Elon Musk takes over Twitter; soon fires CEO, CFO & policy chief

After the $44 billion deal, Musk tweeted "the bird is freed."

Elon Musk takes over Twitter; soon fires CEO, CFO & policy chief
Image credits: 9to5Mac

Billionaire Elon Musk concluded the acquisition of the microblogging site Twitter for $46.5 billion on October 28, comprising the $44 billion acquisition bill and the closing costs of the agreement.

Until recently, the deal seemed to fail as Twitter dragged Musk to court for terminating the buyout.

Musk is a self-styled “free speech absolutist” who has been critical of Twitter’s administration and moderation approaches.

He had said he would reverse bans on suspended users, which could include the former 45th US President Donald Trump.

“The bird is freed,” he tweeted after the acquisition was complete.

Musk terminated Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde. He had blamed them for deluding him and Twitter investors over the number of phony accounts on the platform.

After taking a stake in Twitter at the start of the year, Musk made his $44bn offer in April. He said he was purchasing it because he wanted “civilization to have a common digital town square” and had planned to clean up spam accounts and preserve the platform as a medium for free speech.

But by the summer, he had changed his mind about the purchase, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed; he also said the Russia-Ukraine war was a reason.

Earlier reports suggested that 75% of the social media company staff were set to lose their jobs. Still, those reports were “false,” according to Ross Gerber, a shareholder in both Twitter and Musk’s other company Tesla.

“There are many talented people at Twitter, especially on the engineering side, and they want to retain as much of that talent as possible,” Gerber told the BBC.

Gerber added that apart from cutting management, Musk might look to end projects “that aren’t going anywhere.”

Meantime, Bret Taylor, Twitter’s chairman since last November – updated his LinkedIn profile to indicate that he was no longer in the post.

According to the New York Stock Exchange’s website, the social media platform’s shares will be suspended from trading on Friday.

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