Elon Musk, the CEO of Tesla, has completed a deal to buy Twitter, putting an end to a protracted process in which he alternated between the roles of suitor, detractor, and legal foe before becoming the social media platform’s owner.
According to the source, some of Twitter’s senior officials, including its CEO Parag Agrawal, chief financial officer Ned Segal, chief legal officer Vijaya Gadde, and general counsel Sam Edgett, have been removed. The firm will also likely conduct an internal inquiry.
Elon Musk Completes Acquisition of Twitter
Segal recalled his time working for the business on Friday and vowed to continue using the site actively.
According to Segal, “My career has been most satisfying over the past five years.” “The people who use Twitter, its potential, and its significance. the changes in politics, culture, and technology. This will be challenging to top.”
Donald Trump Praised Musk for Taking Control of Twitter
Donald Trump, a former president, praised Musk for taking control of Twitter. Trump did not indicate on Friday if he would return to the platform, despite Musk having previously stated that he would lift the restriction on the former president.
In a post on Truth Social, a platform he founded, Trump wrote, “I am extremely delighted that Twitter is finally in reasonable hands.” Twitter must now put in a lot of effort to get rid of all the bots and phoney accounts that have caused it such harm.
When Musk’s offer to purchase Twitter first made headlines in April, Trump told Fox News that if his ban were lifted, he would not return to the site and would instead focus on expanding Truth Social.
Musk stated on Friday that he will postpone making any substantial decisions about the filtering of material or the reinstatement of accounts until after the creation of a new group focused on the problems.
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Musk stated that Twitter would create a council for content moderation with a wide range of perspectives. “No significant account reinstatements or content decisions will be made before that council meets.”
New York Stock Exchange announced
On Friday morning, the New York Stock Exchange announced that trading in Twitter shares had been discontinued. This implies that the social media platform is on track to be delisted and will no longer be a publicly traded entity.
Musk tweeted on Thursday night, “The bird is liberated.”
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
The Wall Street Journal, The New York Times, and The Washington Post were some of the first publications to report that the transaction had been completed on Thursday evening, again citing persons familiar with the situation.
According to Forbes, Musk, who is the richest man in the world, paid $54.20 per share for Twitter, which came to a total of about $44 billion. This was his initial offer price.
“Entering Twitter HQ – let that sink in!” Musk captioned a video he shared on Wednesday in which he entered Twitter’s offices while carrying a sink.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Following an initial acquisition agreement with Twitter in April, Musk tried to end the arrangement in July, citing worries over spam accounts on the platform.
Twitter soon after brought legal action against Musk for trying to scrap the agreement. The trial’s judge gave Musk until Friday to reach a settlement or move forward with the trial, which is scheduled to take place in Delaware Chancery Court.
The billionaire first invested in Twitter in January
The agreement ends a courtship that began when the billionaire first invested in Twitter in January.
When Twitter announced in April that Musk would join its board, Musk had already surpassed Facebook as the social media company’s top shareholder by March. Musk said, however, that he had opted not to join the board a few days later.
Twitter was valued at nearly $44 billion when Musk made an offer to purchase it in April at $54.20 per share. The offer represented a 38% premium over the price that prevailed the day before Musk’s Twitter investment became known. Ten days later, Twitter decided to take Musk up on his offer.
But a month later, Musk claimed he had “temporarily shelved” the agreement out of worry over the platform’s alleged overabundance of spam and bot accounts. Musk declared he was “still committed” to the agreement about two hours later.
According to requirements outlined in the acquisition agreement, Twitter said it had sent Musk information.
Twitter was valued at nearly $44 billion when Musk made an offer to purchase it in April at $54.20 per share. The offer represented a 38% premium over the price that prevailed the day before Musk’s Twitter investment became known. Ten days later, Twitter decided to take Musk up on his offer.
But a month later, Musk claimed he had “temporarily shelved” the agreement out of worry over the platform’s alleged overabundance of spam and bot accounts. Musk declared he was “still committed” to the agreement about two hours later.
According to requirements outlined in the acquisition agreement, Twitter said it had sent Musk information.
