Elon Musk has finally acquired Twitter for $44 billion, which is ten times its worth. Soon after, there were rumors that he had dismissed the senior management, including CEO Parag Agarwal.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
“The bird is freed," Musk tweeted after closing the deal.
According to a cited source, Musk "has started cleaning house at Twitter after firing at least four top executives."
Parag Agrawal, Gadde, Chief Financial Officer Ned Segal, and General Counsel Sean Edgett are among the Twitter executives who have been fired.
According to the report, "at least one of the executives who was fired was escorted out of Twitter's headquarters."
Musk spent months attempting to back out of the agreement after agreeing to purchase the company in April, initially expressing worries about the number of bots on the platform and then charges made by a company whistle-blower.
Agrawal, 38, took over as CEO of Twitter in November last year after co-founder Jack Dorsey announced his resignation.
Hyderabad-born Gadde led the controversial decision to permanently suspend the former US President Donald Trump's Twitter account in January of last year, just days after pro-Trump supporters attempted to overthrow the government at the US Capitol.
Agrawal, Segal, and Gadde were praised by Twitter co-founder Biz Stone for their "huge contribution" to the company.
"I appreciate @paraga, @vijaya, and @nedsegal's combined Twitter contribution. Massive talents, all, and beautiful humans each!" Stone tweeted.
Musk met with engineers and advertising executives on Wednesday after arriving at the company's San Francisco headquarters. He also changed the title of his Twitter account to "Chief Twit."
Musk promised to reform Twitter by loosening the rules governing content moderation, improving algorithm transparency, encouraging subscription businesses, as well as laying off employees.
Twitter agreed to take Elon Musk's offer to buy the social media platform privately in April.
Musk soon expressed concern about his willingness to uphold the deal, claiming that the business had not fully disclosed the number of spam and fake accounts using the site.
Twitter filed a lawsuit against Musk after he announced he was ending the agreement, claiming the billionaire "refuses to honor his responsibilities to Twitter and its stockholders because the deal he signed no longer serves his personal interests."
Earlier in October, Musk declared that if Twitter dropped its legal action, he would proceed with the acquisition at the initial share price of USD 54.20.
