After many legal battles, Elon Musk has finally taken ownership of social media giant Twitter. The acquisition was confirmed in an SEC filing, pointing out that it’s delisting $TWTR from the New York Stock Exchange. Musk signed the $44 Billion deal and said the "bird has been freed". He definitely seems to be brutal with the "freeing" as he has already fired multiple top executives including Twitter CEO Parag Agrawal.
The Firing Spree
According to a report from Washington Post, Elon Musk started by sacking Parag Agrawal, who succeeded Jack Dorsey as Twitter CEO. CEO and CFO Ned Segal were both fired and were seen escorted out of the premises by security. The company’s policy chief, Vijaya Gadde, who faced some public criticism from Musk was also fired from the Twitter staff. Another top-level executive to be fired was Chief customer officer Sarah Personette. They did get handsome severance packages, Agrawal received a package to the tune of $38.7 million while Gadde received $12.5 million.
He plans to fire more employees in the coming months whittling the company down to the skeletal staff. Speculation suggests that this is a move to cut down expenditures and increase revenue.
Musk decided to buy Twitter last April saying he wished to see Twitter users get permission to employ absolute free speech while tweeting. But then in May, he said he doesn't want the company to blame the management for lying about the spam accounts on the platform. Musk terminated the acquisition agreement citing a breach of contract. He was adamant that Twitter's claim of "only less than 5% are spam accounts" is false. He alleged that 20% of accounts are fake on Twitter.
"The review is conducted manually by humans reviewing (in replicate) thousands of accounts, randomly chosen out of the accounts that Twitter counts as mDAU. This review is conducted every quarter and Twitter has been performing this review for many years. Each human review assesses the selected accounts against a complex set of Twitter rules that define spam and platform manipulation, and, at a high level, an account is deemed to be “false” or “spam” if it violates one or more of Twitter’s rules regarding spam and platform manipulation," Twitter had then explained in a statement.
With Elon Musk getting to the top of the bluebird hierarchy, Twitteratis are worried about the company's future. Some users are getting ready to deactivate their Twitter accounts and deciding on other platforms that Twitter can be replaced with.
Let us wait and watch the changes "Chief Twit" will bring to the platform.click here!
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