After months spent attempting to undo the deal he initiated, Tesla founder Elon Musk will spend $44 billion to take ownership of Twitter, honoring an agreement produced in April. The news was confirmed this morning by the US Securities and Exchange Commission just after a day of higher drama at Twitter.
Late yesterday, The Washington Post reported that various major executives had been fired, such as CEO Parag Agrawal, CFO Ned Segal, chief counsel Sean Edgett, and policy chief Vijaya Gadde, who Musk has recommended triggered the platform to favor liberal political views. Reuters reported that the executives have been escorted from Twitter’s San Francisco HQ.
Musk changed his bio to study “Chief Twit” and tweeted: “the bird is freed.” Twitter cofounder Biz Stone thanked the 3 executives for their “collective contribution” to the social network. Later, Segal updated his bio to “former CFO and current fan” of Twitter.
The deal completes Musk’s metamorphosis from Twitter super user, to vocal critic, to owner. The platform and the corporation behind it seem to be set for significant adjustments. The entrepreneur has mentioned he would enable former US president Donald Trump back onto the platform and accused Twitter’s moderation policies of causing a perception of liberal bias. In text messages released in the course of his try to get out of the deal, Musk discussed employees cuts.
Musk very first supplied to invest in Twitter in April just after buying some ten % of the company’s shares and attempting and then declining to join its board. Twitter’s board initially moved to resist a takeover, but later in the month announced that it had accepted Musk’s supply to buy the corporation for $44 billion, in a deal such as a $1 billion termination charge really should either celebration pick to stroll away.
Almost straight away, the corporation lost some of its major talent. Musk produced clear he wanted significant adjustments at Twitter, which in spite of its cultural clout in politics and media has lagged behind other social networks in scale and profitability.
Musk mentioned he was concerned about political bias and wanted to see Twitter assistance “free speech” by restricting only posts that broke the law, a policy that in the US would enable hate speech and other content material at the moment banned. Activists, corporation insiders, and some minority shareholders started to be concerned that Twitter beneath Musk would develop into a haven for trolls and harassment.
Gadde, who led Twitter’s function on moderation, was pummeled with on-line abuse just after Musk tweeted a meme featuring her image that implied she triggered the platform’s content material moderation to favor liberal views. (Twitter’s personal analysis has indicated that the platform in truth favors correct-wing politicians and media outlets).
Musk’s ardor for Twitter faded weeks just after the deal was agreed, in the wake of a broad selloff on the stock marketplace. The entrepreneur claimed that the deal was “temporarily on hold,” alleging that the corporation had lied about the quantity of bots in figures disclosed in monetary filings.