Elon Musk Fires Twitter CEO Parag Agrawal and Others!
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Elon Musk became the owner of Twitter and fires the CEO, Parag Agrawal, the CFO, Ned Segal, and the head of legal affairs and policy, Vijay Gadde.
Elon Musk became the new owner of Twitter on Thursday. He fired top executives who he said had misled him and didn’t say much about how he plans to reach the lofty goals he has set for the popular social media site.
Tesla’s CEO wants to “defeat” spam bots on Twitter, make content algorithms public, and prevent Twitter from becoming an echo chamber for hate and division while limiting censorship.
Still, Mr. Musk hasn’t said how he plans to do all of this or who will run the company. He has said that he wants to cut jobs, so about 7,500 people who work at Twitter are worried about their future. He also said on Thursday that he didn’t buy Twitter to make more money, but “to try to help people, whom I love.”
People who know about the situation say that Mr. Musk fired Twitter’s Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Segal, and Chief of Legal Affairs and Policy Vijaya Gadde. He had said that they were misleading him and investors in Twitter about the number of fake accounts on the social media site.
The deal was finalised while Mr. Agrawal and Mr. Segal were at Twitter’s headquarters in San Francisco, where they were escorted out.
When asked for comments, Twitter, Mr. Musk, and the executives did not respond right away.
The Dramatic Takeover
The $44 billion purchase is the end of a long, strange story with many twists and turns that made people wonder if Mr. Musk would be able to finish the deal. It started on April 4, when Mr. Musk said he owned 9.2% of the San Francisco company. This made him the biggest shareholder in the company.
The richest person in the world then agreed to join Twitter’s board, but at the last minute he changed his mind and instead made an offer to buy the company for $54.20 per share. Twitter wasn’t sure if this was another one of Musk’s cannabis jokes or not.
The next weekend, Mr. Musk’s offer was accepted at his price. April. Musk did not perform due diligence on the company’s proprietary information.
Musk Is Now Called “Chief Twit”
In the past few months, Elon Musk went from being Twitter’s biggest investor to buying the company outright. Here’s how things went down.
In the weeks that came after, Mr. Musk started to change his mind. He said in public that he thought the number of spam accounts on Twitter was much higher than what Twitter said in regulatory filings, which was that less than 5% of its monetizable daily active users were spam accounts. Then, his lawyers said that Twitter didn’t give him the information he asked for about the situation.
Because Twitter lied to him about the bots and wouldn’t work with him, Mr. Musk told Twitter on July 8 that he was ending their deal because of the bad feelings. Four days later, Twitter filed a lawsuit against Mr. Musk in Delaware, where the company is based, to make him finish the deal.
By then, social media businesses and the stock market had collapsed due to concerns that the Federal Reserve’s plan to raise interest rates to fight inflation would precipitate a recession. Twitter said that Mr. Musk was having buyer’s remorse because he wanted out of the deal because he thought he had paid too much.
Most legal experts said that Twitter had the best case and would probably win in court. Even after Twitter’s former security chief, Peiter Zatko, came forward in August as a “whistleblower” to say that the company didn’t tell people about holes in its security and data privacy, their view didn’t change.
On October 4, when Twitter’s lawyers questioned him before their trial, Mr. Musk reversed course and promised to finalize the agreement. The judge in Delaware gave him until October 28 to finish the deal and stay out of court.
Musk’s Twitter Bio Now Says “Chief Twit.”
Since then, Mr. Musk has joined in on the excitement about the deal. On Wednesday, he walked into Twitter’s headquarters with a big smile and a porcelain sink in his hands. He then tweeted, “Let that sink in.” He changed his Twitter profile to say that he is “Chief Twit.”
Also, he tried to make sure employees didn’t worry about big layoffs and told advertisers that his past criticism of Twitter’s rules for content moderation wouldn’t hurt the site’s popularity.
“It’s clear that Twitter can’t turn into a place where anyone can say anything with no consequences!” Thursday, Mr. Musk wrote an open letter to advertisers.
Mr. Musk has said that he wants to use Twitter to build a “super app” that can do everything from sending money to shopping to getting rides.
“The long-term potential of Twitter is a thousand times greater than its current value,” Mr. Musk told analysts on Oct. 19 during a call with Tesla.
But Twitter is having a hard time keeping its most active users, who are very important to its business, interested. These “heavy tweeters” make up less than 10% of all Twitter users each month, but they send 90% of all tweets and bring in 50% of the world’s revenue.
Musk said in May that he would lift the ban on Trump, who was kicked off the platform after the attack on the U.S. Capitol, even though Trump has said he won’t come back. Instead, he has released an app for social media called Truth Social.
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