After completing his $44 billion acquisition, Elon Musk, Tesla CEO, intends to take over as Twitter Inc.’s chief executive officer role, joining his current positions as CEO of Tesla Inc. and SpaceX. Elon Musk Twitter deal became famous as the frame of reference of “The bird is freed”.
Elon Musk took control of Twitter today and fired a number of top officials who had before been accused of deceiving him. This occurred before the deadline of Friday for him to finish acquiring the Elon Musk company. Musk has revealed to investors and his army of 110.5 million Twitter users some extremely ambitious aspirations for the network. These include making the platform as “broadly inclusive” as possible, eliminating spam bots that have plagued it (at least in his opinion), and preventing it from turning into an “echo chamber” for hatred.
Elon Musk intends to replace Parag Agrawal. According to a source familiar with the situation who asked to remain anonymous to discuss internal discussions, he was terminated along with other top executives once the takeover was finalised. The billionaire is likely to continue serving as CEO in the short term but may eventually cede the position in the long run, the source noted. AS per Elon Musk Twitter news, representatives at Twitter declined to comment.
After six months of public and legal battle, Musk’s acquisition places the world’s richest man in command of a struggling social network. One of Musk’s first actions was to change the administration and management. Ned Segal, Twitter’s chief financial officer, who joined the company in 2017, Vijaya Gadde, the head of legal, policy, and trust, and Sean Edgett, the company’s general counsel since 2012, are all departing. As per the report from Bloomberg News, Edgett was led from the structure.
According to the source, Musk also wishes to do away with permanent prohibitions against users since he doesn’t support them. It was not immediately obvious if this applied to former president Donald Trump. But it means users who have been kicked from the network earlier would be permitted to rejoin.
When will Elon Musk takeover Twitter?
Elon Musk Twitter Purchased in a mergers and acquisitions deal that started on 14th April and ended on 27th October, 2022.
But, why did Elon Musk buy Twitter?
Elon Musk claims that he bought Twitter to “help humanity”
Elon Musk Twitter takeover brings to an end a complicated saga that started in January with the billionaire quietly building up a significant position in the business. His mounting displeasure with the way it’s operated, and a merger agreement that he later spent months attempting to unravel.
The fact that the billionaire’s ideas for changing the firm conflict with the way it has been operated for years means that his actions will create immediate disruption to Twitter’s operations. He has stated that he wants to protect “free speech” on the social network, which probably entails lowering the bar for content moderation. He also aims to reinstate renowned accounts that were suspended from Twitter for violating the rules, including Trump’s.
Significantly, Musk’s activities pose a threat to reverse years of Twitter’s attempts to reduce bullying and harassment on the social media site.
As the 28th October deadline drew close, Musk began to make his mark on the business. He posted a video of himself entering the office and changed his platform profile description to “Chief Twit.”
According to those people who acknowledge the situation, he scheduled meetings between Tesla engineers and Twitter product executives and intended to address the employees on Friday. In an effort to guarantee that nothing about the product changes before the sale closes, Twitter’s developers were no longer able to make code modifications as of noon on Thursday in San Francisco, the sources said.
Since the merger was revealed in April, Twitter staff have been preparing for layoffs. And Musk mentioned the concept of cost reductions to banking partners when he was originally soliciting money for the purchase. According to a source familiar with the situation earlier this month, Musk informed some prospective investors that he intends to double Twitter’s income within three years and aims to reduce 75% of the company’s personnel, which now numbers approximately 7,500.
According to those with knowledge of the situation, when Musk visited Twitter’s headquarters on Wednesday, he informed employees that he did not intend to fire 75% of the employees after taking over the firm.
Less than 10% of respondents to a live poll on the messaging app Blind asked if Twitter workers will still be working there in three months. Of the 266 participants, 38% voted “No,” while more than 55% selected “Popcorn.” Employees may register for Blind with their work accounts and use it for confidential messaging to express their concerns.
Furthermore, Twitter is having trouble retaining its most engaged users, who are essential to Elon Musk all companies. Less than 10% of monthly active users are “heavy tweeters,” but they produce 90% of all tweets and 50% of global revenue.
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