Elon Musk, the CEO of Tesla, is now in charge of Twitter. Both Twitter CEO Parag Agrawal and finance chief Ned Segal have departed for good. Additionally, it appears that Vijaya Gadde, the director of legal policy, trust, and safety, was fired.
When co-founder Jack Dorsey abruptly left his position in November 2021, Agrawal assumed leadership of the company. Agrawal has nearly ten years of experience at Twitter, most recently serving as chief technology officer. His tenure as the company's CEO suddenly ended by the entry of Musk, a large shareholder and vocal critic of Twitter’s leadership. So, it was obvious that Agrawal was not going to retain his position. Citing a filing, Agrawal will likely walk away with $42 million.
Musk had until Friday to finish his $44 billion acquisition of Twitter or risk a legal battle with the corporation. “The bird is freed," he tweeted in reference to the takeover's conclusion.
Musk said about his acquisition of Twitter:
“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence. There is currently great danger that social media will splinter into far-right wing and far left-wing echo chambers that generate more hate and divide our society.”
Musk has since updated his Twitter profile to Chief Twit.
Musk arrives at Twitter's office carrying a sink!
Tesla Reviews Twitter’s Code
Tesla engineers have been requested by Elon Musk to meet with Twitter product managers and examine Twitter's source code. As he attempts to take the business private, Musk is acting quickly to leave his mark on the organization.
On October 27, Tesla engineers visited Twitter's San Francisco offices, where product managers gave them an in-depth look of the organization's source code. To determine and communicate to Musk what the company requires, this was done.
In an effort to ensure that nothing about the platform changes following the transaction, Twitter engineers are unable to make changes to the platform's code as of noon on October 27.
Twitter Going Private
He is delisting the company's stock from the stock exchange and removing it from the control of the public shareholders as part of his $44 billion acquisition of the social media site, which concluded on Thursday.
Musk benefits in a few ways by turning Twitter into a private firm. Privately held businesses are exempt from the requirement to publicly disclose their performance on a quarterly basis, unlike publicly traded corporations. They can also be tightly managed by an owner and are subject to less regulatory scrutiny. Musk may therefore take control of Twitter without having to take the concerns of the investing public into account, making changes to the platform's priorities, budget, and content regulations.
Twitter's shareholders approved Musk's purchase of the business in September and agreed to sell him their shares for $54.20 each. Investors will be able to get their shares' cash value.
Following the closing of the sale, Twitter's board of directors will no longer exist, and its nine members will no longer oversee business operations at the company. Most likely, Musk will elect a new board of directors that includes financiers of the deal. The new board will be in charge of determining Twitter's course as a private business.
About 7,500 people work at Twitter. Some of them have been uneasy about the company's sale to Musk for months. As the new owner assumes control, many could see layoffs or job changes.
Additionally, their remuneration will alter. Commonly, companies grant stock options to employees. However, as a result of Twitter's stock being delisted, employees will no longer be entitled to the stock options they were supposed to earn under the terms of the merger deal. Instead, they will be able to cash out whatever shares they already own and receive cash incentives going ahead.