Elon Musk took over as the new owner of Twitter Inc. (TWTR.N) on October 27, dismissing top executives he had accused of deceiving him. At least four top executives were fired by Musk on October 27, according to media reports citing people with knowledge of the situation.
In addition to limiting censorship, the Tesla CEO has stated that he wants to “defeat” spam bots on Twitter, make the algorithms that determine how content is presented to users public, and stop the social media site from turning into an echo chamber for hate and division. However, Musk hasn’t provided any information on how he plans to accomplish all of this or who will lead the company.
The New York Times reported that Musk fired Twitter’s chief executive Parag Agrawal, chief financial officer Ned Segal, and head of legal and policy Vijaya Gadde. He had claimed that they had misled him and Twitter’s investors regarding the prevalence of sham accounts on the social media site. Approximately 7,500 employees of Twitter are concerned about their future after he declared his intention to cut jobs. On October 27, he added that he bought Twitter not to increase his wealth but rather “to try to help humanity, whom I love.”
According to Reuters, Agrawal and Segal were escorted out of Twitter’s San Francisco headquarters where they were present when the deal was finalized. Musk tweeted, “let that sink in,” as he entered Twitter’s offices on October 26 with a big grin and a porcelain sink. He changed his Twitter profile’s description to “Chief Twit.” Additionally, he attempted to allay employee worries about impending mass layoffs and gave advertisers assurances that his prior criticism of Twitter’s content moderation policies wouldn’t diminish the platform’s appeal.
The remarkable journey, full of twists and turns, that raised questions about whether Musk would complete the transaction, culminated in the $44 billion acquisition. It all started on April 4, when Musk revealed that he was the San Francisco company’s largest shareholder with a 9.2% stake. The richest man in the world then agreed to join Twitter’s board, but changed his mind at the last minute and proposed to buy the company instead for $54.20 per share.