The richest man on earth completed his blockbuster acquisition of Twitter, the social media site, and pushed Twitter to a fresh age.
After months of incessant waffling, legal proceedings, verbal abuse, and the chance of a full-blown investigation, Elon Musk is now the owner of Twitter.
On Thursday evening on Thursday, Musk announced that on Thursday night. Musk closed his $44 billion deal to purchase Twitter, a social media platform According to three people who are aware of the matter. He also began to clean up his house and at minimum, four top Twitter executives, including the chief executive officer and a chief financial officer were fired on Thursday. Musk was fired on Thursday. Musk arrived at Twitter’s San Francisco headquarters on Wednesday and had a meeting with engineers and advertising executives.
The conclusion of the deal came after several months of controversy and legal issues because of Musk. Musk changed his opinion regarding the purchase which has put Twitter in a tense direction. The deal was a surprise to Mr. Musk, a self-described “free speech absolutist,” who has declared that he wants to make Twitter’s platform more open to discussing any kind of content and that he will ” reverse the permanent ban” of former president Donald J. Trump from the platform.
Mr. Musk’s open-minded approach to the use of Twitter could cause a resurgence in issues of harmful content and false information, impacting international political debates. Initial tests will be conducted within a few days when Brazil chooses its president, and American voters head to the voting booths in November. 8 to vote in the midterm election. Twitter announced that it would not permit false claims regarding elections and their outcome. elections, however, this was before the time of Mr. Musk owned it.
“There could be real-world consequences to his leadership,” David Kaye, a law professor at the University of California, Irvine who collaborated with the United Nations on issues of freedom of speech, said about Musks. Musk’s control over Twitter. “To the extent that world leaders see they have this space and it’s unmoderated, they could push to see how far they can go.”
The acquisition was hailed by a few Republicans who have said that Twitter restricted conservative views. Research has found that the rules of Twitter have been crucial in preventing hate speech online and misinformation. Certain advertisers have expressed concern about allowing their brand’s name to be featured alongside tweets that are controversial.
“It’s a ‘back-to-the-future’ reversion to content rules circa 2010, but one that ignores the lived experience over the last decade,” said Colin Crowell, Twitter’s former head of public policy for the world who left Twitter in the year. “People eventually realize that the Wild West needs a sheriff, both for ensuring the safety of citizens but also for enhancing the prospects for commerce.”
The CEO. Musk has also promised more radical changes at Twitter with changes in leadership and management, as well as job reductions and the search for innovative ways to earn money. Twitter is headquartered in San Francisco and employs more than 7,500 employees however, has faced challenges consistently increasing its advertising business and also attracting new users. The dismissals of most senior executives of the company on Thursday are a signal of how the company’s CEO, Mr. Musk intended to move quickly.
The late Mr. Musk, 51, is planning to relaunch Twitter without the need to reveal the performance of the service every couple of months. When he takes the company public Musk does not have to report regularly to shareholders and is able to make adjustments to the service without the scrutiny of the public.
He is Mr. Musk, who also is the CEO of electric car maker Tesla as well as the rocket firm SpaceX was unable to instantly respond to comment.
It was a win for the Twitter board. In the event that headline Mr. Musk was willing to pay $54.20 per share to this company back in April of last year, Twitter received criticism for overtaking a deal that was too low. However, in the midst of a global recession, when the economy suffered in the subsequent months, and Twitter’s stock plummeted in the aftermath, the deal was seen to be an opportunity for shareholders and the board tried to make it mandatory for Musk to comply. Musk is to abide by the deal.
A Twitter spokesperson did not instantly respond to the comment.
The Twitter executives who were dismissed on Thursday comprise Parag Agrawal, Chief Executive Officer; Ned Segal, the chief financial officer; Vijaya Gadde, the highest-ranking executive in the field of policy and legal and Sean Edgett, the general counsel, according to two people who are aware of the situation. One of the executives dismissed was removed from Twitter’s offices, according to them.
The late Mr. Musk, who is one of the most active Twitter users with over 109 million users started taking shares in the company the last year. Then, in April of this year, Musk concluded the deal to purchase Twitter for $44 billion. In addition, he stated that he would remove the company’s policies on content moderation remove spam, introduce new features and give more transparency on the algorithms that are used to promote content.
“Twitter has tremendous potential – I look forward to working with the company and the community of users to unlock it,” said the president stated in a statement released in April.
Within months, he started questioning the contract. Musk was adamant about his position. Musk lashed out at the Twitter executive who made the making content-related decisions, and claimed that the company was unable to properly count spam accounts it has on its platform. If Parag Agrawal CEO of Twitter tried to debunk the claims of Mr. Musk’s assertions the former CEO. Musk responded by tweeting an emoji of poop.
In July in the month of July, Musk announced that by July. Musk had decided that it was no longer his desire to be the owner of Twitter and claimed that he was being misled about the number of spammers on the site. Musk declared his intention to end the acquisition.
Twitter has filed a lawsuit against Musk. Musk to force him to fulfill the contract. The company claimed that Musk of. The musk of trying to withdraw from the agreement due to the recession that had resulted in a decrease in his personal fortune. The company claimed that Mr. Musk had agreed to personally contribute $33 billion from the $44 billion contract.
The lawsuit ended up in But, in the face of lengthy depositions, and the uncertainty of the result. Musk reconsidered. He attempted to negotiate a reduction in the price of the deal. The discussions failed. In the month of March the company’s CEO, Mr. Musk said he would take the deal at the price originally set in the event that Twitter stopped its legal fight against Musk.
The judge in charge of Twitter’s lawsuit was willing to put the matter in limbo until October. 28. The judge gave the plaintiff Mr. Musk three weeks to finish the deal.
Musk. Musk has set some ambitious goals for Twitter that he has stated he plans to change to an “everything app” called X. In his presentations to investors regarding the deal in spring, Musk said that he believed that Twitter will reach annual revenues in the range of $26.4 billion and boast 931 million users in 2028. The company earned $5.08 billion in revenue last year and boasted over 200 million active users.
Mr. Musk has suggested that cuts may be needed to cut down on the cost of Twitter. A large portion of employees may be laid off. Recently, Twitter has tried soothing its employees by encouraging them to ignore news of layoffs that could be imminent.
The performance of Twitter will be crucial in the coming months as Mr. Musk balances investing in the future of the company and paying off the interest of the $12.5 billion of loans he borrowed to finance the purchase. Analysts have been asking whether Twitter will be able to handle the cost of these loans due to its small earnings.
These loans could also serve as a source of pain to the banks who have bundled them together because the demand for these loans has plunged dramatically after Musk announced his bid in April. Musk announced his bid in April.
Advertisers might be cautious about doing deals through the company of Mr. Musk after he denounced the practice of advertising on Twitter and suggested that the company must look for a different method of earning revenue. Certain advertisers are also cautious about having their brand appear with content that could be riskier than Musk. Musk has said should be permitted on Twitter and others prefer to spend money on social media platforms like Facebook or TikTok.
On Thursday on Thursday, Mr. Musk sought to quell the concerns of advertisers with the release of an unveiled letter that suggested some moderation of content would be maintained.
“Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences,” said the writer. “Twitter aspires to be the most respected advertising platform in the world.”