Elon Musk in charge of Twitter, takes over social media giant in $44 billion deal
Tesla CEO Elon Musk has become new in charge of Twitter after finalizing a $44 billion deal. The decision came after the rising doubts about his intentions of following through with the mentioned acquisition deal.
Elon Musk Twitter: Tesla CEO Elon Musk has become new in charge of Twitter after finalizing a $44 billion deal. The decision came after the rising doubts about his intentions of following through with the mentioned acquisition deal. Reportedly, Twitter Indian-Origin CEO Parag Agrawal, who was appointed to the position in 2021, and finance chief Ned Segal have left the company’s headquarters in San Francisco and will not be returning as Musk begins the purge of top-level executives after the closing of the deal.
Earlier in April 2021, Twitter accepted Elon Musk’s proposal of buying the social media service private. However, Tesla's Chief began sowing doubt about his intentions to follow through with the agreement.
Elon Musk has taken control of Twitter, ousts Indian-origin CEO Parag Agrawal— Press Trust of India (@PTI_News) October 28, 2022
Elon Musk takes over Twitter: What has happened till now?
Twitter accepted Elon Musk’s deal of buying the social media private service in April 2021. However, Musk soon began sowing doubts about his intentions to follow through with the agreement and alleged that the company failed to adequately disclose the number of spam and fake accounts on the service.
On the issue of terminating the deal, Twitter sued the billionaire and alleged that he had refused to honour his obligations to Twitter and its stakeholders, however, he later decided to pursue his acquisition of Twitter at an original price of USD 54.20 a share.
Elon Musk finalizes Twitter Deal
After months of speculations, Elon Musk confirmed in October 2022 that he will move forward with the Twitter buyout at the original agreed price of RS. 54.20 per share. A day before the deal was complete, Musk visited the Twitter headquarters and changed his bio to ‘Chief Twit’.
He also posted a message for Twitter advertisers in which he said that he acquired Twitter as the future of civilization must have a common digital town square. He further added that he did not do it to make more money and only did it to help humanity.
Elon Musk vs Parag Agrawal: What will be Parag Agrawal’s deal?
As soon as the news of Musk taking over Twitter was announced, the speculations regarding Twitter CEO Parag Agrawal also started doing the rounds. As per the media reports, Agrawal has left Twitter headquarters in San Francisco and will not be returning.
However, Parag Agrawal won’t be leaving empty-handed. As part of the deal, he will vest 100 percent of unvested equity awards which means that he will make an estimated $42 million.
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