Author: Kelly Carter
It appears that Twitter’s acquisition by billionaire Elon Musk has been finalized after months of negotiations.
The delisting of Twitter’s stock from the New York Stock Exchange further signifies the completion of the transaction.
With the $44 billion buyout, it’s safe to say that the world’s richest man now controls one of the world’s most powerful social media networks.
The deal’s completion also lifts the cloud of uncertainty surrounding the platform’s operations, shareholders, and staff for most of the year. Sources claim that Musk started his takeover on Thursday night by firing Parag Agrawal, the CEO of Twitter, and some other key executives.
Keep reading to stay up-to-date on details surrounding Elon Musk buying Twitter!
Musk and Twitter avoid trial.
Musk spent months attempting to back out of the deal after initially deciding to purchase Twitter in April. The billionaire first cited issues with the number of Twitter bots before dealing with accusations made by a corporate whistleblower.
Twitter sued Musk for attempting to cancel the agreement due to their back-and-forth, and Musk responded by suing Twitter. However, Musk and Twitter may have avoided a trial scheduled to happen this month.
Musk’s takeover raised questions about the platform’s future
After buying the company, Musk assumed control and fired several high-ranking employees, including Twitter’s CEO Parag Agrawal, general counsel Sean Edgett, CFO Ned Segal, and policy head Vijaya Gadde. Following this action, Musk has created a lot of uncertainty about the social media platform’s future.
Furthermore, Musk shared a Tweet saying, “the bird is free,” which acknowledges his actions but also shows that the billionaire may have a different perspective on firing these executives.
Additionally, Musk discussed his intentions to reevaluate Twitter’s content moderation guidelines in light of a more maximalist view of free speech.
The platform’s practice of permanently banning users who repeatedly break its rules has also drawn criticism from the billionaire, who says he will work to change it.
That makes it more likely that some users who were previously banned and considered controversial will return to the platform. And most users have also stated that they will be keeping an eye on Musk to see when he will allow former US President Donald Trump to return to the platform.
What’s next for Twitter?
Beyond the laying off of Twitter’s top executives, Musk’s takeover may mark the return of some of founder Jack Dorsey’s influence over the business. After declaring that he would not be formal to Twitter, Dorsey resigned from his position as CEO in November and from the board in May.
Furthermore, Musk has made it clear that he would change Twitter’s content policies, so the platform might not have much use for its current staff under his leadership.
Musk’s actions could undo years of work by the company to address false information and promote more positive conversations on the platform. It’s simple to see how such a move could impact the social media landscape.
Other possible changes include end-to-end encryption for Twitter’s direct messaging feature.
Final Thoughts
Elon Musk announced earlier this week that he had completed the purchase of Twitter. After months of back and forth, the social media platform and the billionaire have reached an agreement after avoiding a trial scheduled to begin earlier this month. Musk is concerned about Twitter’s content moderation policies and plans to revise them to include “free speech.” More changes might be coming to Twitter as Musk fires key executives; we’ll keep you updated.