Science

Report: Elon Musk Takes Control of Twitter, Quickly Fires CEO

Elon Musk is took control of twitter and 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 a turbulent six-month chase In 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.

“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, The Washington Post reported last week, 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” like WeChat, which is used in China for everything from banking to buying groceries and chatting with friends.

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.”

That imperative could include allowing former President Donald Trump to return to Twitter, which suspended him permanently From the stage last year after the January 6 attack on the US Capitol, citing the risk of further violence.

Meanwhile, Musk was hinting that the deal was happening. He walked the company’s San Francisco headquarters on Wednesday Porcelain Sink Carrychanged 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.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button