through and contended that Musk broke his agreement to purchase the firm.
A few months later, the Delaware court system got involved and a judge assigned Friday as the deadline to finish the transaction.
But it seems that Musk changed his mind and announced the deal was back in.
Musk has earlier threatened to revoke former President Donald Trump’s Twitter ban after becoming the social media platform's new top honcho.
Musk stated that excluding the 45th president from the social media site was a "mistake" that "alienated much of the people."
The U.S. Sun reached out to Twitter for comment on the current events and purchase.
'Musk is overpaying'
Earlier today, Dan Ives, an analyst at Wedbush Securities, told The U.S. Sun exclusively that the merger "will go down as one of the most overpaid tech acquisitions in the history of M&A deals on the Street in our judgement."
Ives added that his organisation, a famous LA-based investment firm, presently values Twitter at roughly $25billion.
"With fair value that we would rate at about $25billion, Musk purchasing Twitter remains a significant head-scratcher that eventually he could not get out of after the Delaware Courts got involved," Ives added.
The 'X' app
Musk has been open about his aspirations for Twitter, even hinting that he would make it into an everything app, like the China-based WeChat app.
WeChat offers users access a multitude of capabilities including audio and video chat, SMS messaging, WeChat Pay, and even a translator.
In Musk’s first town hall meeting with Twitter staff, he clearly referred to WeChat, Forbes reported.
"There’s no WeChat counterpart out of China," he stated during the meeting.
"There’s a genuine possibility to build that."
Musk also mentioned that establishing something like WeChat may help him attain his aim of quintupling Twitter’s user base to one billion.
"Once Musk takes over Twitter on Friday, huge issues will remain regarding changes to the platform, monetization initiatives, personnel layoffs on the horizon, and the long-term plan around the "X" App," Ives added.
Former CEO of Twitter Parag Agrawal is one of four execs who have reportedly been fired by Musk
This comes after Musk was spotted chatting away with future coworkers at Twitter's HQ
#tech #Elon Musk #Twitter #Elon