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Tuesday, February 27, 2024

Twitter CEO, other top execs fired as Elon Musk completes acquisition deal

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Elon Musk has finally completed his deal to acquire Twitter. He also fired Twitter CEO Parag Agrawal, Chief Financial Officer Ned Segal, and legal and policy chief Vijaya Gadde.

Elon Musk, CEO of Tesla Inc, became Twitter Inc’s new owner on Thursday, ousting senior executives he accused of deceiving him and offering little information on how he will fulfill the high aspirations he has articulated for the popular social media site.

Musk has stated that, while limiting censorship, he wants to “fight” spam bots on Twitter, make the algorithms that decide how information is shown to its users public, and prevent the network from becoming an echo chamber for hatred and division.

Musk stated on Thursday that he took over Twitter not to gain more money, but rather to “try to serve mankind, whom I adore.” But, at the same time he left Twitter’s approximately 7,500 workers concerned about their future, as he announced his plans to lay off the employees.

After months of haggling, the world’s richest man purchased the corporation for $54.20 per share, or $44 billion. Elon Musk was accused of having buyer’s remorse on Twitter, claiming he wanted out of the acquisition because he believed he overpaid.

Just as Musk was about to be deposed by Twitter’s attorneys, he changed his mind and volunteered to finish the purchase as promised. He entered the company’s offices carrying a porcelain sink and changed his Twitter handle to “Chief Twit.” The Silicon Valley entrepreneur has stated that he views Twitter as a platform for a “mega app.”

Musk sacked Twitter CEO Parag Agrawal, Manager Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde. He accused them of deceiving him and Twitter investors about the amount of bogus accounts on the social media network.

According to the sources, Agrawal and Segal were led out of Twitter’s San Francisco offices where they were when the deal completed.


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