Elon Musk Closed Twitter Deal and Fired Executives

Elon Musk has closed the deal to buy Twitter and become the sole owner of Twitter, after six months of public and legal wrangling over the deal.

His first step was to fire the social network's executives. Leaving the company were Twitter CEO Parag Agrawal, Vijaya Gadde, head of legal, policy and trust, CFO Ned Segal, who joined Twitter in 2017, and Sean Edgett, who had been Twitter's general counsel since 2012. Musk accused them of misleading him and investors because of the number of fake accounts on the platform. He then twitted:

The bird is freed.

After the change of ownership, Twitter becomes a private company. The shares will be withdrawn from public trading and shareholders will be paid $54.20 per share.

Musk has already stated that he wants to ensure "free speech" on the social network, which probably means relaxing content moderation standards, and plans to reinstate some of the prominent accounts that have been removed from Twitter.

The new owner also planned to cut staff by 75%. However, Musk told employees on Wednesday that he would not do so. In addition, he expects to double revenues within three years.

Yesterday Musk posted a video of himself walking into Twitter's San Francisco headquarters with a sink, playing up the idiom "let that sink in" and changed his public profile status to "Chief Twit."