Musk’s $44 billion “delivery”! Entering Twitter is the first to drive people out, who is laid off?

The acquisition drama has finally come to an end, and the social media platform Twitter has officially started the era of Musk.

On October 27, local time, Reuters quoted people familiar with the matter as saying that Tesla CEO Elon Musk has completed a $44 billion acquisition transaction and has now taken over Twitter.

Twitter’s new boss ‘bloodbaths’ executive team

Just the day before, Musk walked into Twitter’s headquarters in San Francisco, USA with a smile on his hand and holding the washbasin. It didn’t take long before someone was forced to pack up and leave.

Screenshot source: Musk’s personal Twitter

After successfully entering Twitter, the world’s richest man fired many executives immediately. Twitter CEO Parag Agrawal was fired on the spot. Also fired were Chief Financial Officer (CFO) Ned Segal, who joined Twitter in 2017, Vijaya Gadde, head of legal, policy and trust, and Sean Edgett, Twitter’s general counsel since 2012.

According to Reuters, Agrawal and Ned Segal were “escorted” out of their San Francisco headquarters after the deal was completed and fired.

Executives leave with money to take, and the fate of employees is unknown

According to the Chinese website of the Wall Street Journal, Agrawal, Ned Segal and Vijaya Gadde, among the above-mentioned Twitter executives, were awarded the “golden parachute” clause. Musk fired the three after he formally took over Twitter Thursday night in a $44 billion takeover, and will be obligated to hand over more than $200 million of that, according to documents filed with the U.S. Securities and Exchange Commission. three people.

The report mentioned that Agrawal, Segal and Gadde collectively own about 1.15 million Twitter shares, more than half of which are owned by Gadde, valued at $33.8 million. Musk will buy the roughly $62 million worth of shares held by the trio as he would other shareholders.

After letting the executives take the money and leave, it is still unknown whether Musk will kill the Twitter employees.

In recent days, a number of US media reported that many Twitter employees were uneasy about the prospect of acquisitions. The Washington Post previously reported that Musk plans to cut 75% of his workforce after acquiring Twitter, reducing the number of employees from about 7,500 to just over 2,000. But on October 26, local time, Bloomberg quoted people familiar with the matter as saying that Musk told Twitter employees that he did not plan to lay off 75% of the workforce after taking over the company.

Musk or CEO, Twitter’s future is unpredictable

After completing the acquisition of Twitter, Musk tweeted: “The bird is free.” (Twitter’s logo is a blue bird.)

Screenshot source: Musk’s personal Twitter

According to Bloomberg, citing sources, after completing the acquisition, Musk plans to serve as Twitter’s chief executive officer (CEO) and make changes to some of Twitter’s ban.

Musk has claimed to make drastic reforms to Twitter, including eliminating “fake accounts” and expanding “freedom of speech.” Some worry that Musk could foster hate and extremist speech if he loosens control of the platform.

In addition, there has been a lot of attention recently on whether Musk will bring former US President Donald Trump back to Twitter.

In January 2021, Twitter announced that it had carefully reviewed the latest tweets and related situations posted by Trump’s account, and decided to permanently ban Trump’s account in view of the risk of further incitement to violence. At the time, Musk called the move “stupid,” saying his takeover of Twitter would overturn the decision.

Soon after the news of Musk’s completion of the acquisition of Twitter on the 27th local time, a statement “Trump Celebrating Musk’s acquisition of Twitter” began to go viral on the Internet, and some foreign media also quoted the statement. “Trump has indicated that he will return to Twitter next Monday,” the statement said. However, the unsourced statement was quickly questioned by many, including India’s Asia News Agency International (ANI) retracting an earlier report that Trump had not issued a statement regarding Musk’s acquisition of Twitter.

According to the latest news from Bloomberg, people familiar with the matter said that Musk intends to lift the permanent ban on Twitter users. That means those previously kicked off the platform may be allowed to return, though it’s unclear whether that includes Trump.

Musk data map The picture has been authorized

Musk announced in 2019 that “I hate advertising”, but on the day of the acquisition, he sent an open letter to advertisers “calling out”: “Twitter is determined to become the most respected advertising platform in the world, which will broaden your brand influence, boost Business growth.” Still, if Musk did bring Trump back to Twitter, it could irritate moderate and liberal users and keep many mass brands at bay, said advertising industry personality Marc Dimasimo.

There have been previous media reports that advertisers allegedly believed that Trump’s account would represent a red line, that is, if Twitter unblocked Trump’s account, more than a dozen customers would suspend all advertising on Twitter. Musk therefore assured advertisers that a safe place would be reserved for them. But he did not commit more to the Trump account.

The acquisition drama has twists and turns

On April 25 this year, Musk and Twitter finalized a $44 billion acquisition agreement. Shortly thereafter, Musk publicly backtracked, accusing Twitter of hiding the number of fake accounts and deciding to stop the acquisition.

Less than three months later, on July 8, Musk formally announced the termination of the acquisition, saying Twitter had “seriously violated multiple terms of the agreement.” On July 12, Twitter formally sued Musk over the acquisition. In the weeks since, lawyers for both sides have issued numerous subpoenas to the other, and the case was scheduled to go to trial on Oct. 27.

However, less than two weeks before the acquisition trial, Musk re-proposed to buy Twitter at the original price in early October. On October 6, the Delaware Court of Chancery judge announced that the trial of the case was suspended, requiring Musk to complete the acquisition transaction before 17:00 on October 28, otherwise the trial will be reopened in November.

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