According to three people familiar with the matter, Elon Musk has closed his $44 billion deal to go private on Twitter, ending one of the most dramatic and high-profile acquisitions in history. recent memory after months of legal wrangling between the world’s richest man and the social media platform.
Twitter’s CEO, Parag Agrawaland chief financial officer Ned Segal no longer work with the company, two of the people said, because the billionaire businessman is now at the helm. Musk also fired Vijaya Gadde, Twitter’s head of legal, policy and safety, as well as general counsel Sean Edgett, one person said.
Twitter shares will be suspended from trading on the New York Stock Exchange on Friday, according to the exchange website.
It concludes an acquisition that is both unpredictable and unprecedented, and puts Musk, a self-described “free speech expert”, at the helm of a popular platform in the world. global politician and trusted by millions of users around the world. .
Musk has promised to cut work and costs at Twitter and spur product innovation in an effort to build a “super app” that combines payments, commerce, and messaging.
He has also vowed to relax content moderation rules at the platform, including reversing the bans permanently, paving the way for former US president Donald Trump, who was kicked off in the wake of the June 6 attacks. January 2021 into the US Capitol, back to the platform.
Musk is expected to stay on as chief executive until a new board of directors is selected. He has begun embracing his new role with his signature bombshell, visiting Twitter’s San Francisco office on Wednesday to meet staff while carrying a tub, tweeted “Let that sink in” and changed his Twitter profile to “Chief Twit.”
He also told some employees he had no intention of cutting 75% of jobs, refuting an earlier report, a person familiar with the situation said.
Emphasizing a more serious tone on Thursday, Musk sought to reassure advertisers — which accounts for most of the platform’s $5 billion annual revenue — that Twitter won’t become “a free dump for all” and that it “aspires to be the most respected advertising platform In the world”.
Back in April, Musk agreed to buy Twitter for $54.20 per share. A few months later, he sued the San Francisco-based company to withdraw the deal, accusing the platform of misleading investors and regulators about fake accounts and cybersecurity. The social media company pushed back and protested in an attempt to force the billionaire to close the acquisition, sparking a legal battle and an intense discovery process.
Just weeks before the two were due to go to court in Delaware over the matter, Musk announced that he was ready to buy back the company at the initially agreed-upon price if the legal action was dropped. Twitter has resisted an immediate resolution, and the court has asked the parties to seek to end the agreement by October 28 or face a trial in November.
CNBC first reported on the departures of Agrawal and Segal. Twitter declined to comment on whether the deal closed or left. Musk’s representatives did not immediately respond to a request for comment.