Elon Musk takes control of Twitter and ousted the CEO Parag Agrawal, legal head Vijaya Gadde escorted out.
Elon Musk has taken over as “twit chief”. Apparently, his ownership will bring immediate disruption to Twitter’s operations. As known to all of us, most of his ideas as to how to bring in a change in the company. However, all his ideas would be contrary to the process of the company.
Elon Musk completed his $44 billion acquisition of Twitter Inc. Now the world’s richest man in charge of the struggling social network after 6 months of public and legal wrangling over the deal.
Elon Musk ousts Parag Agarwaal and Vijaya Gadde
As soon as Musk took over the company, his first move was to change the leadership. He ousted Twitter Chief Executive Officer Parag Agrawal, Vijaya Gadde the head of legal, policy & trust, Chief Financial Officer Ned Segal, who joined Twitter in 2017 & Sean Edgett, who has been general counsel at Twitter since 2012.
However, sources familiar with the matter said that Parag and Edgett was escorted out of the building.
Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company.
On Oct. 4, Musk agreed to proceed on his originally proposed terms, & a Delaware Chancery Court judge gave the two sides until Oct. 28 to wrap up the deal.
Even before the deadline, and Musk, who is CEO of both Tesla Inc. & SpaceX, also took control over Twitter, a service he uses often but criticizes openly, and that he has promised to change dramatically.
