Elon Musk Finally Takes Over Twitter: CEO and CFO Fired

October 28th 2022

3 mins read

Elon Musk Finally Takes Over Twitter: CEO and CFO Fired

Elon Musk Takes Over Twitter

Musk and Twitter were given until Friday to complete the deal or face a trial where a judge might have ordered Musk to purchase Twitter. When Musk updated his Twitter bio to "Chief Twit" on Wednesday and released a video of himself visiting the company's offices, it appeared that the sale would go through.

The New York Stock Exchange also paused trading in Twitter on Friday in anticipation of the deal concluding. In April, Twitter agreed to accept Elon Musk's unsolicited proposal for the firm, which valued it at $54.20 per share, a 30% premium.

In response to Musk's formal attempt to cancel the agreement in July, Twitter filed a lawsuit in Delaware's Chancery Court to enforce the acquisition.
Musk claimed the firm had intentionally misled him about the existence of bots on the site. Musk announced on October 3 via Twitter that he would proceed with the agreement on its original terms, skipping the Delaware trial that was previously scheduled to start on October 17.
Bloomberg reported last Thursday that the Twitter deal might be subject to a national security assessment because of Musk's friendship with Russia. Despite the White House's denials, this revelation briefly alarmed investors about the deal's likelihood of closing.

44 Billion Twitter Deal

“The $44 billion price tag for Twitter will go down as one of the most overpaid tech acquisitions in the history of M&A deals,” Ives estimated that Twitter's genuine market value was $25 billion in a note to clients on Thursday.

Elon Musk, the richest man on earth, reportedly finalized his $44 billion acquisition of Twitter on Thursday evening.
He then immediately got to work reorganizing the company to his vision, firing executives like the CEO Parag Agrawal. This is what may change on the platform, at the business, and for Musk and his other ventures.
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After six eventful months, Elon Musk's acquisition of Twitter is now complete.

Elon Musk Twitter Deal Complete

Executive dismissals: According to CNBC's initial story on Thursday night, one of Musk's first tasks looked to be letting go of a number of top employees, including Agrawal and CFO Ned Segal.

Massive layoffs: According to documents and interviews obtained by the Washington Post last week, Musk intends to fire about 75% of Twitter employees when he assumes leadership. This is indicative of Musk's tense relationship with Twitter and his harsh criticism of its content moderation policies. Musk has previously accused its staff of having a "strong left wing bias" (although Musk reportedly informed Twitter staff on Wednesday that the figure is inaccurate).

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