Business

Elon Musk now owns Twitter


Elon Musk’s $44 billion acquisition Twitter closed on Thursday according to several media reports citing anonymous sources, even as the company itself and Musk kept mum on the matter.

Reports surfaced earlier on Thursday that some members of Twitter Senior leadership was fired immediately, including CEO Parag Agrawal, Chief Financial Officer Ned Segal and head of legal Vijaya Gadde. Sources familiar with the matter said The Wall Street Journal that Musk finalized the deal on Thursday, a day before the court sets a final deadline.

The sudden purge of top executives and the absence of any official Twitter updates on the status of the acquisition appears to have ended one of the strangest deals in the company’s history. .

Musk agreed to buy the social networking site in April for $54.20 per share, but changed his mind and sought to withdraw the deal a few months later as the market plummeted.

Musk argued that Twitter misinformed him about the number of fake “bot” users on the platform, and claimed without evidence that the number of bots was significantly higher than the 5% estimate. Twitter. Twitter then sued Musk in Delaware Chancery Court to force him to close the deal.

Throughout the process, Musk mocked Twitter executives, sending out tweets accusing them of political bias and mismanagement. At one point Musk suggested turning Twitter’s San Francisco headquarters into a shelter for the homeless. In another, he responded to CEO Agrawal with a poop emoji.

With around 240 million daily users, Twitter is one of the most influential social media services, used by politicians, celebrities, activists and business magnates to spread news. news, sharing information and making jokes.

The sale to Musk, the world’s richest man and the CEO of two other companies – an electric car maker Tesla and aerospace company SpaceX — which means Twitter will become a private company owned by Musk.

Musk’s ownership of Twitter has raised concerns inside and outside the company about his plans. The 51-year-old said he intends to relax Twitter’s rules on acceptable speech on the service, including potentially reversing a lifetime ban on former president Donald Trump. and that he plans to lay off 75% of the company’s employees.

In one notify Twitter advertisers that Musk has tweeted earlier on Thursday, he wrote that he bought Twitter “because it’s important to the future of civilization to have a common digital town square where much can be debated about trust.” healthy beliefs in a healthy way without resorting to violence.”

“Twitter clearly cannot become a free dumping ground for all, where anything can be said without consequences!” Musk wrote.

A representative for Twitter did not return a request for comment on the status of the acquisition.



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