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Twitter's CEO is fired after Elon Musk accomplishes the $44 billion acquisition of the social media platform. According to those familiar with the situation, the exonerated individuals include Vijaya Gadde, the director of legal, policy, and trust affairs; Ned Segal, the director of finance; and Sean Edgett, the general counsel of Twitter since 2012.
Twitter will now run as a private, off-exchange corporation, with shareholders receiving $54.20 per share.
According to people with familiar with the situation, one of Musk's first moves was to restructure the company's executive team, which included firing the CEO Parag Agrawal, Vijaya Gadde, the director of legal affairs, policies, and trusts, Ned Segal, and Sean Edgett, the general counsel at Twitter since 2012. Two of the people, who wanted not to be named because the information is private, claimed that Edgett was led out of the structure.
It had been obvious for a while that Agrawal would not continue in charge after Musk took over. Agrawal and Musk exchanged sharp words early on in the process, according to text messages discovered during the lawsuit. Musk then made fun of Agrawal for taking a trip to Hawaii while talks were just getting underway. After the announcement of the purchase, Jack Dorsey, the former CEO of Twitter, attempted to reconcile them, but his efforts failed miserably.
The achievement brings to an end a convoluted narrative that started in January with the billionaire's secret accumulation of a sizable share in the business, his mounting frustration with the way it is handled, and an eventual merger pact he later spent months trying to undo.
A Delaware Court of Chancery judge granted the two parties until October 28 to reach a compromise after Musk agreed to proceed on the terms initially put forward on October 4. Now that the deadline has gone, Musk, who also serves as the CEO of Tesla and SpaceX, also has power over Twitter, which he regularly uses but openly criticises and has vowed to significantly alter. It is anticipated that shares of the company will no longer trade on the New York Stock Exchange.
A new era for Twitter
Because many of Musk's ideas about how to run the business conflict with the way it has been run for years, his ownership of Twitter will immediately affect how it operates. He has stated that he wants to ensure "freedom of expression" on the social network, which probably entails loosened content moderation standards. He also plans to reinstate some well-known accounts that were banned for breaking the rules, like the one of the former President Trump.
Musk started to make his mark on the business. He posted a video of himself entering the company's headquarters and updated his platform profile to read "Chief Twit." On Twitter, he set up meetings between Tesla engineers and product management, and this Friday, he planned to address the workforce, according to the persons briefed. As of noon on Thursday, Twitter engineers were no longer able to make changes to the code in an effort to ensure that nothing changes in the product before the acquisition closes.
Since the deal's announcement in April, Twitter staff have been bracing for layoffs, and when Musk was first raising money for the acquisition, he discussed cost savings with banking partners. Although the entrepreneur apparently disputed this to staff members during his visit to headquarters, several prospective investors have been told that Musk wants to treble revenue in three years and reduce 75% of the workforce, which currently numbers roughly 7,500 personnel.
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