Top Twitter executives, including the CEO Parag Agrawal, are fired by Elon Musk | REPORTOCOTE

Top Twitter executives, including the CEO Parag Agrawal, are fired by Elon Musk | REPORTOCOTE

Elon Musk started his ownership of Twitter by dismissing the company’s CEO Parag Agrawal, CFO Ned Segal, and head of legal affairs and policy Vijaya Gadde.

Fired Top Level Executives

The influential social media platform’s new owner, Elon Musk, fired top executives he had accused of misleading him and offered little detail about how he would carry out the ambitious goals he has set for it. Tesla’s CEO has stated that, while limiting censorship, he also wants to “defeat” spam bots on Twitter, make the algorithms that determine how content is presented to users public, and stop the social media site from turning into an echo chamber for hate and division.

However, Mr. Musk has not provided specifics on how he intends to accomplish all of this or who will lead the company. He has stated that he intends to make employment cuts, which has caused the 7,500 or so employees of Twitter to worry about their future. On Thursday, he added that he bought Twitter “to try to help humanity, whom I love,” rather than in order to increase his financial gain. According to people familiar with the situation, Mr. Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of legal and policy Vijaya Gadde. He had claimed that they had misled him and Twitter’s investors over the prevalence of phoney accounts on the social media site.

The sources also stated that Mr. Agrawal and Mr. Segal were escorted out of Twitter’s San Francisco headquarters where they were present when the deal was finalised.

Requests for comment from Twitter, Mr. Musk, and the executives were not immediately returned.

Dramatic takeover

The $44 billion acquisition marks the conclusion of a remarkable story with many unexpected turns, raising questions about whether Mr. Musk would actually close the deal. It all started on April 4, when Mr. Musk revealed that he was the San Francisco company’s largest shareholder with a 9.2% stake.

The richest man in the world then agreed to join Twitter’s board, but changed his mind at the last minute and proposed to buy the company instead for $54.20 per share. Twitter wasn’t sure whether to take this as another of Musk’s references to marijuana or not. Later in April, the two parties came to an agreement at the price Mr. Musk suggested after realising that his offer was genuine. Without performing any due diligence on the company’s proprietary information, as is customary in an acquisition, this occurred.

Musk’s Twitter Conundrum

Elon Musk has changed a lot over the past few months, from being the largest shareholder in Twitter to almost holding a seat on the board to finally terminating the original agreement. He will now appear before Twitter in court. Mr. Musk began to change his mind in the days and weeks that followed. He expressed public displeasure that he thought Twitter’s estimate of less than 5% of its monetizable daily active users for spam accounts was significantly too low. Then, according to his attorneys, Twitter ignored his requests for information on the matter.

Because of the conflict, Mr. Musk informed Twitter on July 8 that he was ending their agreement because Twitter had misled him regarding the bots and had not worked with him. Twitter filed a lawsuit against Mr. Musk in Delaware, where the business is incorporated, four days later to compel him to execute the transaction. Shares of social media businesses and the overall stock market had already fallen at that point due to worries that the Federal Reserve’s attempts to combat inflation by raising interest rates may cause the U.S. economy to enter a recession. Twitter said that Mr. Musk was suffering from buyer’s remorse and wanted to back out of the agreement because he believed he overpaid.

The majority of legal experts felt that Twitter had the best arguments and would probably win the case. Even after Twitter’s former security chief Peiter Zatko came forth as a whistleblower in August and said that the firm failed to disclose flaws in its security and data privacy, their opinion did not change.

On October 4, shortly before Mr. Musk was scheduled to be questioned by Twitter’s attorneys prior to the beginning of their trial later that day, he made another U-turn and offered to carry out the arrangement as agreed. He was given until October 28 by the Delaware judge to complete the deal and avert the trial.

Musk updates his bio on Twitter to “Chief Twit”

Mr. Musk has since taken advantage of the transaction excitement. Let it sink in, he tweeted after entering Twitter’s offices on Wednesday with a broad grin and a porcelain sink. He modified his Twitter profile’s description to “Chief Twit.” Additionally, he attempted to allay employee worries about impending mass layoffs and gave advertisers assurances that his prior criticism of Twitter’s content moderation policies wouldn’t diminish the platform’s appeal. Twitter certainly can’t turn into a place where anyone can say anything without repercussions! On Thursday, Mr. Musk wrote an open letter to advertising. According to Mr. Musk, Twitter will serve as the basis for a “super app” that provides everything from money transfers to shopping and ride hailing.

On the Tesla call with analysts on October 19, Mr. Musk stated, “The long-term potential for Twitter is, in my perspective, an order of magnitude more than its current valuation.” However, Twitter is having trouble retaining its most engaged users, who are crucial to the company. Less than 10% of monthly active users are “heavy tweeters,” but they produce 90% of all tweets and 50% of global income.

Although former US President Donald Trump has stated he won’t return to the platform, Mr. Musk stated in May that he will lift the ban placed on him following the attack on the US Capitol. Instead, he introduced Truth Social, his own social networking application.