Elon Musk completes $44 billion Twitter acquisition — and fires executive immediately Tech News

Elon Musk has completed the $44bn (£38bn) takeover of Twitter after months of smugness.

His first step was to fire the social media company’s top leadership, whom he accused of misleading him about the number of spam accounts on the platform.

Musk fired twitter Chief executive Parag Agrawal, chief financial officer Ned Segal and head of legal affairs and policy Vijaya Gadde were reported.

Agrawal and Segal were allegedly at Twitter’s San Francisco headquarters when the deal closed and were escorted out of the building.

Musk later tweeted that “the bird is free” to signal the completion of the deal.

After the social media company, the founders of Tesla and SpaceX were given an Oct. 28 deadline to close the deal to avoid trial. sue him trying to tear up His initial offer in April.

Musk and Twitter were scheduled to appear in court on October 17, but the world’s richest man said he would Complete the purchase after all.

Earlier this week, Musk posted a bizarre video of himself Bring the sink into Twitter’s San Francisco headquarters The message next to it is: “Enter Twitter HQ – let it sink in”.

Musk, who has updated his Twitter bio to “Chief Twit,” said Thursday that he bought the social media platform not to make more money, but “to try to help the human beings I love.”

He said he wanted to “beat” spam bots on Twitter, publicly determine the algorithms that determine how content is presented to users, and prevent the platform from becoming an echo chamber for hate and division, even as he limits censorship.

He did not elaborate on how he would achieve those aspirations and who would run the company — and his plans so far have been vague.

Analysis: Where is Musk’s Twitter red line?

Elon Musk made his first unsolicited bid to buy Twitter in April, and he’s been him ever since, isn’t it, legend after legend.

The billionaire dropped some of the information he wanted Twitter under his control during this time.

Musk appeared to be suggesting that users should be a bit less restrained about what they post on the platform, though he did tweet this week: “Twitter clearly can’t be a free hellscape where anything can be said without consequences!”

But the US is about to hold major midterm elections and Brazil is about to hold a presidential election. Both events can be plagued by misinformation and rejection of the election.

So, this is the first big test for Musk, who now runs one of the largest communications platforms in the world. We’ll soon find out where his red line is.

Musk reportedly told employees during the visit that he planned to cut up to 75% of his workforce following the Twitter acquisition, which was incorrect.

It was previously reported that Musk told investors he wanted to cut three-quarters of the company’s 7,500 employees.

Among other plans, the outspoken billionaire has repeatedly referred to a “super app,” which he tentatively calls “X.”

The concept has been WeChat in Chinawhich combines familiar features like messaging, marketplaces, and public Twitter-style posts into one place.

read more:
Super app or Wild West?The future of Twitter under Elon Musk

According to Reuters, Musk told investors that he plans to sell users premium subscriptions to reduce reliance on advertising and allow content creators to make money and enable payments.

Elsewhere, there are concerns that his plan to cut content moderation will lead to a flood of hateful, harmful and potentially illegal content on Twitter.

He has previously spoken about his belief in “absolute freedom of speech” and suggested he would allow suspended and oft-controversial figures such as former US President Donald Trump to return to the platform.

Please use the Chrome browser for a more accessible video player

‘Let it sink in’

World’s richest man’s loose stance on moderation could be a path, experts warn The ‘worst’ trolls to serve thriveturned Twitter into a “Wild West” where anything could go.

The Oct. 28 deadline was to give Musk time to fund the deal. If not met, a judge in Delaware (the U.S. state where Twitter is based) will schedule a trial in November.

It ended a months-long feud between the two parties over the acquisition, Musk complains about fake accounts on platform and whistleblower claims Twitter misled regulators Regarding security risks.

It also emerged earlier this month that Musk is Federal authorities investigate its conduct.

Big Ideas Live 2022

Source link