Elon Musk Acquires Twitter, Plans to Make It Profitable

Elon Musk Acquires Twitter, Plans to Make It Profitable

Ned Segal, Chief Financial Officer (CFO), and Parag Agrawal, Twitter CEO, left the headquarters shortly after the acquisition by Elon Musk. The reason for their departure is not yet clear but it could be due to the intense pressure of working for a company that has been struggling financially. As mentioned in the previous paragraph, the title on Mr. Elon Mask's account has changed from 'CEO' to 'Chief Twit'. It is assumed that he will take over as CEO of Tesla Inc., which had recently been acquired by Mr. Elon Mask's other business venture, SpaceX. Another possible cause of their sudden departure might have been an internal shake-up at Twitter with both CEOs departing. There are also speculations that they may have left because they did not want to work with Elon Mask anymore. However, these are just speculations and no one knows the true reason behind the sudden exit of two key executives at Twitter.

Elon Musk Acquires Twitter, Plans to Make It Profitable

If Musk didn't complete the $44 billion Twitter acquisition deal by October 28, local time, a trial in Delaware court would have started in favor of Twitter.

In April of this year, Twitter decided to accept Musk's offer to acquire Twitter, and the two signed an acquisition agreement. But some time later, in a fit of disgust, Musk became reluctant to pay $44 billion to buy Twitter, unless Twitter properly disclosed the number of spam and fake accounts on its service. I began to develop shady claims.

In response, Twitter sued Mr. Musk, who is trying to abandon the contract, ``once he saw that the contract signed by Mr. Musk was no longer in his personal interest, he refused to perform his obligations to Twitter and its shareholders.'' Did.

From there it was a mudslide, with the debate scheduled to go to the Delaware Court of Appeal. But in early October, Musk abruptly reversed his course and turned to the acquisition of Twitter, offering its original offer of $54.2 per share. Twitter expressed distrust that ``the proposal invites further pranks and time extensions,'' but the court ruled that if Mr. Musk does not complete the Twitter acquisition deal by October 28, the planned trial will be postponed. We decided to start and notified both parties.

Although Mr. Musk did not show any movement for a while, he threatened to fire 75% of the employees if he acquired Twitter this week, and suddenly visited Twitter headquarters on Wednesday. I was posting.

Now, Bloomberg, citing unnamed sources, said executives leaving Twitter included CEO Agrawal, CFO Ned Segal, and legal, policy, and fiduciary officer. Vijaya Gadde and legal counsel Sean Edgett are among those involved. Among them, Mr. Gadde is a person who has supervised the creation and enforcement of rules for users. For example, he has considered the weight of newsworthy reports and tweets of prominent users who have a large social impact and has determined the rules.

Among them, the most severe punishment was the permanent expulsion of former US President Donald Trump in January 2021 when he tweeted to encourage the use of violence against his supporters. would have dropped

Mr. Musk seems to be taking a more politically conservative position these days. He once described himself as a "free speech absolutist". Musk sometimes makes statements that are false or disruptive to the market. They are also probably frustrated that a platform company unilaterally decides on a free speech policy and enforces it on its users. If the Twitter acquisition is complete, Musk, as he has said before, may soon reinstate Trump and other suspended accounts that violated policies, including offensive remarks and spreading misinformation. I can't.

Update: According to Insider, Agrawal received $38.7 million, Segal received $25.4 million, and Gadde received $12.5 million. Musk said he's having meetings with Twitter employees and will have a face-to-face conversation with them on Friday. The New York Stock Exchange has stopped trading Twitter shares following the completion of Musk's acquisition.

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