Elon Musk Fires Twitter CEO Parag Agrawal: Elon Musk finally completed his $44 billion acquisition of Twitter Inc., after six months of public and legal battle over the purchase. Placing the world’s richest man in charge of the faltering social network. One of Musk’s first actions was to replace the leadership.
Elon Musk Fires Twitter CEO Parag Agrawal: Key Points
- Redundancies include Twitter CEO Parag Agrawal, director of legal, policy, and trust Vijaya Gadde, chief financial officer Ned Segal, who joined Twitter in 2017, and general counsel Sean Edgett, who has served as Twitter’s general counsel since 2012. According to two of the people who requested anonymity because the details are private, Edgett was led out of the building.
- Long before Musk took over, it was obvious that Agrawal probably wouldn’t stay in command.
- Twitter will now be a private corporation and shareholders will receive $54.20 per share.
- The conclusion brings to an end a complicated process that started in January with the Elon Musk quietly building up a sizable investment in the business, his mounting displeasure with the way it’s handled, and an eventual merger agreement that he later spent months trying to undo.
- On October 4, Musk decided to move forward with the terms he had first suggested, and a Delaware Chancery Court judge granted the two parties until October 28 to complete the transaction.
- Elon Musk, who also serves as CEO of SpaceX and Tesla Inc., also has power of Twitter, which he frequently uses but openly criticises and which he has promised to fundamentally alter.
- Shares of the company are not anticipated to trade on the New York Stock Exchange anymore.
Elon Musk: Overview of the Twitter
- Many of Musk’s suggestions for changing the company are incompatible with the way it has been conducted for years, the company’s operations will immediately become disrupted by his ownership.
- Musk has stated that he wants to protect “free speech” on the social network, which probably entails lowering the standards for content moderation.
- Elon Musk also plans to reinstate some well-known accounts that were suspended from Twitter for breaking the rules, including the account of former US President Donald Trump.
- Musk’s activities pose a threat to reverse years of Twitter’s attempts to curtail bullying and harassment on the social media site.
Elon Musk: Twitter Acquisition
- The twitter acquisition was announced in April, Twitter staff have been preparing for layoffs, and Musk mentioned the concept of cost reductions to banking partners when he was initially raising money for the deal.
- Musk informed some prospective investors that he expects to double Twitter’s income within three years and plans to reduce 75% of the company’s personnel, which currently numbers approximately 7,500.
- Elon Musk visited Twitter’s headquarters on Wednesday, he told employees that he did not intend to fire 75% of the workforce after taking over the firm.
- Twitter froze the accounts for employees who received stock incentives.
Who is Parag Agrawal?
- Parag Agrawal is an Indian-American software developer once held the position of CEO of Twitter, Inc.
- On October 27, 2022, he was let go after Elon Musk bought the company.
- Elon Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of legal and policy Vijaya Gadde.
- Elon Musk claimed that they had misled him and Twitter’s investors over the prevalence of phoney accounts on the social media site.