Elon Musk Successfully Completes The Acquisition Of Twitter

Elon Musk Successfully Completes The Acquisition Of Twitter

 Musk Elon purchased Twitter on Thursday, sacking key employees and offering no explanation of how he plans to carry out the ambitious goals he has set for the powerful social media network.

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“The bird is freed,” he tweeted, referencing Twitter’s bird logo in an apparent nod to his desire to see the company have fewer limits on content that can be posted.

However, the CEO of electric vehicle manufacturer Tesla and self-described adamant supporter of free speech has also stated that he wants to stop the platform from turning into an echo chamber for hatred and division.

Other objectives include trying to “fight” spam bots on Twitter and opening up the algorithms that decide how the material is shown to consumers.

Elon Musk Successfully Completes The Acquisition Of Twitter

Musk, however, has not provided specifics on how he intends to do all of this or who would lead the company. He has stated that he intends to make job cuts, which has Twitter’s 7,500 employees worried about the future. On Thursday, he added that he bought Twitter “to attempt to benefit humanity, whom I love,” rather than in order to increase his financial gain.

Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform.

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Agrawal and Segal were in Twitter’s San Francisco headquarters when the deal closed and were escorted out, the sources added.

Musk, who also runs rocket company SpaceX, plans to become Twitter’s CEO after completing the acquisition and also plans to scrap permanent bans on users, Bloomberg reported, citing a person familiar with the matter.

Twitter, Musk, and the executives did not immediately respond to requests for comment.

Elon Musk Successfully Completes The Acquisition Of Twitter

Before closing the $44-billion acquisition, and never afraid to indulge in theatrics, Musk walked into Twitter’s headquarters on Wednesday with a big grin and a porcelain sink, subsequently tweeting “let that sink in.” He changed his Twitter profile description to “Chief Twit.”

He also tried to calm employee fears that major layoffs are coming and assured advertisers that his past criticism of Twitter’s content moderation rules would not harm its appeal.

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“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!” Musk said in an open letter to advertisers on Thursday.

As news of the deal spread, some Twitter users were quick to flag their willingness to walk away.

“I will be happy to leave in a heartbeat if Musk, well, acts as we all expect him to,” said a user with the @mustlovedogsxo account.

In an indication of challenges to be addressed, Bollywood actress Kangana Ranaut, who was banned from Twitter last year for violating its rules on hateful and abusive conduct, applauded Musk’s takeover on Instagram and shared requests from fans to have her account restored.

Elon Musk Successfully Completes The Acquisition Of Twitter

Musk also said in May he would reverse the ban on Donald Trump, who was removed after the attack on the U.S. Capitol. The former U.S. president has said he won’t return to the platform and has instead launched his own social media app, Truth Social.

A representative for Trump did not immediately respond to a Reuters request for comment.

Musk has indicated he sees Twitter as a foundation for creating a “super app” that offers everything from money transfers to shopping and ride-hailing.

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But Twitter is struggling to engage its most active users who are vital to the business. These “heavy tweeters” account for less than 10% of monthly overall users but generate 90% of all tweets and half of global revenue.

The deal’s road to fruition was full of twists and turns that sowed doubt over whether it would happen at all. It began on April 4, when Musk disclosed a 9.2% Twitter stake, becoming the company’s largest shareholder.

The world’s richest person then agreed to join Twitter’s board, only to balk at the last minute and offer to buy the company instead for $54.20 per share, an offer that Twitter thought might be another of Musk’s cannabis jokes.

Musk’s offer was real, and over the course of just one weekend later in April, the two sides reached a deal at the suggested price. This happened without Musk carrying out any due diligence on the company’s confidential information.

Elon Musk Successfully Completes The Acquisition Of Twitter

In the weeks that followed, Musk had second thoughts. He complained publicly about Twitter’s spam accounts and his lawyers then accused Twitter of not complying with his requests for information on the subject.

The acrimony resulted in Musk telling Twitter on July 8 he was terminating the deal. Four days later, Twitter sued Musk to force him to complete the acquisition.

By then, the stock market had plunged on concerns about a potential recession. Twitter accused Musk of buyer’s remorse, arguing he wanted out of the deal because he thought he overpaid.

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Most legal analysts said Twitter had the strongest arguments and would likely prevail in court.

On Oct. 4, just as Musk was set to be deposed by Twitter’s lawyers, he performed another u-turn, offering to complete the deal as promised. He managed to do that, just one day ahead of a deadline given by a judge to avoid going to trial.

Twitter shares ended trade on Thursday up 0.3% at $53.86, just under the agreed price. The stock will be delisted from the New York Stock Exchange on Friday.

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