News Highlights
- The world's Richest man, Elon Musk, takes over Twitter as its new owner after months of legal battles.
- Musk dismisses top Twitter Officials upon taking over the social media company.
- Musk's takeover sets a new plan for Twitter as the social media giant makes a flesh turnaround amidst controversy.
Elon Musk Becomes Twitter's New Owner
Elon musk has taken over Twitter as its new owner after completing the ownership deal of $44 billion to buy the social media giant. Musk who is the world’s richest man, and the CEO of Tesla and SpaceX is now in charge of one of the world’s largest social media platforms.In his Tweet, after taking over the platform, Elon said, "The bird is free".
Musk made moves to buy Twitter in April but later tried to get off the deal, a move that led to a legal battle between him and Twitter’s shareholders.
Musk made moves to buy Twitter in April but later tried to get off the deal, a move that led to a legal battle between him and Twitter’s shareholders.
Musk blamed a 'high number of bots' on Twitter as one of the reasons he wanted to cancel the initial agreement to buy the platform; however, the legal case continued until recent months when he accepted to continue with the Twitter deal.
Elon Musk’s Twitter takeover brings an end to a long period of legal battles between the world’s richest man and the former shareholders of the social media company. It also ends a long period of uncertainty about the fate of Twitter following his withdrawal decision and sets a new business era for the social media company.
Elon Musk upon completing for the deal to take over Twitter on Thursday fired top Twitter executives including the Chief Executive Officer (CEO) Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, and other top officials.
Musk has not stated the reasons for his immediate action against Twitter's top officials. However, many believe it is because the officials were responsible for the strict Twitter policies including the suspension of Donald Trump's Twitter account, @RealDonaldTrump.
On January 6, 2021, following then–U.S. President Donald Trump's defeat in the 2020 presidential election, a mob thought to be his supporters attacked the Capitol Building in Washington, D.C. Trump was blamed for the attack and banned from different social media platforms including Twitter which was his main platform.
Elon taking over Twitter and beginning with the suspension of former officials responsible for Trump's ban from the platform means that Trump may soon be back to the social media social handle.
Elon Musk’s Twitter takeover brings an end to a long period of legal battles between the world’s richest man and the former shareholders of the social media company. It also ends a long period of uncertainty about the fate of Twitter following his withdrawal decision and sets a new business era for the social media company.
Musk Suspends Top Twitter Executives Upon Takeover
Elon Musk upon completing for the deal to take over Twitter on Thursday fired top Twitter executives including the Chief Executive Officer (CEO) Parag Agrawal, Chief Financial Officer (CFO) Ned Segal, and other top officials.
Musk has not stated the reasons for his immediate action against Twitter's top officials. However, many believe it is because the officials were responsible for the strict Twitter policies including the suspension of Donald Trump's Twitter account, @RealDonaldTrump.
Upon the dismissal of the Twitter executives, the Insider reports that suspended Twitter officials still stand to gain about $88 million after being sacked as part of the legal agreement.
The ousted CEO, Agrawal, is expected to receive $38.7 million, Twitter’s CFO, Ned Segal, $25 million, Chief Legal Officer (CLO), Vijaya Gadde, $12.5 million, and Chief Customer Officer (CCO), Sarah Personette, $11.2 million.
Hope For Donald Trump's Return to Twitter
Elon had reiterated his plans to promote free speech for Twitter. He had also publicly condemned the suspension of the Twitter account belonging to the former US president, Donald Trump. Trump was suspended from Twitter after January 2021 US Capitol attack.On January 6, 2021, following then–U.S. President Donald Trump's defeat in the 2020 presidential election, a mob thought to be his supporters attacked the Capitol Building in Washington, D.C. Trump was blamed for the attack and banned from different social media platforms including Twitter which was his main platform.
Elon taking over Twitter and beginning with the suspension of former officials responsible for Trump's ban from the platform means that Trump may soon be back to the social media social handle.
Controversy over Elon Musk Twitter Take Over and His New Plans for Twitter
Many social media users and social activists are worried about Musk's plan to make Twitter a free haven for all.Activists fear there could be a surge in misinformation, harassment, and illegal use of the platform if Musk would allow total freedom on the platform. For this reason, many Twitter employees had already resigned after Musk's takeover on Thursday.
Elon Musk himself is known for making controversial tweets. Becoming a Twitter owner means all the criticisms he faced while he was a mere user of the platform would be at a minimum.
Musk however recently counter their claims and stated "Twitter cannot become a free-for-all hellscape where anything can be said with no consequences."
The new Twitter owner has a lot of plans for the company. Some of these are to minimize Twitter content moderation and restore banned accounts like that of Donald. He also plan other changes that would make Twitter comfortable for all, especially for business owners.
Elon Musk himself is known for making controversial tweets. Becoming a Twitter owner means all the criticisms he faced while he was a mere user of the platform would be at a minimum.
Musk however recently counter their claims and stated "Twitter cannot become a free-for-all hellscape where anything can be said with no consequences."
The new Twitter owner has a lot of plans for the company. Some of these are to minimize Twitter content moderation and restore banned accounts like that of Donald. He also plan other changes that would make Twitter comfortable for all, especially for business owners.
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