Key Highlights
- Elon Musk took over Twitter after a months-long saga
- Musk fired Twitter CEO Parag Agrawal, policy chief Vijaya Gadde, and CFO Nel Segal
- Parag Agrawal became the Twitter CEO in November 2021
After a long-drawn-out, confusing saga spanning several months, Tesla CEO Elon Musk has finally acquired Twitter. Within minutes of taking control, Musk fired key Twitter executives, as had been predicted ever since the acquisition was under consideration.
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Why Elon Musk Fired Twitter CEO Parag Aggarwal?
The first executives to leave the company were the CEO Parag Agrawal, Vijaya Gadde, who oversaw legal matters and set company policy, and CFO Nel Segal. Agrawal, who was chosen to be the CEO of Twitter in November 2021, will depart as a wealthy man. According to sources, if Agrawal were fired by Twitter within a year of a change in control, he would be entitled to $42 million.
On October 4, Musk decided to proceed with the originally proposed terms, and a judge in the Delaware Chancery Court granted the parties until October 28 to complete the deal. That deadline has been met, and now that he’s the CEO of SpaceX and Tesla Inc., Musk has also embraced the power of Twitter. He is a frequent user of his Twitter account, which he openly criticizes and promises to change radically. Shares of the company are not anticipated to trade on the New York Stock Exchange anymore.
Musk, who calls himself a “free speech absolutist,” has criticized Twitter’s moderation policies, thus the announcement will be met with varied reactions from users and staff.
As the deadline drew closer, Musk started to personalize the business, tweeting a video of himself entering the office and changing his platform designation to “Chief Twit.”
Because many of Musk’s suggestions for changing the company are incompatible with the way it has been conducted for years, the company’s operations will immediately become disrupted by his ownership. He has stated that he wants to protect “free speech” on the social network which probably entails lowering the standards for content moderation. He also plans to reinstate some well-known accounts that were suspended from Twitter for breaking the rules including the account of former US President Donald Trump.
