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Elon Musk takes over Twitter, axes top executives

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Elon Musk took control of Twitter and fired its top executives, US media reported late on Thursday.

Twitter’s chief executive Parag Agrawal was among those fired, along with the chief financial officer, Twitter’s top legal and policy executive and the company’s general counsel, the New York Times reported.

Musk had on Wednesday tweeted a video of himself walking into the company’s headquarters carrying a porcelain sink, posting: “Entering Twitter HQ — let that sink in!”

The Tesla CEO also changed his Twitter profile to refer to himself as “Chief Twit” and switched his location to Twitter’s San Francisco headquarters.

In a tweet sent on Thursday, he said that rumors about his motivations for buying the platform were “false” and that he was purchasing Twitter to “benefit humanity.”

Elon Musk’s bid to acquire Twitter for $54.20 (€53.72) per share has gotten closer to Twitter’s shares on Wednesday. That indicated to investors that they anticipated the $44 billion transaction to move along before a court deadline at the end of the week.

The Delaware Chancery Court mandated the Friday deadline to close the purchase in early October. The decision came after a protracted legal dispute in which Musk agreed to buy Twitter but later attempted to back out of the agreement. The Tesla CEO was later sued by Twitter to make him leave.

Another court hearing can be scheduled for November if the parties miss the deadline.

Many Twitter users have voiced alarm over Musk’s promise to defend “freedom of speech” on the social media network, including the possibility of restoring former President Donald Trump, who was banned for his involvement in the rioting on January 6 at the Washington, D.C., Capitol.

Concerns have also been voiced about the agreement that will give the world’s richest individual control of the social media network.

 

 

Vincent Paul

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