Elon Musk Buys Twitter For US$44b, Fires Its Top Executives

Elon Musk Buys Twitter For US$44b, Fires Its Top Executives.

Tech Billionaire owner of Tesla and the richest man in the world, Elon Musk has completed his $44 billion deal to buy Twitter, a source familiar with the deal told CNN Thursday, putting the world’s richest man in charge of one of the world’s most influential social media platforms.

As a follow-up, Musk fired CEO Parag Agrawal and two other executives, according to two people familiar with the decision. Twitter declined to comment.

The deal’s closing removes a cloud of uncertainty that has hung over Twitter’s business, employees and shareholders for much of the year.

Recall that after initially agreeing to buy the company in April, Musk spent months attempting to get out of the deal, first citing concerns about the number of bots on the platform and later allegations raised by a company whistleblower.

Acknowledging the deal’s closing, Musk tweeted, “the bird is freed.”

With the deal now finalized, the trial between Musk and Twitter originally set to take place earlier this month has now become history.

However, Musk’s takeover, and the immediate firings of some of its top executives, now raise a host of new questions for the future of the social media platform, and the many corners of society impacted by it. Musk on Thursday also fired CFO Ned Segal and policy head Vijaya Gadde, according to the two sources.

Expectations

Elon Musk Launches New ‘Burnt Hair’ Perfume, Changes Twitter Bio

Musk has said he plans to rethink Twitter’s content moderation policies in service of a more maximalist approach to “free speech.”

In particular, Musk said he disagrees with Twitter’s practice of permanent bans for those who repeatedly violate its rules, raising the possibility that a number of previously banned, controversial users could reemerge on the platform.

Perhaps most immediately, many will be watching to see how soon Musk could let former President Donald Trump back on the platform, as he has previously said he would do.

Depending on the timing, such a move could have major implications for the upcoming US midterm elections, as well as the 2024 Presidential campaign.

Elon Musk now controls a social media platform that shapes how hundreds of millions of people communicate and get their news.

Source | CNN