Elon Musk Completes $44B Twitter Takeover, Fires Prime Executives

Key Takeaways

  • Elon Musk has closed his $44 billion Twitter buyout deal.
  • The Tesla and SpaceX CEO reportedly fired a number of of the social media big’s senior executives because the deal closed.
  • Musk has proven curiosity in integrating crypto on Twitter, elevating questions on the way forward for the know-how within the context of one of many world’s most used social media apps.

“the chicken is freed,” Musk tweeted Friday.

Musk Closes Twitter Deal 

The world’s richest individual now formally owns Twitter. 

the chicken is freed

— Elon Musk (@elonmusk) October 28, 2022

Elon Musk accomplished his controversial $44 billion buyout of the social media big early Friday, asserting the event with a four-word tweet to his 111 million followers. “the chicken is freed,” the Tesla and SpaceX CEO wrote, confirming the tip of a months-long saga that culminated in a authorized battle and widespread media protection. 

In accordance with a number of information reviews, Musk has fired a number of senior executives since signing the deal, together with Chief Govt Officer Parag Agrawal, Chief Monetary Officer Ned Segal, Basic Counsel Sean Edgett, Head of Authorized Coverage, Belief, and Security Vijaya Gadde. Agrawal and Segal have been reportedly escorted out of Twitter’s San Francisco headquarters because the deal closed. The reported dismissals come after it emerged that Musk would lower 75% of the corporate’s workforce, although Musk later dismissed these claims. 

Earlier this week, Musk was seen at Twitter’s headquarters and adjusted his bio to “Chief Twit.” He’ll now reportedly assume the function of CEO, although neither he nor Twitter have posted confirmations of the adjustments in administration. 

Whereas Musk stated in a Thursday assertion that he purchased Twitter “to assist humanity,” questions loom over how he plans to vary one of many world’s strongest communications platforms. Musk has stated that he hopes Twitter will cater to folks from either side of the political spectrum and curb left and proper extremism, arguing that the platform represents the world’s finest instance of “a standard digital city sq..” Musk has warned that social media apps like Twitter are vulnerable to creating extra division and hate, however some have taken problem along with his views, fearing that his relaxed strategy to censorship may result in a rise in hate speech. 

Crypto Twitter

In an ironic accident on condition that the platform now sits within the management of 1 centralized proprietor, Twitter has lengthy been the social media app of alternative for the cryptocurrency neighborhood. Twitter’s key function in crypto is such that fanatics have coined the time period “Crypto Twitter” to consult with the hivemind of crypto-related conversations that spill throughout 1000’s of tweets each day. Nearly each main determine and model in crypto is lively on Twitter, and it’s extensively seen as one of the best place to remain on top of things with the newest happenings within the fast-moving trade. 

To help Musk along with his buyout, Binance contributed $500 million, the change’s CEO Changpeng Zhao confirmed early Friday. Although it’s unclear how crypto will affect Musk’s Twitter plans, he has beforehand hinted that Dogecoin may very well be used for Twitter-based funds. Musk turned notorious in crypto in 2021 as he endorsed the house’s authentic meme coin, and his famously goofy on-line presence would usually jolt markets as he took on the function of Dogecoin’s de facto figurehead; DOGE rallied as he appeared at Twitter’s headquarters this week. Musk has additionally stated that he hopes to resolve Twitter’s bot downside, a difficulty that’s negatively impacted Crypto Twitter because the house has boomed over the previous few years. 

Within the background, Twitter has more and more embraced crypto over the previous two years. It confirmed the launch of a brand new characteristic referred to as NFT Tweet Tiles Thursday, permitting customers to hyperlink their NFTs to marketplaces like Magic Eden and Rarible. The replace follows a number of different main crypto developments from the social media big, together with an NFT profile image rollout and Bitcoin and Ethereum pockets integrations. 

Disclosure: On the time of writing, the writer of this piece owned ETH and several other different digital property. 

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