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Elon Musk Officially Owns Twitter, Fires CEO and CFO

2 mins
Updated by Nicole Buckler
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In Brief

  • The CEO of Tesla and SpaceX closed the Twitter acquisition deal on the evening of Oct. 27
  • Musk has previously described himself as an "absolutist of free speech"
  • As usual, he has attracted the attention of the crypto community due to his personal fondness for Dogecoin (DOGE)
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Elon Musk, the billionaire and CEO of Tesla and SpaceX, has completed his acquisition of Twitter. This was only hours after presenting himself at the facilities of the social network with a sink. (So the idea could “sink in.”)

Among his first actions as the owner of the company was to fire the managers.

Employees shared photos during the afternoon of October 27, where Elon Musk is seen in a meeting in the middle of the company’s cafeteria. CNBC and the Washington Post later reported that the billionaire had “presented himself” to the facility as the owner of the company.

CEO Parag Agrawal and chief financial officer Ned Segal later left the company’s headquarters in San Francisco. Head of legal policy, Vijaya Gadde, who made the decision to close the account of Donald Trump was also fired.

The billionaire had until Oct. 28 to complete his $44 billion acquisition of the microblogging site or face a lengthy court battle to complete the company’s purchase.

Since April, the social network and Elon Musk exchanged legal accusations. They were destined to face each other in court in Delaware, United States.

Elon Musk holds meetings with Twitter employees

According to CNBC, not all employees seem “enthusiastic” about Elon Musk. This is after a leaked report revealed his intentions to lay off up to 75% of the staff. The workers drafted a letter demanding “fair treatment” from the new management.

Previously, Elon Musk justified his purchase.

“The reason I acquired Twitter is because it’s important for the future of civilization to have a common digital public square, where you can debate a wide range of beliefs in a healthy way, without resorting to violence. There is currently a great danger that social media will split into far-right and far-left echo chambers that generate more hatred and divide our society.”

Earlier this week, one sign of the acquisition was a call with banks including Morgan Stanley, Bank of America and Barclays. Each bank pledged $2.5 billion in loans for Musk’s acquisition.

In total, Musk’s seven banking partners pledged about $13 billion. Binance is another investor in the acquisition, committing $500 million. Other investors backing Musk include the Qatar Investment Authority and venture capital firm Sequoia Capital.

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Eduardo V. Venegas
Eduardo Venegas is a journalist who lives in Mexico City. He is an enthusiast of numbers, finance, economics, new technologies and the blockchain ecosystem. He is a constant learner, music lover and curious reader. He graduated from The National Autonomous University of Mexico and currently divides his time between his own projects and writing about cryptoeconomics.
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