Elon Musk has officially taken control of the micro-blogging platform Twitter after finalising a $44B deal ahead of a Friday deadline.
After completing the deal, Musk tweeted, “The bird is freed,” a reference to his desire to have fewer limits on users’ content. He also changed his bio to “Chief Twit.”
In one of his first decisions as an owner of Twitter, Musk fired the top three executives, including CEO Parag Agrawal, CFO Ned Segal, and legal affairs and policy chief Vijaya Gadde.
The Tesla CEO accused Parag Agarwal and Ned Segal of misleading him and Twitter investors regarding the number of fake accounts on the platform.
Both Agrawal and Segal were in Twitter’s San Francisco headquarters when the deal closed and were escorted out, reports Reuters.
However, the ousted executives are set to receive a huge payout through “change in control” provisions in employment contracts for top leadership, reports BusinessInsider.
- Parag Agarwal, who had the shortest stint as CEO, will receive the largest payout of $38.7M.
- Ex-CFO Ned Segal will receive $25.4M
- Vijaya Gadde will get $12.5M
- Sarah Personette will take $11.2M
The provisions are disclosed in regulatory filings.
Elon’s Intention
Musk, in a tweet said he didn’t buy the firm “to make more money. I did it to try to help humanity, whom I love. “
In a lengthy message posted on Twitter addressing the company’s advertisers, Musk says, “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”
“Twitter cannot become a free-for-all hellscape where anything can be said with no consequences!” Musk also added that the platform must adhere to the laws of the land.
Musk first offered to buy Twitter in April but then changed his mind in May and tried to back out of the deal. However, he changed his mind again on October 4, filing a letter with the Securities and Exchange Commission reaffirming his commitment to the original deal.
In the past, Musk has stated that the social media site needs various alterations, such as getting rid of spam accounts and maintaining it as a platform for free speech.
Elon’s takeover could be good news for the platform. Musk, known for his innovative thinking, could bring some much-needed fresh ideas to the platform. Also, his risk-taking habit could lead to some exciting new features for the platform.
Here’re some of the reactions across the globle after Elon Musk’s takeover.
