Twitter now belongs to Elon Musk. This deal, which was going on for 7 months amid controversies, was finally completed on Thursday. As soon as he became the chief of Twitter, he first removed CEO Parag Agarwal. Along with this, he also sacked two more officers – Chief Financial Officer (CFO) Ned Sehgal and Legal Affairs and Policy Chief Vijaya Gadde.
Musk, the world's richest man and owner of Tesla Company, tweeted that as soon as the deal was done - the bird was free. Earlier he said, 'I want people to watch movies and play video games on Twitter.'
Apart from these, 5,600 employees may be laid off.
According to a report in The Washington Post, Musk can lay off 75% of the company's 7,500 employees, or about 5,600 employees. He had said this to potential investors during the Twitter deal. However, after this report came, Twitter's General Counsel Sean Edget denied it. By sending an email to the employees, he said that the company is not making any plans for layoffs.
Now let us consider the events of the last two days sequentially.
1. When was the deal filed
Elon Musk signed the deal on Thursday (October 27).
2. Why CEO Parag Agarwal was removed
Musk has accused Parag and two officials of misleading him and Twitter investors about the number of fake accounts on the social media platform.
3. What were the reasons for the deal?
First: Musk indicated that Twitter's ad policy would also be changed in the future. "I want Twitter to be the best advertising platform where users of all ages can watch movies or play video games," Musk said.
Second: Musk says that he has dealt with Twitter not to earn more money, but to help humanity. The court had asked Musk to finalize the Twitter deal on the existing terms by October 28.
4. Reached Twitter Office, Talked to Employees
On October 27, Elon Musk also changed the bio of his Twitter handle earlier. He wrote 'Chief twit' in the bio. After this, the Twitter headquarters arrived with the sink. Sharing the video, he wrote that. 'Entering Twitter HQ – let that sink in! Also, talked to employees. Some pictures of it were shared on Twitter.
understand the whole matter now
On April 14, Musk offered to buy Twitter for $43 billion. Musk had said that I am offering to buy a 100% stake at $54.20 per share at a 54% premium from the day before I started investing in Twitter. This offer is my best and last and if it is not accepted, I will need to reconsider my position as a shareholder.
Musk owned a 9.2% stake in Twitter. Its information was revealed on 4 April. Musk may have offered $43 billion in the initial filing, but after Twitter approved the deal, this figure reached $44 billion. However, Musk later said that he was canceling the deal due to a lack of accurate information about the spam account. After the deal was canceled, Twitter reached the court.
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