What it’s good to know
- Elon Musk is reportedly now the brand new proprietor of Twitter.
- The Tesla CEO has apparently marked the end result of his acquisition by firing high executives.
- CEO Parag Agrawal, CFO Ned Segal, chief coverage officer Vijaya Gadde, and basic counsel Sean Edgett had been apparently among the many high brass who had been fired.
Twitter is now formally owned by Elon Musk as he wraps up his $44 billion acquisition of the social media large, in accordance with studies. Musk reportedly culminated his takeover bid by terminating a lot of high executives on the firm, together with CEO Parag Agrawal and chief monetary officer Ned Segal.
In keeping with Reuters (opens in new tab), Agrawal and Segal had been escorted out of Twitter’s San Francisco headquarters when the deal was closed. Coverage chief Vijaya Gadde and basic counsel Sean Edgett had been additionally reportedly fired (through Axios (opens in new tab)). Musk publicly chastised Twitter’s executives for deceiving him concerning the variety of faux accounts and spam bots on the platform, which caused the deal to be put on hold in Could.
The highest executives had been mentioned to have left the corporate Thursday night. Business Insider (opens in new tab) studies that every has acquired a good-looking paycheck: Agrawal was paid $38.7 million, Segal acquired $25.4 million, Gadde received $12.5 million, and Personette acquired $11.2 million.
Musk’s contentious takeover bid raised questions on whether or not he would pursue the transaction. He backed out of the agreement in July after Twitter allegedly didn’t disclose correct knowledge on the variety of spam or bot accounts on the platform.
Twitter then sued Musk for violating the agreement, claiming that his actions had “solid a pall over Twitter and its enterprise.” Nevertheless, earlier than the 2 events went to trial, Musk’s legal team issued a letter a couple of days in the past indicating that he supposed to proceed with the deal, a shocking U-turn for Musk, who wasn’t proud of how Twitter disclosed details about bots on the platform.
The completion of the deal has reportedly involved many Twitter staff, as Musk was rumored to be planning to put off 75% of Twitter’s workforce. Android Central has contacted Twitter for remark and can replace this text as soon as we obtain a response.
Up to now, Musk publicly shared his plans for Twitter as soon as the deal was accomplished. Amongst his objectives was to alter how the service moderates content material shared on the platform, which is seen as a reversal of insurance policies that resulted in former President Donald Trump’s everlasting ban. “The chicken is freed,” Musk tweeted in reference to Twitter’s emblem, suggesting that he intends to loosen up the corporate’s restrictions.
“In Europe, the chicken will fly by our guidelines,” Thierry Breton, commissioner for Inner Market of the European Union, tweeted (opens in new tab) in response to Musk’s tweet.
The Tesla and SpaceX founder has spoken publicly about his Twitter objectives. In keeping with Reuters, he desires to forestall Twitter from changing into an echo chamber for hate and division along with crushing spam bots. Musk additionally desires to provide the general public entry to the algorithms that govern how the platform recommends content material to its customers. Nevertheless, little is understood about how he intends to realize them.