Thursday, December 8, 2022

Elon Musk Takes Over Twitter, Lays off C-Suite Members

Following a lengthy period of hassle, the famous electric automobile boss Elon Musk is now in charge of Twitter, Inc. Musk has until Friday to complete the $44 billion acquisition deal of Twitter, otherwise, he will face a legal battle. This is owing to the fact that the postponed lawsuit from Twitter against Musk is scheduled to resume on Friday.

After purchasing a 9.2% stake in Twitter in April, He was asked to join the Board of Directors. In response, Musk refused the offer, instead, he proposed to buy the social media company in a $44 billion bid. For Musk, Twitter was not utilizing its potential of being a free speech platform, hence his reason for suggesting acquisition.

At first, his proposal met with a lot of friction on the part of his co-existing Twitter stakeholders. In fact, Twitter’s second-largest stakeholder introduced the ‘Poison Pill’, by increasing its stake to 10.3% to stump the buyout. Eventually, when Twitter decided to accept his bid, Musk had already sent a letter describing his new interest to call off his offer.

Finally, in September, the stakeholder endorsed his offer leaving the final decision to a United States court. As it stands, no obstacle seems to be in the way of the wealthiest man in the world to take over Twitter.

Musk Lays Off a Few Twitter C-suite Members

So far, Musk has been to Twitter headquarters in San Fransisco to familiarize himself with the engineers and ad executives. On arrival, the Tesla chief decided to cut off some of Twitter’s C-suite members starting first with the CEO and CFO. Therefore, Twitter CEO Parag Agrawal and chief financial officer Ned Segal have been laid off and would not be returning.

The head of Twitter’s Legal Policy, Trust, and Safety Vijaya Gadde was asked to leave, all on Musk’s first day. Both Agrawal and Segal were escorted out of the premises while the deal closed.

Particularly, Elon Musk accused them of deceiving him over the number of spam accounts on the platform when he asked. Not certain if he was referring to himself or the laid-off C-suite executives, Musk tweeted “the bird is freed.”

 

Victoria Nye
A Blockchain columnist who is enthusiastic about developing a network interface between the real world and the cryptosphere.

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