“Let the good times roll,” tweeting billionaire Elon Musk on Friday, hours after completing a $44 billion acquisition of Twitter, ousting his top executives, including the chief executive officer, to debut as the social media giant’s new owner. . CEO) Parag Agarwal.
let the good times come
— Elon Musk (@elonmusk) 28 October 2022
“The bird is free,” Elon Musk said on Friday after completing the Twitter acquisition and sacking four top executives at the social media giant, including Parag Agarwal, legal executive Vijaya Gadde, chief financial officer Ned Segal and general counsel Sean Edgett. had tweeted.
“Spoiler alert. Let the good times come,” Elon Musk, 51, tweeted early Friday morning after Thursday night ended with his takeover of Twitter.
Elon Musk, a self-proclaimed “free speech absolutist”, has been critical of Twitter’s management and its moderation policies.
A New York Times report said, “At least one of the fired executives was kicked out of Twitter’s office.”
The closing of the deal removes the cloud of uncertainty that hangs over Twitter’s business, employees and shareholders, CNN commented.
After initially agreeing to buy the company in April, Elon Musk spent months trying to get out of the deal, first citing concerns about the number of bots on the platform and later allegations made by the company’s whistleblowers. Gave.
Parag Agarwal, 38, was appointed as the CEO of Twitter in November last year after the social media site’s co-founder Jack Dorsey stepped down.
An IIT Bombay and Stanford alumnus, Agarwal joined Twitter a decade ago, when the company had less than 1,000 employees.
The NYT report said Parag Agarwal, who was appointed chief executive of Twitter last year, clashed with Musk “publicly and privately in recent months” about the takeover.
Elon Musk also “singled out” Gadde, 48, “criticizing her for her role in content moderation decisions at the company”.
As the Twitter account of former US President Donald Trump was permanently suspended in January last year, the Hyderabad-born Gadde was at the forefront of this dramatic decision made within days of an attempted rebellion by pro-Trump supporters at the US Capitol. .
Twitter co-founder Biz Stone thanked Parag Agarwal, Sehgal and Gadde for their “massive contribution” to the business.
“Thanks to @paraga, @vijaya, and @nedsegal for their collective contribution on Twitter. Huge talent, everyone, and beautiful human beings each!” Stone tweeted.
Musk arrived at the company’s headquarters in San Francisco on Wednesday and held a meeting with engineers and advertising executives.
Elon Musk also updated his Twitter description to “Chief Tweet.” He has promised to transform Twitter by loosening the service’s content moderation rules, making its algorithm more transparent, and nurturing subscription businesses, as well as laying off employees.
In April, Twitter accepted Musk’s offer to buy the social media service and take it private.
However, Musk soon began to have doubts about his intentions to comply with the agreement, alleging that the company failed to adequately disclose the number of spam and fake accounts on the service.
When Musk said he was terminating the deal, Twitter sued the billionaire, alleging that he “refused to honor his obligations to Twitter and its shareholders because the deal he signed was a big deal.” no longer serves his personal interests.” Earlier in October, Musk said he wanted to pursue his acquisition of Twitter at an original price of $54.20 per share if the social messaging service dropped the litigation.
Twitter’s lawyers said the Tesla CEO’s “proposal is an invitation to further mischief and delay.” A Delaware Chancery Court judge eventually ruled that Musk had until October 28 to either strengthen the Twitter deal or head to trial.
On Thursday, Elon Musk wrote a message to reassure advertisers that social messaging services “won’t evolve into a free-for-all hellscape where anything can be said without consequences!” “I acquired Twitter because having a shared digital town square is vital to the future of civilization where a wide range of beliefs can be debated in a healthy way, without resorting to violence,” Musk said in the message. “
“There is a great danger at present that social media will split into far-right and far-left echo chambers that generate more hatred and divide our society.” The New York Stock Exchange said Friday that it was suspending trading in shares of Twitter because the “merger is in effect”.
Elon Musk’s plans to increase the value of Twitter could include cutting its workforce, something he has previously hinted at. CNN reported that previous reporting suggested it was planning to cut 75 percent of its staff, although it is said to have told Twitter employees this week that it was not.
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)