Twitter : Takeover completed, Elon Musk's Era Begins

Twitter : Takeover completed, Elon Musk's Era Begins

After months of negotiations and a lawsuit, Elon Musk has finally finalized the takeover of Twitter for 44 billion dollars...

Elon Musk finally completed the takeover of Twitter on Thursday night, October 27, after closing his $44 billion deal launched earlier this year.

Twitter CEO Parag Agrawal was among the executives who were fired when Elon Musk completed his takeover of the social network, according to people familiar with the matter.

“One of his first steps was to fire 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 that the transaction had been completed," reported the Washington Post, the newspaper responsible for announcing the acquisition.

Elon Musk lands on Twitter, what changes will he bring?

Shareholders will receive $54.20 per share and Twitter will now operate as a private company. The deal is the culmination of a convoluted saga that began in January with the billionaire's quiet accumulation of a large stake in the company, his growing exasperation with the way it is run and a potential hijacking operation. merger that he then spent months trying to untangle.

On Oct. 4, Musk agreed to move forward on the terms originally offered, and a Delaware chancery court judge gave both parties until Oct. 28 to close the deal.

That deadline has passed, and now Musk, who is CEO of Tesla and SpaceX, also controls Twitter, a service he uses frequently but is openly critical of and has promised to drastically change. The company's shares are no longer expected to trade on the New York Stock Exchange.

Musk's stake will immediately disrupt Twitter's operations, not least because many of his ideas for how to turn the company around contradict the way it's been run for years.

He said he wants to ensure "free speech" on the social network, which likely means looser content moderation standards, and plans to reinstate some high-profile accounts that were banned from Twitter for breaking the rules. , like former US President Donald Trump.

More broadly, Musk's initiatives threaten to undo years of efforts by Twitter to reduce harassment and abuse on the platform.

Info Source : Washington Post

Twitter : Takeover completed, Elon Musk's Era Begins

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