Elon Musk has finally paid 44 billion dollars to purchase the social media platform Twitter. All the formalities concerning the deal have been completed. This is evident from the subsequent delisting of Twitter on the New York Stock Exchange.
According to the latest update from the United States of America Security and Exchange Commission, this company will now be operating as a private company instead of a public one.
Elon Musk Closes Twitter Deal! CEO, CFO, And Other Senior Executives Are Fired!
Apart from these formalities, Elon Musk, in addition to completing the basic takeover of ownership, is also exercising control concerning the company’s management. Not much time has elapsed since the deal was finalized.
Elon Musk has already fired the executives of Twitter so far. The list of the people who have been removed from their positions includes the chief executive officer of Twitter, Parag Aggarwal, and Ned Segal, the chief financial officer of Twitter.
Different people occupying the position of head of legal policy, trust, and safety, namely Vijaya Hadde, have also been removed from the office. The company’s ownership and management rights officially belong to Elon Musk now.
What Are The Latest Updates?
Elon Musk is celebrating his victory over Twitter. For him, this has been a dream come true. Earlier, there were chances that the Court finalized the deal, but the Court gave them a time of 7 days to finally close the deal.
By this method, Elon Musk has avoided a messy legal battle that would result in the waste of resources and time for both the transferor and transferee company. The roots of this legal battle date back to June 2022.
When Elon Musk expressed his desire to purchase Twitter at the individual share valuation of 54 dollars. According to Elon Musk, Twitter was not at all indulging in fair practices. It was alleged that to increase the share value.
Twitter created spam accounts and even faked the number of accounts that had been operative. The number of accounts and the extent of its operation determines the company’s revenue, which in turn decides the share price.
But according to the allegations, the company’s information is misled and manipulated to increase its share price beyond its reasonable expectations.
Reasons For Purchasing Twitter
Elon musk criticized how Twitter as a social media platform was functioning. According to him, Twitter, as an open-source platform, utterly failed to promote free speech and expression. His primary motive for purchasing the company.
Included his urge to re-develop Twitter to increase the incidence of free speech and reduce the incidence of fake news. Elon musk wanted to revamp the platform’s functioning in a way that benefits the world, especially the younger generations.
Elon musk has also developed a full-fledged policy to change the dynamics of the country. This includes his policies to reduce the number of fake and spam accounts. He wants to develop open-source software.
So that the algorithms can be managed and the privacy of the user data can be improved. He aims to unblock politicians’ accounts, especially former president Donald Trump, who was blocked last year owing to his advocacy remarks after the Capitol rites.
Most of the employees and the executives under Elon Musk have expressed their willingness to bring a much more open and free exchange of ideas and content across the platform. That is why Elon Musk has fired all the existing members and employees of Twitter.
To give effect to his plan of action as soon as possible.
Plans For Existing Employees
The new management is set to perform the new functions and discharge the duties as soon as possible. However, the main aim of this new management was to remove the key managerial persons from the board of the company.
Elon Musk plans to layover all the employees working in the organization by no stretch of the imagination. He wants to take hold of the company’s decision-making process as soon as possible, and this can only be possible once the existing management is fired.
The vision shared by these executives is not at all aligned with the vision of the billionaire Elon Musk. That is why this instant decision has been taken so that policy enforcement would be initiated in full swing.
This can be concluded that Twitter is going to undergo a major change in the way in which it operates. All of this is going to strengthen the utility of the platform. This is going to be very useful and poses challenges for the organization at the same time.
It will be interesting to watch how the company unfolds its targets over time for the greater good of the world.