As various US media are now reporting, the deal is perfect: Elon Musk, the self-proclaimed “Chief Twit”, takes over Twitter on time for a purchase price of around 44 billion US dollars and fires in his first official act as the new head of the group, the entire previous management team of the company.
Elon Musk takes over Twitter
The month-long back and forth between the well-known entrepreneur and billionaire and the social media group Twitter has ended, according to consistent media reports from the USA, and the deal has been completed. Elon Musk already explained his future intentions in a tweet. Musk had promised the co-financing financial institutions and investors that the purchase would be completed later this week.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
Chief Twit releases leadership
According to the Washington Post (Paywall), the new CEO's very first act was to fire the entire senior management team. The following were affected:
- Parag Agrawal, Chief Executive Officer
- Sarah Personette, Chief Customer Officer
- Sean Edgett, General Counsel & Deputy
- Ned Segal, Chief Financial Officer
- Vijaya Gadde, Chief Legal Officer
Former CEO Parag Agrawal and CFO Ned Segal are said to have been present when Elon Musk moved in and were escorted out of the company's headquarters after they were fired.
According to The Verge, the Citing insider information, Agrawal ($38.7 million), Segal ($25.4 million), Gadde ($12.5 million) and Personette ($11.2 million) received correspondingly generous settlements.
< h2 class="text-width text-h2" id="section_44_billion_or_$5420_per_share">44 billion or $54.20 per share
In April of this year, Elon Musk announced that he wanted to acquire Twitter for $44 billion or $54.20 per share, after previously increasing his stake in the company to 9.2 percent through acquisitions and being a member of the board of directors of the company.
In May of this year, Musk suddenly declared that the deal to take over Twitter was temporarily “on hold” and even backed out in July. The background was that tests were still pending to determine whether only a maximum of 5 percent of users were based on fake and spam accounts.
Now it is clear that Elon Musk has taken over Twitter and immediately set about restructuring the company. According to The Washington Post, Musk was planning to lay off about 75 percent of Twitter's workforce, but he denies this, according to Bloomberg.
ComputerBase is also on Twitter, but also uses the decentralized microblogging service Mastodon as an independent alternative.