The world’s richest man, Elon Musk, has completed his $44bn (£38.1bn) takeover of Twitter, according to an investor in the firm.
Various top leaders, including the chief, Parag Agrawal, have supposedly been fired. It brings an adventure that saw Twitter go to court to hold the billionaire to the terms of a takeover deal that he had tried to escape. Mr. Musk tweeted that his interest in the firm was not about making money. Twitter investor Ross Gerber, who is CEO of Gerber Kawasaki Interests in California, confirmed that the deal had been finished.
“I think the court pushed him over the line,” said Mr. Gerber. “Quite frankly, this has sort of been a disaster from the beginning, of course, starting off very aggressively courting Twitter in a way that really forced Twitter to the table… then getting all upset and having a public spat over what to me was pretty well-known issues.”
The company’s CEO, Mr.Agrawal, CFO Ned Segal, and the association’s top legal and policy executive, Vijaya Gadde, are no longer with the company, as per US media reports.
Twitter co-founder Biz Stone thanked Mr. Agrawal, Mr.Segal, and Ms.Gadde for their “collective contribution” to the business.
Mr.Musk said he bought the social media platform to help humanity and he wanted “civilization to have a common digital town square”. Due to the decline in tech stocks’ values and the struggle of Twitter to attract users and grow, many analysts argued Mr.Musk’s price for Twitter now is too high.
In a recent earnings call, he said Twitter was “an asset that has been languishing for a long time but has tremendous potential; however, I am sure we are overpaying for Twitter at the moment. It presently seems like Twitter’s top chiefs have been brushed aside by Mr.Musk.”.
It’s unlikely the eccentric billionaire will call himself chief executive. But make no mistake, he now runs Twitter. Mr.Musk fell out with Twitter’s CEO Parag Agrawal in early April – when he sat briefly on Twitter’s board. In private messages uncovered in court filings, Mr.Musk discussed how Mr.Agrawal failed to see how to fix Twitter’s problems.
His removal is hardly surprising and signals a clear change in direction for the social media platform. Many people on the right of US politics will celebrate his exit. They view free speech as curtailed by people like Parag Agrawal and Jack Dorsey. They also think under their stewardship Twitter has censored conservative voices.
Now that Mr.Musk is at the helm, many bans may be lifted, and many people who have been banned for disinformation or hate speech may be able to return to the platform. This might welcome Donald Trump to return to Twitter – however, the former president has recently said he will not be reactivating his account – liking rather post on his own platform Truth Social.
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