Elon Musk buys Twitter after many months of negotiations and controversies. Announcing the deal, Elon tweeted that the bird is finally free signifying he has taken control of the social media company.
The 44-Billion-dollar deal makes it one of the largest companies acquisitions globally making Twitter a privately-owned company. It all started when Elon conducted a Twitter poll on whether he should buy the platform and the majority of participants supported the poll.
How the Twitter purchase started
After the poll, news came in that Elon had made a significant purchase of a 3 billion dollars stake in the company.Making him among the top shareholders then. Due to this, he was offered a board position that he later declined only to make a deal to acquire the entire company.
After this deal, he later seemed to walk back after they disagreed with the company on several issues. Some of these include the data regarding fake accounts or spam.
In response, Twitter initiated a court action. Targeting to force him to conclude the deal or pay a 1 billion dollars exit fine. However, based on various news sources, he seems to have finally caved in and concluded the purchase. The company will also immediately delist from the stock exchange as the shares are no longer public.
Elon Musk Fires Twitter CEO Parag Agrawal
It seems his first action after acquiring twitter was to fire the CEO Parag Agrawal and other top management executives. These are CFO (Ned Segal) and legal and policy executive Vijaya Gadde.
The tension between Must and Agrawal has been playing in the open after disagreeing publicly on major issues regarding the management and control of Twitter.
Future of Twitter
It remains a wait-and-see game on what Musk will do with Twitter. However, there are rumors he is going to initiate some changes such as removing life bans that existed in the previous regime.
He has also promised to make the platform robust or what he calls an X app. (A super app that offers everything).