December 3, 2022

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CEO launched Elon Musk Twitter deal closing

CEO launched Elon Musk Twitter deal closing

Suspension

SAN FRANCISCO — Elon Musk became the owner of Twitter late Thursday after closing his $44 billion acquisition of the company, marking a new era for one of the world’s most influential social media platforms.

As one of his first steps, he fired several senior Twitter executives, according to three people familiar with the matter who spoke on condition of anonymity to discuss sensitive matters. One of them confirmed the deal was closed.

CEO Parag Agrawal, CFO Ned Segal, and Vijaya Jade, head of legal policy, trust and safety, have been fired, according to People. One person said Sean Edget, the company’s general counsel, was fired. People said that senior executives were hastily removed from the building.

Documents detailing plans to engage Twitter’s workforce

Musk’s moves late Thursday indicate his intent to put his stamp on one of the world’s most influential social media companies. Musk has publicly criticized Twitter’s outgoing administration over its product decisions and content moderation, and has also said he will reinstate former President Donald Trump’s account.

However, “It is clear that Twitter cannot become a free place for everyone, where anything can be said without consequences!” Musk tweeted Thursday.

Closing the deal ended a months-long rollercoaster saga as the billionaire – the world’s richest person – made a hostile takeover to buy the company at an inflated price, only to back out of the deal and then engage in a bitter legal battle with the social network.

Elon Musk calls himself ‘Tweet Chief’

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But in recent days, Musk has appeared resigned, even excited about his impending ownership. He appeared at the company’s offices unexpectedly on Wednesday, holding a sink to indicate that the message that he would become an owner should be “sinked,” according to a photo he posted to his more than 100 million followers on Twitter.

He plans to hold a company-wide town hall on Friday.

Neither Twitter nor its executives immediately responded to a request for comment.

These moves put the evangelist entrepreneur at the helm of one of the world’s most powerful communication platforms just days before major elections in the United States and Brazil.

Musk, a transportation mogul who is also the CEO of Tesla and SpaceX, offered some clues about what he would do when he took over Twitter — despite his lack of experience running the social media service.

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He has indicated that he wants to relax standards for monitoring harmful content such as disinformation and hate speech. He also criticized the so-called censorship practiced by social media companies.

The company has repeatedly criticized Support for online attacks against individual executives. He has told potential investors and partners that he wants to implement a financial transformation of the company through Launch nearly 75 percent of the workforce and take advantage of new business opportunities, including getting people to subscribe to exclusive content from popular influencers on the service.

Musk represents a different kind of social media company owner than his predecessor, Twitter co-founder Jack Dorsey, or his current rival Facebook CEO Mark Zuckerberg.

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Over the course of his attempt on Twitter, he has sometimes labeled himself a moderate, but he has also announced plans to vote for Republican president in 2024. He has also influenced geopolitical disputes between China and Taiwan and the Ukraine War.

Within Twitter, Musk’s arrival has been met with resentment and dismay — although Musk’s visit on Wednesday left some hope. Those hopes were quickly dashed with the dismissal of senior executives, who had commanded the confidence of existing employees.

One employee, who spoke on condition of anonymity because he was not authorized to speak publicly about the company, said the mood after Wednesday’s visit “was generally fairly positive,” adding: “Everyone is ready to close this chapter and get to what’s to come next. that”. . “