Elon Musk, the wealthiest man in the world, has reportedly completed his $44 billion (£38.1 billion) acquisition of Twitter.
To which Mr. Musk replied, “let the good times roll” and “the bird is liberated.”
It has been claimed that many high-ranking officials, including the leader Parag Agrawal, have been let go.
Reuters reported that Mr. Agrawal and two other executives were removed from Twitter’s San Francisco offices on Thursday night.
Months of legal fighting have finally come to a close with the closing of the purchase, but it has raised new concerns about the platform’s long-term viability.
US Securities and Exchange Commission documents filed on Thursday confirmed the acquisition.
Trading in Twitter shares was halted on Friday by the New York Stock Exchange for “merger effective” reasons.
According to US media sources, the company’s CFO Ned Segal and its senior legal and policy leader Vijaya Gadde are also departing with Mr. Agrawal.
For all intents and purposes, Twitter co-founder Biz Stone has confirmed the departure of the executives. He tweeted his appreciation to the trio, calling them “huge talents” and “wonderful beings” for their “combined contribution to Twitter.”
Bret Taylor, who has been Twitter’s chairman since last November, announced his resignation on LinkedIn.
Mr. Musk, who describes himself as a “free speech absolutist,” has been outspoken in his criticism of Twitter’s leadership and moderation procedures.
Mr. Musk said that Twitter had given him false information about the company’s user base, and the two had a heated exchange about the conditions of the purchase.
Additionally, he has said that he may lift suspensions for banned users, which may include former US President Donald Trump, who was excluded after the violence in the Capitol in January 2021.
There was a danger that Mr. Trump might instigate further bloodshed, according to tweets posted at the time. While Mr. Musk has called the restriction “foolish,” it is clear that he does not agree with it.
Mr. Musk expressed concern earlier this week that the site may become an online safe space for bigotry and hatred. It’s evident that Twitter can’t turn into a “hellscape,” where people say anything they want with no repercussions, as he put it.
As a result of Mr. Musk’s acquisition, Twitter users have begun speculating about the future of the social media network.
According to US media sources, the company’s CFO Ned Segal and its senior legal and policy leader Vijaya Gadde are also departing with Mr. Agrawal.
For all intents and purposes, Twitter co-founder Biz Stone has confirmed the departure of the executives. He tweeted his appreciation to the trio, calling them “huge talents” and “wonderful beings” for their “combined contribution to Twitter.”
Bret Taylor, who has been Twitter’s chairman since last November, announced his resignation on LinkedIn.
Mr. Musk, who describes himself as a “free speech absolutist,” has been outspoken in his criticism of Twitter’s leadership and moderation procedures.
Mr. Musk said that Twitter had given him false information about the company’s user base, and the two had a heated exchange about the conditions of the purchase.
Additionally, he has said that he may lift suspensions for banned users, which may include former US President Donald Trump, who was excluded after the violence in the Capitol in January 2021.
There was a danger that Mr. Trump might instigate further bloodshed, according to tweets posted at the time. While Mr. Musk has called the restriction “foolish,” it is clear that he does not agree with it.
As we reported earlier this week, Mr. Musk expressed concern that the site may be used to spread hate speech and further divide people. It’s evident that Twitter can’t turn into a “hellscape,” where people say anything they want with no repercussions, as he put it.
Twitter users are wondering how the platform will change now that Elon Musk owns it.
Worries have been raised that if free speech regulations were more lax, users who had been banned for spreading hate speech or false information may return to the site. These may include Mr. Trump and other political extremes, QAnon followers, and Covid-19 sceptics.
Commissioner for the internal market for the European Union Thierry Breton responded to Mr. Musk’s message by tweeting, “In Europe, the bird will fly by our EU regulations,” implying that authorities would take a hard position against any easing of Twitter’s restrictions.
Mr. Musk is not just the wealthiest man in the planet, with an estimated $250 billion, but also a divisive personality.
He became wealthy as the CEO of Tesla and Space X, two companies involved in the development of electric vehicles and space travel, respectively. However, he has gained even more attention by publicly intervening in unconnected subjects, typically through Twitter. These concerns range from geopolitical problems like the conflict in Ukraine to the rescue of the schoolboys trapped in a Thai cave.
It’s unclear at this time whether the purge of upper management is a precursor to broader layoffs. Reports that 75% of Twitter employees will be let off were “inaccurate,” according to Ross Gerber, a stakeholder in both Twitter and Mr. Musk’s other business, Tesla.
According to Mr. Gerber’s interview with the BBC, “Twitter has a lot of bright individuals, particularly on the technical side, and they want to keep as much of that expertise as possible.”
On the other hand, he warned that the layoffs may affect more people than just the top brass. Mr. Musk has hinted that he may terminate product managers and cancel “futile” initiatives.
A Long Road
The agreement was in danger of failing until quite recently.
Mr. Musk began accumulating a stake in Twitter at the beginning of the year, and in April he made an offer for $44 billion, which was quickly deemed excessive.
He justified his purchase by saying he hoped to provide “civilization with a common digital town square” and that he intended to do it by eliminating spam accounts while keeping the site open as a forum for free expression.
By the summer, however, he had altered his mind, citing Twitter’s exaggerated claims about the prevalence of fraudulent accounts as the reason for his decision.
