Elon Musk has completed his takeover of Twitter in a deal worth $44bn (£38bn). The Tesla and SpaceX boss appeared to confirm media reports of his takeover on Friday (October 28), tweeting “the bird is freed” shortly before 5am UK time.
A US court had set a deadline of Friday for the billionaire to complete his acquisition after he tried to back out of the deal, leading to a lawsuit from Twitter to push the deal through. Musk’s first act upon taking charge of the social media firm was to dismiss several senior bosses including chief executive Parag Agrawal, chief financial officer Ned Segal and general counsel and head of safety, Vijaya Gadde, according to reports.
Musk had publicly criticised both Mr Agrawal and Ms Gadde over Twitter policy in the months leading up to the takeover for what he believes is an overzealous policing of “free speech”. Twitter has not yet published any further statement confirming the deal, but several senior figures and board members – including Brett Taylor, who had served as the company’s chairman – have changed their social media profiles to reflect that they no longer work for the company.
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Musk is expected to speak to Twitter employees directly on Friday, according to an internal memo cited in several media outlets. On Thursday, Musk posted a statement aimed at Twitter’s advertisers where he said he was acquiring the platform because he believed it was important to have a space where “a wide range of beliefs can be debated in a healthy manner”.
That came after he posted a video of himself entering Twitter’s San Francisco headquarters on Wednesday carrying a sink alongside the message “Entering Twitter HQ – let that sink in”. He has also updated his bio on the social media platform to “Chief Twit” in a further nod to the deal being completed.
Musk is said to have told staff during his visit to Twitter’s head office on Wednesday that it was not true he was planning on cutting up to 75 percent of Twitter staff after acquiring the company. It had been reported that Musk – the world’s richest man – told investors he planned to cut around three-quarters of the firm’s 7,500 employees.
He has previously spoken of his belief in “absolute free speech” and suggested he would allow previously suspended figures – including former US president Donald Trump – to return to the platform. There have been reports many staff plan to leave the company once the takeover is completed and some security campaigners have warned Twitter could become an easy target for hackers in the aftermath of the deal and as Musk restructures the firm.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk)
Despite this internal confusion and low morale tied to fears of layoffs or a dismantling of the company’s culture and operations, Twitter leaders this week have at least outwardly welcomed his arrival and messaging. The billionaire has been pictured meeting with staff over several days at its headquarters.
As part of his plans for the site, Musk has also spoken of removing all spam and bot accounts and using Twitter as part of a so-called “everything app” called X, where users are able to access a wide range of services in one place. That is similar to China’s WeChat, where users are able to access social media, online shopping and money transfer, taxi hire, restaurant booking and more from within one app.
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