Elon Musk completed his $44 billion acquisition of the micro-blogging site Twitter late on Thursday, and his first action was to remove the senior executives of the social media business whom he accused of deceiving him on the volume of spam accounts on the network.
Musk fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of law and policy Vijaya Gadde. The sources added that Agrawal and Segal were removed from Twitter’s San Francisco offices where they were present when the agreement was finalised.
Also read: What Elon Musk said in note to Twitter advertisers ahead of completing acquisition
It ends a prolonged saga in which Musk made an offer to purchase the company before saying he wanted to back out before Twitter took legal action to compel the world’s richest person to finalise the acquisition.
The website of the New York Stock Exchange states that trading in the shares of the social media network will cease on Friday.
Musk claimed he did so because he wants “civilization to have a common digital town square” and to benefit humanity.
Also read: Twitter reacts to Elon Musk buying the social media platform
Musk tweeted a video of himself earlier this week dragging a kitchen sink into Twitter’s San Francisco headquarters with the comment, “Let that sink in!”
He also altered the name of his Twitter account to “Chief Twit.”
Given the drop in the value of many Internet stocks and Twitter’s difficulties in gaining users and expanding its user base, several analysts suggested that the price Musk is currently paying for the business is disproportionate.
Also read: Elon Musk confirms buying Twitter for $44B to enable ‘healthy’ debate of ideas
Twitter is “an asset that has just sort of languished for a long time, but has amazing potential, although obviously myself and the other investors are overpaying for Twitter right now,” the founder of Tesla noted on a recent earnings call.