The dust has settled: Musk took control of Twitter for US$44 billion, and the original CEO and CFO have been fired

After six months of trade disputes, Elon Musk has just completed his $44 billion acquisition of Twitter. Starting today, the Twitter surname is "Ma".

Just a few hours ago, CNBC reporter David Faber revealed that Elon Musk has officially joined Twitter. Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company's San Francisco headquarters and will not return, sources said. Vijaya Gadde, head of legal policy, trust and safety, was also reportedly fired.

A letter

I believe many people have seen this famous scene - this Thursday, Musk brought A sink arrived at Twitter headquarters and a video was posted on Twitter, saying: "Let that sink in!"

On the same day, Musk sent a letter , aimed at assuring advertisers that Twitter's social messaging service will not evolve into "a free hell where anything can be said without any consequences!"

I have to tell you personally, about me There's a lot of speculation about why I bought Twitter and what I think about advertising. Most of them are wrong.

The reason I acquired Twitter is that it is important for the future of civilization to have a common digital town square where people can discuss diversity in a healthy way without resorting to force. idea. There is a great danger that social media will fragment into self-amplifiers of the far right and far left, generating more hatred and dividing our society.

In the relentless pursuit of clicks, many traditional media outlets fuel and cater to these polarizing extremes because they believe this is what brings in money, but in doing so lose opportunity for dialogue.

Having said that, Twitter clearly cannot be a free hell - where anything can be said without any consequences! In addition to complying with the law, our platform must be welcoming to everyone, allowing you to choose the experience you want based on your preferences, just like you can choose the rating to watch a movie or play a video game.

I am also convinced that if done well, advertising content can entertain and inform at the same time. It can show you unknown services, products or medical treatments that are suitable for you. . To do this, Twitter users must be shown ads that are as relevant to their needs as possible. Low relevance ads are harassment, but high relevance ads are actually content!

Fundamentally, Twitter aspires to be the world's most respected advertising platform, dedicated to strengthening your brand and growing your business. To everyone who works with us, I thank you. Let’s create something extraordinary together.

It can be seen that Musk has completed the acquisition and is delivering information to people as a Twitter manager.

Musk was photographed chatting with executives in the tea room of Twitter headquarters. After the photo was posted, it was retweeted by Musk himself.

# Musk also updated his Twitter description to "Chief Twit." He arranged a meeting on Twitter between Tesla engineers and product leaders and planned to address employees on Friday, people familiar with the matter said. Last week, Twitter froze employees’ equity-reward accounts pending the completion of the deal. People familiar with the matter said this sparked concerns among workers. As of noon Thursday, Twitter engineers were no longer able to make changes to the code in San Francisco to ensure no changes were made to the product before the deal was completed.

In June, during an all-hands meeting after the purchase agreement, Musk said Twitter "needs to get healthy," referring to cost cutting. He also said that only "special" employees can work from home and everyone else must come to the office. Originally, San Francisco-based Twitter was one of the first major companies to promise all employees they could work from anywhere "always."

It is obvious that once Musk takes over, it is impossible for the original Twitter CEO Parag Agrawal to remain in power. Text messages released during the lawsuit showed a contentious exchange between the two early in the deal process. After the deal was announced, former Twitter CEO Jack Dorsey tried to get them "together" again, but to no avail.

Deadline for acquisition

According to previous rulings, Musk must complete the US$44 billion acquisition of Twitter by this Friday local time, otherwise he will face lawsuit with the company.

On April 14, 2022, Musk proposed to acquire Twitter for $44 billion. Prior to this, Musk acquired 9.1% of Twitter for US$2.64 billion. In announcing the acquisition, he laid out a series of future plans for Twitter, including introducing new features, making algorithms open source, reducing spam bots, and authenticating everyone, and proposed changing Twitter's San Francisco headquarters to Homeless shelters, etc.

Twitter accepted Musk’s offer to acquire the social media service and take it private. However, Musk soon began to hesitate to honor the agreement, claiming that the company failed to fully disclose the amount of spam and fake accounts on the service.

When Musk said he was terminating the deal, Twitter sued the billionaire, claiming he "rejected the deal because it no longer served his personal interests." Fulfilling its obligations to Twitter and its shareholders."

Over the next few months, Twitter and Musk exchanged views through their lawyers, and the two sides decided to go to Tesla Washington State Chancery Court to determine the fate of the company and whether it will ultimately fall into the hands of the Tesla CEO.

In early October, Musk changed his mind and said he wanted to buy Twitter for its original price of $54.20 per share if the social media service dropped the lawsuit. Distrustful of Musk's motives, Twitter's lawyers said the Tesla CEO's proposal was "further mischief and delay."

A Delaware Chancery Court judge ultimately It was ruled that Musk must finalize the deal with Twitter by October 28 or face trial.

Twitter’s revenue in 2021 will be $5.08 billion, and Musk has told investors that he will double Twitter’s revenue within three years.

No matter who ends up owning the company, Twitter employees are likely to experience massive layoffs in the coming months, a change that could have an impact on the company, according to previously obtained interviews and documents. Its ability to control harmful content and prevent data security has a significant impact.

Musk told potential investors in a deal to buy the company that he planned to lay off nearly 75% of Twitter's 7,500 employees, shrinking the company to a skeleton crew of more than 2,000. We don’t yet know what the new owner’s plans will be after taking over, but there are definitely big moves.

I don’t know what Twitter, a large social network, will look like after the world’s richest man takes over.

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