According to CNBC, The Washington Post, and Insider, Elon Musk, the most important shitposter on Twitter, has added the company to his commercial empire after months of legal disputes. This news comes after months of legal battles. An SEC statement that the company submitted on Friday morning confirmed the acquisition. The document also mentioned that the company will be delisting $TWTR from the New York Stock Exchange. He commemorated the occasion by dismissing executives.
According to Reuters, Elon Musk sacked Parag Agrawal, who had succeeded Jack Dorsey as CEO of Twitter, and Ned Segal, who was the chief financial officer of Twitter. Both Agrawal and Segal were in the building at the time, but they were escorted out by security. Vijaya Gadde, the head of the company’s policy department and someone whom Musk had chastised in public, was also fired. According to The New York Times, Sean Edgett, who served as general counsel, has also left the company. (According to Bloomberg, security also escorted him out of the building.) According to Insider, Sarah Personette, who served as chief customer officer, was also terminated.
According to Insider, the executives received hefty payouts for their efforts: Agrawal received $38.7 million, Segal received $25.4 million, Gadde received $12.5 million, and Personette, who tweeted yesterday about how pleased she was for Musk’s takeover, received $11.2 million.
In April, Musk made a bid to purchase Twitter; however, he then changed his mind and attempted to back out of the deal in May. After then, on October 4th, he had another change of heart and filed a letter with the Securities and Exchange Commission reiterating his dedication to the initial arrangement. This week, Musk has been meeting with Twitter staff, and it is anticipated that he will address them on Friday, now that his $44 billion buyout of Twitter has been completed.
After moving his deposition from late September to the 6th and 7th of October, Musk was slated to be examined under oath on those two days. Only a few days before the deposition was scheduled to take place, he made the announcement that he would, in fact, honour the contract that his attorneys had arranged. A judge determined that Musk most certainly deleted Signal texts that were important to the case, so the deposition was definitely going to be a difficult experience for him. As Musk and Twitter worked toward a deal, the deposition had to be postponed; Musk even secured a court order suspending proceedings to allow the deal to finish by October 28th.
Despite the fact that Musk has made a number of public comments, it is not entirely clear what he intends to do with Twitter now that he owns the company. According to estimations provided to potential investors in Twitter, Elon Musk planned to lay off approximately 75 percent of the company’s employees, as reported by the Washington Post. According to Bloomberg’s article, Musk told employees at Twitter that the 75 percent statistic was false. During the discovery process, the attorneys for Twitter were given access to Musk’s text texts. In these messages, Musk and his buddy and fellow entrepreneur Jason Calacanis explored ways to reduce staff by mandating that employees report to the office.
Calacanis texted Musk with the phrase “Day zero.” “Make sure your blades are razor sharp, boys.” According to what Calacanis wrote, if Twitter required its employees to report back to their offices, twenty percent of the workforce would voluntarily resign. Also, according to Calacanis, Musk was told that “becoming CEO of Twitter is my dream job.”