BREAKING: Elon Musk Fires Twitter CEO and CFO as Takeover Completes, The Musk Era Has Arrived
Liberal and media heads are spinning as the world’s richest man Elon Musk has completed his $44 billion takeover of Twitter. Musk didn’t just talk it, he’s walking it with some big time firings this evening.
Musk finally closed the deal to take on the struggling social media company and network firing CEO Parag Agrawal and Chief Financial Officer Ned Segal, but he was just getting warmed up.
Musk also fired Vijaya Gadde the head of Legal, Policy, and trust for Twitter, also known as the head of Censorship.
The agreement between Musk’s legal team and Twitter’s board was reached less than a day before the 5 p.m. Friday deadline imposed by Delaware Chancery Court Judge Kathaleen McCormick. Without a deal, Musk and Twitter would have clashed on opposite sides of a November trial.
Under the deal’s terms, Musk will buy Twitter at the originally-agreed price of $54.20 per share. Musk has vowed to take the company private and reshape the platform with an emphasis on free speech.
The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Musk said.
Musk’s co-investors, including Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, are contributing $7.1 billion toward the deal. Banks including Morgan Stanley and Bank of America are covering $13 billion I debt financing.
During Tesla’s earnings call earlier this month, Musk admitted that he was “obviously overpaying” to buy the firm, but added he felt the “long-term potential for Twitter is an order of magnitude greater than its current value.”
While Musk’s long-term plans for Twitter are still murky, the executive has called the company an “accelerant” for his goal of creating an “everything app” called X. The app is widely expected to mirror the Tencent-owned social media app WeChat, which offers a wide array of services ranging from payments to food delivery and ride-sharing.
The closed deal followed a months-long saga that began in April, when Musk disclosed that he had taken a sizable stake in Twitter. By April, Twitter’s board had accepted Musk’s offer to buy the company for $54.20 per share, or $44 billion.
Thanks to our friends at The New York Post for contributing to this article.
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