On Thursday, the most anticipated Twitter deal takes place. Billionaire entrepreneur Elon Musk became the owner of Twitter Inc., removing its top executives and providing little explanation on how he plans to fulfill his ambitious aspiration for the popular social media network.
Tesla Inc.’s CEO has stated that, even as he restricts censorship, he wants to “defeat” spam bots on Twitter, make the algorithms that decide how information is shown to its users public, and stop the site from turning into an echo chamber for hatred and division.
However, Musk hasn’t provided any information on how he plans to do all of this or who will lead the firm. He has stated that he intends to make employment cuts, which has caused concern for the 7,500 or so employees of Twitter. On Thursday, he said that he bought Twitter not to increase his wealth but rather to try to benefit humanity, “whom I love.”
According to persons with knowledge of the situation, Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of law and policy Vijaya Gadde. He had claimed that they had misled him and Twitter’s investors over the prevalence of fake accounts on the social media site.
Musk entered Twitter’s offices on Wednesday with a wide grin and a porcelain sink in his hand before finalizing the $44 billion deal. He later tweeted, never one to shy away from theatrics, “Let that sink in.” He also updated the title of his Twitter bio to “Chief Twit.”
Twitter Deal With Elon Musk Goes Through
Twitter and Elon Musk announced a $44 billion deal on April 25, 2022. Despite receiving overwhelming board approval, the $44 billion deal did not take place straight away. The transaction, which still needs shareholder and regulatory clearance, was initially scheduled for completion in late 2022.
On May 13, Elon Musk postponed his purchase of Twitter after raising concerns about the prevalence of phony or spam accounts there. Then, on May 17, he tweeted that the arrangement could not move forward until the spam and bogus account issue had been resolved.
Then, on Monday, June 6, Elon Musk made his most credible threat to pull out of the $44 billion agreement by charging Twitter with a “material breach” for failing to disclose the number of bots utilizing its network.
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It was made clear that Musk would be liable for a $1 billion “break fee” if he chose to leave the deal at any stage. However, on July 8, Bret Taylor, the chairman of Twitter, said that he and “The Twitter Board ” intends to sue Elon Musk due to breaking the contract laws.
Nevertheless, an SEC filing showed that Musk wrote Twitter a letter on Monday night stating that he wants to purchase the firm at the price he initially offered: $54.20 per share, equal to a deal worth around $44 billion. Although the ups and downs of the Twitter deal finally ended up with the closure of the agreement.