American billionaire Elon Musk has reportedly confirmed the completion of his $44 billion takeover deal of Twitter, finally putting an end to the months-long feud.
According to sources, Musk’s first move after the ownership was firing the company’s top leaders, whom he accused to be misleading him regarding the number of spam accounts on the site.
Parag Agrawal, the chief executive officer, Ned Segal, the chief financial officer, and Vijay Gadde, the legal affairs and policy chief, have been fired as per reports.
In addition, it is claimed that Segal and Agrawal were escorted out of Twitter’s headquarters building after closing the deal.
In a tweet that said, ‘the bird is freed’ the completion of the deal was made public by Musk.
Musk was given a deadline of 28th October to close the deal to avoid going to trial, after the social media giant sued him for backing out on his offer that was first presented in April.
Although the two were due in court last week, the hearing was pushed back after the billionaire said he will complete the purchase.
Since the completion, Musk has even changed his bio on Twitter to ‘Chief Twit’ and said that he did not purchase the platform to make more money but to try and help humanity.
The SpaceX chief said that he wants to ‘defeat’ spam bots on the platform and publicize the algorithms which determine how users are presented content, as well as prevent Twitter from becoming an ‘echo chamber’ for division and hate with limited censorship.
Further details on how Musk will achieve these goals, or who will be heading the company have not been revealed, and he has also been vague about the plans.
Reports suggest that during his last visit to Twitter staff, Musk told them that he was not planning on firing 75% of the staff post-acquisition. This came after it was reported initially that the Tesla founder told investors he hoped to cut nearly 75% of the total 7,500 employees.
Source credit: https://news.sky.com/story/elon-musk-completes-44bn-twitter-takeover-according-to-us-media-reports-12723010