Elon Musk isand has, according to multiple reports, fired its CEO and at least two other top executives.
Two people familiar with the deal told The Associated Press on Thursday night that CEO Parag Agarwal and Twitter’s chief financial officer and top lawyer were shown the door.
Sources would not say whether all the paperwork for the deal, originally valued at $44 billion, was signed or whether the deal closed. But he added that Musk is in charge of the social media platform. No source should be identified due to the sensitive nature of personnel movements.
Twitter did not immediately respond to a request for comment when reached by CBS News, but Musk tweeted late Thursday that “the bird has been freed,” referring to Twitter’s famous logo and indicating that he was indeed was in charge.
The move to close the deal, which came a day before the court-imposed deadline to finalize the transaction, cap aIn which the billionaire launched his stunning bid for Twitter this spring, only to reverse course in July and announce he was withdrawing it.
His quick dismissal of two of Twitter’s top executives follows what is expected to be a period of dramatic change at the social media company. And Musk — a serial entrepreneur whose companies have disrupted the payments, auto and space exploration sectors — now takes Twitter, nobody’s guess.
now for the hard part
“As we’ve discussed, the easy part for Musk was buying Twitter,” Wedbush analyst Dan Ives said in a report. “The difficult part, and looking ahead to climbers like Everest, will be to fix this troubled property.”
Ives said the $44 billion price tag on the purchase “will go down as one of the highest paid tech acquisitions in the history of M&A deals.” He considers Twitter to be close to $25 billion.
With Musk in power, the focus will be on what steps he can take to revive Twitter, whose growth has slowed sharply in recent years. In the short term, which could include laying off three-quarters of Twitter’s workforce,, Musk, who has been vocal in saying he overpaid for Twitter, may find it tempting to reduce labor costs as a way to balance the books.
More challenging will be devise a strategy to accelerate growth on Twitter, which has around 238 million regular users, fewer than other social networks like Facebook and TikTok. On that front, Musk has previously pitched the idea of creating a “super app,” (which Musk previously referred to as the “X App”), like WeChat, that can be used for everything from banking to buying groceries in China. Everything is done. and chatting with friends.
“Musk took to Twitter last night and now the key questions will remain around changes to the platform, monetization efforts, the level of headcount reductions on the horizon and the long-term strategy around the ‘X’ app and building a potential WeChat model . road,” Ives said.
It also remains to be seen how Musk can change Twitter’s user policies. In launching his unsolicited bid in April, he highlighted the company’s “potential to become the platform for free speech around the world”, while noting that Twitter in its current form “will neither thrive nor survive this social imperative.” will complete.”
Will Donald Trump return?
That imperative could include allowing former President Donald Trump to return to Twitter, whichFrom the stage last year after the January 6 attack on the US Capitol, citing the risk of further violence.
“I’m so glad Twitter is now in wiser hands, and will no longer be run by radical leftists and lunatics who really hate our country,” Trump said in a post Friday on Truth Social, the conservative-leaning social network. said in. His media company. “Twitter must now work harder to get rid of all the bots and fake accounts that have hurt it so badly. It will be much shorter, but better.”
Meanwhile, Musk was hinting that the deal was happening. He walked the company’s San Francisco headquarters on Wednesdaychanged their Twitter profile to “Chief Tweet” and tweeted “Entering Twitter HQ – let that sink in!”
And overnight the New York Stock Exchange informed investors that it would suspend trading in Twitter shares before the opening bell on Friday in anticipation of the company going private under Musk.
, Ellen Sherter contributed reporting.