Elon Musk, the richest man in the world, will lift lifetime restrictions on Twitter and aims to take over as CEO after completing his $44 billion acquisition on Thursday, October 27. He would then be in charge of the social media behemoth in addition to being in charge of Tesla Inc. and SpaceX.
Musk plans to replace Twitter CEO Parag Agrawal, who was ousted along with other top employees after the takeover was complete, according to sources on Friday, October 28.
According to a Daily Mail article, the multi-billionaire is anticipated to continue serving as CEO in the short term but may eventually relinquish the position in the long run.
After six months of public and legal struggle, Musk’s acquisition places the world’s richest man in charge of a faltering social network. One of Musk’s first actions was to replace the leadership. Ned Segal, Twitter’s chief financial officer, who joined the company in 2017, Vijaya Gadde, the head of legal, policy, and trust, and Sean Edgett, the company’s general counsel since 2012, are all departing. According to a Thursday report from Bloomberg News, Edgett was led from the building.
Due to his opposition to lifelong bans, Musk also plans to eliminate permanent user bans, raising the possibility that the late president Donald Trump might run again.
Following the transaction, Twitter will now function as a private corporation, with shareholders receiving $54.20 per share.
The conclusion brings to an end a complicated process that started in January 2022 with the billionaire’s covert acquisition of a significant share in the business, his mounting dissatisfaction with Twitter’s management, and an eventual merger agreement from which he threatened to withdraw.
