It’s official, Elon Musk, the current CEO of Tesla and SpaceX, has taken over ownership of Twitter Inc. after quite the back and forth earlier this year.
As the new owner, Musk terminated Twitter CEO Parag Agrawal, Chief Financial Officer Ned Segal, and Legal Affairs and Policy Chief Vijaya Gadde.
According to the people familiar with the situation, the executives that Musk fired are among those that misled him and investors regarding the number of fake accounts on the platform. As of writing this, the executives and Musk himself have yet to release a statement on this.
The Tesla and SpaceX CEO also mentioned that he plans to have more layoffs leaving the social media platform’s around 7,500 employees worried about their future.
The Twitter and Elon Musk Saga
The acquisition saga started in April with Twitter revealing that Musk bought it out for USD 44 Billion. However, a month after, the Tesla CEO held the decision due to the number of fake accounts on the social media platform. This caused quite a stir with the platform accusing Musk of trying to get out of the acquisition because he thought he overpaid.
This got even worse in the two months that followed with Musk threatening to end the deal followed by reports saying that he backed out entirely.
Ultimately, after a Delaware judge gave him an October 28 deadline to close the transaction to avoid a trial with the platform, Musk announced that he was pushing through with the purchase after all.
Future of Twitter
Musk mentioned that he sees the platform as a foundation to create a super app that offers everything including shopping, ride-hailing, and money transfers.
“The long-term potential for Twitter in my view is an order of magnitude greater than its current value,” Musk said on Tesla’s call with analysts.
We’re not sure what lies in the next chapter for Twitter under the new management but we’re quite curious about what changes will be made.
Ram found his love and appreciation for writing in 2015 having started in the gaming and esports sphere for GG Network. He would then transition to focus more on the world of tech which has also began his journey into learning more about this world. That said though, he still has the mentality of "as long as it works" for his personal gadgets.
