The world’s richest man, Elon Musk, has completed his $44billion (£38.1bn) takeover of Twitter. Musk announced the takeover as tweeted “the bird is freed” and later said, “let the good times roll”. He also said on Thursday he did not buy Twitter to make more money but “to try to help humanity, whom I love.” So Tesla and SpaceX CEO Elon Musk is now in charge of Twitter.
Musk immediately fired executives
Musk, who started to take full control of Twitter today, first fired Parag Agrawal, who took over as CEO of Twitter after Jack Dorsey. At the same time, the company’s CFO Ned Segal was shown the door. In addition, Vijaya Gadde, the company’s chief policy officer, Sean Edgett, general counsel, and Sarah Personette, chief customer officer, were also fired.
The fired executives are leaving the company with large payments. Agrawal will receive $38.7 million, Segal $25.4 million, Gadde $12.5 million, and Personette $11.2 million in compensation. Musk also said he plans to cut jobs, leaving Twitter‘s 7,500 employees fretting about their future.
What next for Twitter under Elon Musk?
Questions still remain about what Musk plans to do with Twitter now that he owns it. Musk has talked about using Twitter to create “X, the everything app.” This is a reference to China’s WeChat app, which started life as a messaging platform but has since grown to encompass multiple businesses, from shopping to payments and gaming. “You basically live on WeChat in China,” Musk told Twitter employees in June. “If we can recreate that with Twitter, we’ll be a great success.”
He also announced that the lifetime ban from Twitter will be lifted for people who have been banned. Musk had expressed that he wanted to make the social media platform a free and digital city when the purchase deal had just begun. However, some people think that lifting this ban will be politically problematic. Because former US President Donald Trump’s account is among the closed accounts.
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