“Let’s have a good time,” billionaire Elon Musk tweeted on Friday, hours after he completed his massive $44 billion acquisition of Twitter and started as the new owner of Twitter. social media giant by firing its top executives, including Chief Executive Officer (CEO) Parag Agrawal.
🎶 let the good times pass
– Elon Musk (@elonmusk) October 28, 2022
“The bird is freed,” Elon Musk tweeted Friday after completing his takeover of Twitter and firing four of the social media giant’s top executives, including Parag Agrawal, the chief executive. Legal Vijaya Gadde, CFO Ned Segal and General Counsel Sean Edgett.
“Warning Spoiler. Let the good times pass,” Elon Musk, 51, tweeted early Friday morning after wrapping up Thursday night with his Twitter acquisition.
Elon Musk, a self-styled “liberalist,” has criticized Twitter’s management and its censorship policies.
“At least one of the fired executives was escorted out of Twitter’s offices,” a report in the New York Times reported.
Closing the deal removes a cloud of uncertainty that has dogged Twitter’s business, employees and shareholders for most of the year.
After initially agreeing to buy the company in April, Elon Musk spent months trying to get out of the deal, first citing concerns about the number of bots on the platform and subsequent accusations. by a company whistleblower.
Parag Agrawal, 38, was appointed Twitter CEO last November after the social networking site’s co-founder Jack Dorsey stepped down.
An alumnus of IIT Bombay and Stanford, Agrawal joined Twitter more than a decade ago when there were less than 1,000 employees at the company.
“Parag Agrawal, who was named CEO of Twitter last year, has come into conflict” with Musk “publicly and privately in recent months over the takeover,” the NYT report said.
Elon Musk also “criticized” Gadde, 48, “criticizing her for her role in content moderation decisions at the company,” it added.
When former US President Donald Trump’s Twitter account was permanently suspended last January, Hyderabad-born Gadde was at the forefront of this dramatic decision made days after Trump supporters try to revolt at the US Capitol.
Twitter co-founder Biz Stone thanked Parag Agrawal, Segal and Gadde for their “huge contribution” to the business.
“Thanks to @paraga, @vijaya and @nedsegal for their shared contributions to Twitter. Each of them is full of talent and beautiful people!” Stone tweeted.
Musk arrived at the company’s headquarters in San Francisco on Wednesday and met with engineers and advertising executives.
Elon Musk also updated his Twitter description to “Chief Twit.” He has promised to change Twitter by relaxing the service’s content moderation rules, making its algorithm more transparent, and nurturing businesses that sign up, as well as lay off employees.
In April, Twitter accepted Musk’s proposal to buy the social media service and make it private.
Soon after, however, Musk began to cast doubt on his intentions to abide by the agreement, alleging that the company had failed to adequately disclose the number of spam and fake accounts on the service.
When Musk said he would terminate the agreement, Twitter sued the billionaire, alleging that he “refused to honor his obligations to Twitter and its shareholders because the agreement he signed was no longer valid.” his personal interests”. In early October, Musk said he wanted to pursue a Twitter acquisition at an initial price of $54.20 per share if the social messaging service dropped the lawsuit.
Twitter’s lawyers say that “the Tesla CEO’s proposal is an invitation to further misconduct and delay.” A judge in the Delaware Chancery Court ultimately ruled that Musk had until October 28 to solidify the Twitter deal or go to court.
On Thursday, Elon Musk wrote a message to reassure advertisers that social messaging services won’t evolve into “a free-for-all hell where anything can be said.” no consequences!” “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square where a variety of beliefs can be sanely debated without the use of to violence,” Musk said in the text.
“There is now a great danger that social media will split into the echo chambers of the right and the left, creating a lot of hatred and division in our society.” The New York Stock Exchange said on Friday that trading in Twitter’s shares had been suspended, citing “the merger taking effect.”
Elon Musk’s plans to boost Twitter’s value may involve workforce cuts, which he has previously hinted at. It was previously reported that he planned to cut 75% of staff, although he is said to have told Twitter staff this week that was not the case, CNN reported.
(Except for the title, this story has not been edited by NDTV staff and is published from an aggregated feed.)