Elon Musk completed the acquisition of Twitter on Thursday afternoon in San Francisco. His first move after the acquisition was to fire CEO Parag Agrawal, CFO Ned Segal, and legal officer Vijaya Gadde, who received multimillion-dollar payoffs and Musk officially became the company’s top executive, The New York Stock Exchange has suspended Twitter’s listing pending an official announcement.
A few weeks after Musk proposed returning to the original price of $54.20 per share and continuing the acquisition, all legal and financial issues have been resolved and Twitter has agreed to drop the lawsuit and begin winding down its operations. Musk’s social networking era has officially begun.
Mr Musk will make sweeping changes to Twitter’s business model: cracking down on spam and bots, unveiling algorithms, reinstating people who have been banished from the network, applying looser content moderation policies, promoting a paid subscription service and launching a “universal app” X that sounds like a copy of wechat.
The deal was due on Friday, but for days it seemed to be going ahead. Elon Musk changed the description of his Twitter profile on Wednesday to announce himself as the tweeter in chief and visit the company’s headquarters in San Francisco. In addition, its partners and banks have been collating the latest details and fund flows for days. At present, the acquisition work has been fully completed.
For Twitter employees, Mr. Musk’s arrival is worrisome because he has communicated to investors that he plans to lay off 75% of the company’s roughly 7,500 employees. But Musk has made it clear to some of the employees he meets that he doesn’t plan to do that.
Post time: Oct-31-2022