Elon Musk takes over Twitter and dismisses top executives
- ByStartupStory | October 28, 2022
According to reports, the richest man in the world bought the social networking site and sacked its senior executives. When he announced plans to renegotiate a $44 billion offer, the firm, which had previously rejected it, eventually filed suit.
Late on Thursday, US media reported that Elon Musk took control of Twitter and sacked its senior executives.
According to the New York Times, Twitter’s general counsel, chief financial officer, and senior legal and policy executive were all let go, along with CEO Parag Agrawal.
Musk tweeted a few hours later that “the bird has been liberated,” referring to the Twitter emblem.
On Wednesday, he tweeted a video of himself entering Twitter HQ while toting a porcelain sink, writing, “Entering Twitter HQ – let it sink in!
Additionally, the Tesla CEO changed his Twitter handle to “Chief Twit” and his location to Twitter’s San Francisco headquarters.
In a tweet sent on Thursday, he said that rumours about his motivations for buying the platform were “false” and that he was purchasing Twitter to “benefit humanity.”
Elon Musk’s bid to acquire Twitter for $54.20 (€53.72) per share has gotten closer to Twitter’s shares on Wednesday. That indicated to investors that they anticipated the $44 billion transaction to move along before a court deadline at the end of the week.
The Delaware Chancery Court mandated the Friday deadline to close the purchase in early October. The decision came after a protracted legal dispute in which Musk agreed to buy Twitter but later attempted to back out of the agreement.The Tesla CEO was later sued by Twitter to compel him to complete the transaction.
Another court hearing can be scheduled for November if the parties miss the deadline.
Many Twitter users have voiced alarm over Musk’s promise to defend “freedom of speech” on the social media network, including the possibility of restoring former President Donald Trump, who was banned for his involvement in the rioting on January 6 at the Washington, D.C., Capitol.
Concerns have also been voiced about the agreement that will give the world’s richest individual control of the social media network.
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