Elon Musk Takes Over Twitter And Immediately Fires CEO Parag Agrawal

Elon Musk Takes Over Twitter And Immediately Fires CEO Parag Agrawal

According to a number of sources, Elon Musk has taken control of Twitter and sacked its CEO as well as at least two other senior officials.

The Associated Press learned Thursday night that Twitter’s CEO, Parag Agrawal, as well as its CFO and top lawyer, had been sacked from two persons who were aware of the agreement.

The sources remained mum regarding whether or not the transaction, which had a $44 billion initial value, had closed or if all necessary documents had been signed. However, they claimed that Musk is in charge of the social networking platform. Neither source wanted to be named since the staff changes were so delicate.

Twitter was contacted by CBS News for comment, but they delayed their response. Musk, referring to Twitter’s iconic logo and asserting his control, tweeted late on Thursday that “the bird is liberated.”

A day before a court-imposed deadline, the decision to finalise the deal was made. It marked the conclusion of a turbulent six-month period during which the billionaire unexpectedly made an offer to purchase Twitter in the spring before changing his mind and announcing his withdrawal in July.

The haste with which he sacked the top two Twitter executives is a warning that the social media company is about to undergo significant changes. Nobody can predict where serial entrepreneur Elon Musk will take Twitter next. His companies have revolutionised the payment, vehicle, and space exploration industries.

Now comes the challenging part

Elon Musk Takes Over Twitter And Immediately Fires CEO Parag Agrawal

We’ve already discussed how simple it was for Musk to acquire Twitter, according to a report by Wedbush analyst Dan Ives. It will be challenging to fix this ailing asset, and it will be comparable to conquering Mount Everest.

The $44 billion price tag, according to Ives, “will go down in M&A history as one of the most overvalued tech purchases.” He estimates the value of Twitter at more over $25 billion.

Everyone will be watching to see what Musk can do to speed up Twitter’s growth, which has slowed down significantly in recent years, now that he is in control. Last week, The Washington Post reported that this might result in the immediate termination of up to three-quarters of Twitter’s staff. Musk has frequently claimed that he overpaid for Twitter. He might be inclined to reduce labour costs in order to balance the books.

Coming up with a strategy to expand Twitter, which only has 238 million regular users compared to the millions that use Facebook and TikTok, will be more challenging. Musk has previously discussed creating a “super app” (also known as the “X app”) that would be similar to WeChat, which is widely used in China for everything from banking and catching a ride to shopping and chatting with friends.

“Musk took over Twitter last night, and now there are a lot of important concerns about how the platform will evolve, how it will try to earn money, how many jobs will be cut, and what the long-term goal is for the ‘X’ app and establishing a hypothetical WeChat model in the future,” Ives said.

We also don’t yet know how Musk would modify Twitter’s user guidelines. He stated that the company has the “potential to be the platform for free speech around the world” when he began his unsolicited bid in April. Additionally, he claimed that Twitter “will neither prosper nor serve this cultural need” in its current form.

On the other hand, Musk benefits since, in addition to purchasing Twitter, he also makes it private. As a result, the business won’t be forced to disclose information about its financial performance, employee compensation, and other matters that are required by law for publicly traded businesses to disclose in their securities filings.

Additionally, Erik Gordon, a business professor at the University of Michigan, claims that Twitter’s executives won’t have to manage the company in a way that pleases investors as much because there are no public shareholders.


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Will Trump make a return?

Elon Musk Takes Over Twitter And Immediately Fires CEO Parag Agrawal

This might entail restoring former President Donald Trump‘s Twitter account. After the attack on the U.S. Capitol on January 6, 2017, he was permanently barred from the platform to prevent more violence.

In a post on Truth Social on Friday, Trump stated, “I am extremely delighted that Twitter is now in excellent hands and won’t be ruled by Radical Left Lunatics and Maniacs who actually hate our nation.” Trump’s media company supports the conservative social network Truth Social. Twitter needs to put forth a lot of effort to eliminate all the bots and false accounts that have been giving it so much grief. It will be much nicer, but smaller.

On the other hand, Musk was indicating that the transaction will go through. On Wednesday, he entered the company’s San Francisco offices carrying a porcelain sink, changed his Twitter handle to “Chief Twit,” and wrote, “Entering Twitter HQ—let that sink in!

The New York Stock Exchange informed investors overnight that it will cease trading Twitter shares before Friday’s opening bell. This is because Musk wants to privatise the business.

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