Elon Musk is now the official owner of Twitter
He’s already started cleaning house, reportedly firing several top executives.
After several months of back and forth, Elon Musk has finalized a deal to acquire Twitter.
News of the newly completed deal comes from a report from The Washington Post. Additionally, Musk is expected to take the company private today, ending the public trading of Twitter stock.
Musk has already made an impact at the social media giant. Sources close to the matter told The Washington Post that Musk has already fired several long-time executives.
The executives given the boot include CEO Parag Agrawal, CFO Ned Segal, and the company’s head of legal policy, trust, and safety, Vijaya Gadde.
But those could be just the beginning of a long line of firings at the company. The Washington Post also notes that Musk wants to eliminate nearly 75 percent of Twitter’s employees.
That would bring Twitter’s staff down to just around 2,000 people. This likely helped Musk secure other investors to help finalize the purchase, as it helps lower operating costs.
The Elon Musk/Twitter saga has been ongoing for around six months. Musk originally offered to buy the platform back in April after he expressed his dislike of the platform’s moderation policies.
However, after Twitter accepted his original offer, Musk pulled back.
He was concerned that the platform was full of bot accounts artificially inflating user numbers. Twitter didn’t like that and ended up taking Musk to court.
That leads us to today, with Elon Musk and Twitter agreeing on the original terms for Musk to acquire the platform.
Twitter’s executives have already felt Musk’s presence. And we’ll likely see even more changes as the world’s richest person gets settled in with his newly acquired social platform.
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