Elon Musk accomplished the $44 billion buy of Twitter in the present day, capping a months-long saga that resulted in Twitter suing Musk to drive him to honor their merger settlement. Musk’s first course of enterprise was to fireside prime executives.

“Musk fired Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal after the deal closed” on Thursday, The Wall Street Journal wrote. Twitter authorized chief Vijaya Gadde and common counsel Sean Edgett have been additionally reportedly fired by Musk. It’s not but clear who would be the CEO below Musk’s possession.

Musk feuded with Agrawal whereas he was making an attempt to get out of the merger contract. In August, he challenged the then-Twitter CEO to a public debate about Twitter’s spam-account information. Twitter caught with its lawsuit towards Musk as a substitute, and the courtroom case helped drive Musk to finish the deal. Musk had additionally posted tweets with criticism of Gadde’s method to content material moderation.

Musk accomplished the deal a day after visiting Twitter’s headquarters in San Francisco. Twitter workers had been circulating an open letter criticizing Musk after a Washington Post report stating that “Musk advised potential buyers in his deal to purchase the corporate that he deliberate to eliminate practically 75 % of Twitter’s 7,500 employees, whittling the corporate right down to a skeleton workers of simply over 2,000.” During his Twitter go to, he reportedly advised workers that he won’t be firing 75 % of them.

Twitter is ready to turn into a personal firm now that Musk accomplished the deal. He has stated he is shopping for Twitter to guard free speech, however he defines free speech in a manner that means he is prepared to limit speech in any nation the place the federal government requires him to take action.

Hours earlier than finishing the acquisition, Musk posted a message to advertisers assuring them that Twitter won’t “turn into a free-for-all hellscape.”

Merger caps months of combating

The deal was accomplished someday earlier than a court-imposed deadline. The saga started with Musk shopping for 9.2 % of Twitter inventory in March. Twitter then struck a take care of Musk to have him be a part of the board of administrators whereas prohibiting from shopping for greater than 14.9 % of the corporate’s inventory.

In an indication of issues to return, Musk pulled out of that deal and began laying groundwork to purchase the corporate outright. He provided to purchase Twitter in mid-April, claiming he wished to protect free speech on the platform.

Twitter administrators rapidly adopted a poison tablet that made it tough for anybody to purchase over 15 % of the corporate’s inventory in any “transaction not authorized by the Board.” Musk continued his makes an attempt at a takeover and on April 25 he signed a deal with the Twitter board to purchase the corporate for $44 billion.

Musk’s second ideas emerged rapidly. On May 13, Musk stated the deal to buy Twitter is “briefly on maintain” whereas he awaited particulars on the variety of spam and pretend accounts on the location. Twitter’s board held agency, saying it could “implement the merger settlement.”

Musk spent the following weeks claiming that Twitter lied in its estimate that fewer than 5 % of its monetizable each day lively customers (mDAU) are spam or pretend. He by no means disproved the mDAU statistic however tried to terminate the merger settlement on July 8, claiming that Twitter “made false and deceptive representations upon which Mr. Musk relied when getting into into the Merger Agreement.”