Elon Musk closes his $44 billion takeover of the social media behemoth, the billionaire sacked CEO Parag Agrawal and CFO Ned Segal
Elon Musk, Tesla CEO and the world’s richest person, acquired Twitter on Thursday, months after making the initial attempt to purchase the social media business in April. According to the Wall Street Journal, the billionaire has removed Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal.
Both executives have departed the company’s headquarters in San Francisco and will not be returning. According to the Washington Post, in addition to Twitter’s Indian CEO Agarwal and Segal, legal policy, trust, and safety director Vijaya Gadde were fired.
Following the January 6, 2021 attack on the US Capitol, Indian-American Gadde was at the forefront of the decision to permanently suspend former US President Donald Trump’s Twitter account.
Twitter co-founder Biz Stone responded to the new reorganisation with a tweet, thanking all three for their contributions to the company.
The Tesla CEO completed the Twitter acquisition barely before the October 28 deadline set by the court to complete his $44 billion acquisition of Twitter or face a trial.
Previously, Musk stated that he would pay for the purchase primarily with cash, with some contributions from co-investors, and with about $13 billion in debt.
Meanwhile, the billionaire has guaranteed Twitter staff that he will not fire 75% of the company’s employees when he takes over the microblogging platform. This comes following claims that Musk plans to terminate 75% of Twitter’s worldwide workforce, or 5,600 employees.
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