- BBC News World
Elon Musk on Thursday finalized his deal to buy Twitter and fired its top executives, according to US media.
For transaction US$44 billion hours before the deadline To seal the deal to buy the billionaire social network.
Musk’s early moves at the helm of Twitter include: CEO Barak Aggarwal sackedHe went to court to force the Tesla boss to honor the terms of a takeover deal he was trying to avoid, the Washington Post and CNBC reported, citing unnamed sources.
Chief Financial Officer Ned Segal was also fired.
Musk, the world’s richest man, has said Twitter needs significant changes.
It ends a saga in which Musk offered to buy Twitter before its launch, then said he wanted out. Legal action to compel Businessman to complete the contract.
“It’s not about making money.”
Musk tweeted Thursday about his interest in the platform No is through to earn money.
Company shares They will cease trading on FridayAccording to the New York Stock Exchange website.
Musk said he bought it to help humanity, saying he wanted “civilization to have a digital public square.”
On Wednesday, Musk tweeted a video of himself walking into Twitter headquarters in San Francisco with a kitchen sink: “Let it sink!” In English, the noun sink and the verb, and their conjunction “sink,” are the same word: sinking.
He changed his bio on Twitter and now says “Twit Boss”.
Many analysts have argued that Musk’s company is now paying too much, given the tech giant’s falling share price and Twitter’s struggle to attract users.
In a recent conference call with investors, the Tesla founder said Twitter was “an asset that has been underdeveloped for a long time, but has incredible potential.”
“Obviously other investors and I are paying too much for Twitter right now,” he continued.
A long road to reconciliation
Musk’s early investments in Twitter initially escaped public attention.
In January he began buying regular shares, and by mid-March he had built up a 5% stake in the company.
Musk said he plans to clean up spam accounts and preserve the platform as a place for free speech.
But in mid-May, Musk, an avid Twitter user, began to change his mind about the purchase, citing concerns that the number of fake accounts on the social network was higher than Twitter had said.
In July, he said he did not want to acquire the company. However, the previous owners argued that the billionaire was legally bound to buy the company.
Twitter eventually filed a lawsuit to force them to honor the agreement.
In early October, Musk resumed his takeover plans for the company on the condition that legal proceedings be halted.
A self-proclaimed “free speech absolutist,” Musk has criticized Twitter’s moderation policies, and the news will be met with mixed feelings by Twitter users and employees.
Some users, particularly on the American right, argue that conservative voices are being censored on the platform, a charge Twitter denies.
Former President of the United States Donald Trump He has been banned from the stage, a decision Musk previously said was “dumb” and that he would reverse.
But others fear that loosening moderate policies will allow hate speech to proliferate.
In a tweet Thursday aimed at Twitter advertisers, Musk said the platform can’t become a “free-for-all hell” and needs to be “warm and welcoming to everyone.”
As the owner of Twitter, Musk plans big changes for employees. Although the billionaire denied cutting 75% of his staff in a meeting with employees, it may be difficult to work at Twitter any longer, according to a Bloomberg report.
Tesla’s CEO has tweeted in the past that employees should expect “extreme” work ethic expectations.
The businessman posted on his Twitter projects “X, utility for everything“.
Some suggest it is similar to the successful Chinese app WeChat, a kind of “super app” that includes a variety of services including messaging, social networking, payments and food ordering.
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