Elon Musk officially owns Twitter • TechCrunch
It’s real this time. after months of legal dramaAnd the bad memesAnd the Will-them-or-won’t-chaos To hide your favorite rom-com, Elon Musk closed his $44 billion Twitter acquisition. A number of outlets reported that Musk concluded the deal Thursday nightmade Twitter private and fired a handful of CEOs – CEO Parag Agrawal included – In treatment.
musk It is said that the house is cleaned On Thursday, Chief Financial Officer Ned Segal, Head of Legal, Policy and Trust, was fired Vijaya Jade And General Counsel Sean Edgett is right outside the gate. Although it is still an aggressive and sudden movement on the first day, Agrawal It was inevitable given his well-documented clashes and Virtual Meeting Failed by musk. Nor is it surprising that Jade was among the first to leave. Musk previously I identified the highest policy executive With accusations of “left-wing bias” over her role in the company’s politically charged decision-making, which led to a wave of racial hatred and harassment on its way.
The road to Twitter privacy has been tough. Musk began flirting with the idea of owning Twitter in early April, when he bought 9.2% of the company for $3 billion. But he didn’t stop there. After less than ten fateful days, the CEO of Tesla and SpaceX announced his intention to Twitter buy for $44 billion. Twitter agreed, but Musk quickly got cold and pulled out all stations out of the bargain, dropping limbs In Delaware Delaware Court. After enduring some embarrassment Pre-trial discovery Facing a fast-approaching date to deposit, Musk announced that he would follow through after every thing.
It’s not immediately clear why Musk is backing down, agreeing to buy Twitter after all. Musk and his legal team will likely have read the tea leaves in their upcoming trial, which was scheduled to begin on October 17. Twitter sued Musk over the summer to force the Tesla and SpaceX CEO to pursue the deal. Musk took to Twitter in response, making baseless claims that the company had deceived him about the number of bot accounts on the platform — a significant number for advertisers and brands who want human eyeballs on their paid ads.
As the litigation between Musk and Twitter escalates, Delaware Court Chancery Judge Kathleen McCormick has made it clear that she wasn’t here to crack down on Musk’s hoax. In early October when Musk announced, once again, that he would buy Twitter if he could kill the upcoming trial, Judge McCormick agreed only if Musk could. Deal closes on Friday 28th October. If he misses the deadline, we’ll all be looking at a new Musk/Twitter try date set for November.
On this day, the first day that Elon Musk officially owns Twitter, it is also not clear which direction Musk plans to take the platform. The chaotic and contradictory billionaire has promised in the past to take back former President Trump’s account, rid the platform of all bots, which personally irritate him as one of the most followed users on the platform (good luck), and described Twitter’s potential as a neutral and counterbalancing arena for his complaints about traditional media, which in Sometimes she does not provide positive reports on his actions.
Indeed, Twitter is a struggling but incredibly prominent platform, where heads of state and hardcore porn mingle regularly and others, after a long period of stagnation, are finally beginning to make improvements to their products and policies. It remains to be seen if Musk will turn back the clock on those experiences or see some of them while claiming to reinvent the wheel (creators monetization, surely an original idea!), but it’s hard to imagine how he could possibly achieve any of his goals while potentially Attracting manpower to the company. catch He denied reports that he plans to cut 75% of Twitter employees This is far from reassuring given that laying off a third or half of employees would cost thousands of workers their jobs.
Musk also talked a big game about rolling back moderation efforts and platform integrity on Twitter, but seemed to suddenly realize just how volatile this could be for advertisers, posting a message of reassurance on Thursday. “It is clear that Twitter cannot become a free place for everyone, where anything can be said without consequences!” He wrote, reneging on his promises to make Twitter a free site for all.
We don’t know what the future holds for one of the world’s largest social networks, but we do know that Musk has accomplished the previously unimaginable, taking control of Twitter for $44 billion. But the finale of the months-long saga is just the beginning of a new chapter in Twitter uncertainty, raising a million questions about what the platform is actually worth, and what it’s worth. for And what, exactly, is he planning to do with it?
This story develops…