Elon Musk Finally Buys Twitter and Fires 3 of Its Top Executives Including the CEO!

Elon Musk Finally Buys Twitter and Fires 3 of Its Top Executives Including the CEO!
Elon Musk will step down as Twitter's CEO. source: Insider
  • Elon Musk purchased Twitter after many controversies and ups and downs.
  • The world’s richest man already fired 3 of the company’s top executives including the CEO Parag Agrawal.
  • Musk backed out of his agreement to buy Twitter back in July after the sale marks went back and forth.

Elon Musk brings some major changes right after purchasing Twitter

Many news outlets have confirmed that Tesla CEO Elon Musk now owns Twitter. And he has already brought about some significant changes including throwing out the top 3 executives of the social media platform.

Some reports suggested to CNN that shortly after Musk purchased Twitter, he let go of CEO Parag Agarwal and other top two executives.

Musk’s reps and lawyer are yet to respond to comments.

Along with the CEO Parag Agrawal, Twitter’s head of legal policy, trust, and safety Vijaya Gadde, and CFO Ned Segal were also asked to leave the office.

Moreover, Musk also fired Twitter’s general counsel, Sean Edgett.

Elon Musk
Musk also fired the company’s top 3 executives. source: Bloomberg

Gadde was an important figure for Twitter who had a big hand behind decisions like banning former US president Donald Trump from the platform.

Musk long wanted to buy Twitter but he backed out of his agreement to buy the platform in July after having a months-long battle with the company over various issues.

It is also believed that the world’s richest man wrote a letter to Twitter dating October 3, proposing to buy it for the original price he initially agreed to pay for the company’s purchase in April which was $44 billion at $54.20 per share.

Bloomberg also confirmed that a source close to Musk revealed that he decided to move forward with the deal because his legal team told him that he would eventually lose the case if it went to trial.

Also, Read A Lot of Drama? Elon Musk Terminates his Deal of Buying Twitter for $44 billion!

Many Twitter workers are now fearing unemployment

Now, with the company in Musk’s hands, many are having anxiety after the SpaceX owner told his potential investors that he is planning to get rid of 75% of the company’s 7,500 workers.

Things might not go as planned for Musk as Twitter launched a lawsuit against him in July to remind home to follow through with the acquisition.

Twitter also said in its court documents that Musk acted in bad faith after he was all set to buy the billion-dollar company.

Twitter’s statement read:

“In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done,”

Elon Musk
Musk is planning to fire the majority of Twitter’s employees. source: CNN

“Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,”

The company further claimed:

“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away,”

Musk initially ended his deal to buy Twitter claiming that it did not provide enough information about the number of fake accounts and bots on its network. He further went on to accuse the company of not giving his team sufficient data for carrying out their own investigation. Twitter denied all the allegations.

Also, Read It’s Official! Elon Musk Buys Twitter For $44 billion