Elon Musk completes $44 billion to take over Twitter

• Elon Musk, the richest man in the world, has finished acquiring Twitter for $44 billion (£38.1 billion), according to US media and a company investor.
• Several senior employees, including the boss, Parag Agrawal, have been let go.
• Agrawal, Mr. Segal, and Ms. Gadde were praised by Twitter co-founder Biz Stone for their “collective contribution” to the company.

Elon Musk, the richest man in the world, has finished acquiring Twitter for $44 billion (£38.1 billion), according to US media and a company investor.

He appeared to be alluding to the sale finishing when he tweeted “the bird is liberated.”

According to reports, several senior employees, including the boss, Parag Agrawal, have been let go.

It ends a drama in which Twitter went to court to get the multi-billionaire comply with the terms of a takeover agreement that he had attempted to elude.

Despite one early investor in the company telling the news that the acquisition had been finalized, Twitter has not yet acknowledged the takeover.

As a self-described “free speech absolutist,” Mr. Musk has criticized Twitter’s moderation practices, so the news likely be met with varied reactions from users and staff members.

The resignation of Mr. Agrawal as CEO will be widely celebrated on the right of US politics. They see Mr. Agrawal and Jack Dorsey, who was Mr. Agrawal’s predecessor, as liberals who are restricting free expression.

Additionally, they believe that Twitter has blocked conservative viewpoints while under their leadership, a claim that Twitter has refuted.

According to US media sources, Mr. Agrawal, Chief Financial Officer Ned Segal, and the company’s top legal and policy executive, Vijaya Gadde, are no longer employed by the corporation.

Following the completion of the transaction, Mr. Agrawal and Mr. Segal were led from Twitter’s San Francisco offices, according to Reuters.

Mr. Agrawal, Mr. Segal, and Ms. Gadde were praised by Twitter co-founder Biz Stone for their “collective contribution” to the company.

Bret Taylor, who had been the chairman of Twitter since last November, updated his LinkedIn profile to reflect his resignation from the position.

A shareholder in both Twitter and Elon Musk’s other company, Tesla, Ross Gerber, president and chief executive of Gerber Kawasaki Wealth and Investment Management, told the news that predictions that 75% of the social media giant’s workforce will lose their jobs were “inaccurate.”

He stated that the number of jobs lost would depend on “how good the personnel is,” but added that the first figure was 50%.

According to Mr. Gerber, “Twitter has a lot of talented employees, especially on the engineering side, and they want to keep as much of that expertise.”

The management side of trimming is really what they’re looking at, according to Mr. Gerber, and they’ve already started with high management. The product managers “and items they have been working on that aren’t going anywhere” will then likely face cuts, he claimed.

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