Tuesday, December 6, 2022
HomeTechnologyElon Musk Officially Acquires Twitter And Fired Top Executives

Elon Musk Officially Acquires Twitter And Fired Top Executives

On October 27, it was announced that Elon Musk completed his $44 billion purchase of the social media network Twitter. Since then, he has apparently begun his stay at the firm by instituting a number of personnel changes at the company’s high executive level.

Musk is said to have fired CEO Parag Agrawal, CFO Ned Segal, and head of legal and policy Vijaya Gadde, and he is said to have accused them of misleading him regarding the number of spam accounts on the platform. According to sources from multiple outlets, Agrawal, Segal, and Gadde are reported to have been fired.

According to sources cited by Reuters, Agrawal and Segal were physically removed from the offices of the firm after the deal was finalised.

Musk had already made an effort to back out of the contract to purchase Twitter in July. He did so by accusing the firm of making “false and misleading promises” over the frequency of spam and phoney accounts on the platform.

Now the deal has been finalised, Musk intends to transform the platform into a haven for free expression, make adjustments to the algorithms in order to avoid political echo chambers, and get rid of all phoney and spam accounts.

Musk further reaffirmed his reasons for purchasing Twitter in an open letter he sent to Twitter advertisers on October 27. In the letter, Musk said that it is crucial for the “future of humanity to have a shared digital town square” that is free from political divisiveness.

The Washington Post reported on October 20 that Musk planned to cut up to 75% of Twitter’s staff. However, a report from Bloomberg days later disclosed that Musk told Twitter staff on October 26 during his visit that the statements were false and that he does not plan to sack any staff. The visit took place on the same day that the Washington Post published its initial report. On the other hand, individuals who sit atop Twitter’s hierarchy have just learned that this is not the case.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.


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