Author: Denis Howell
Twitter’s most recent CEO, Parag Agrawal, is among the company’s executives set to vacate the Twitter board as Elon Musk finalizes his billion Dollars bid to acquire the social microblogging platform.
Elon Musk Now Owns Twitter
After many months of lawsuits, verbal misconduct, and threats of a full-blown trial – Elon Musk has finally closed his $44 Bn deal to take over Twitter.
On Thursday night (Oct.27), the billionaire playboy completed the multi-billion offer to own the microblogging service, according to three sources close to the deal. He also began cleaning the house, with several top executives – including the chief financial officer & top legal and policy executive – and lower-level employees getting fired in the coming days.
Mr. Musk arrived at Twitter’s San Francisco-based HQ on Wednesday to officially meet with the company’s engineer and ad executive board. Upon his arrival, Mr. Musk, in the act of ridicule, walked in with a kitchen sink to show the company board that he intends to use his new position as the owner of Twitter to wash away the company’s misdoings.
The signing of the deal, which follows months of intense legal disputes and dramatic public contestations as the SpaceX founder reconsidered buying Twitter, puts the company’s future on an unclear path. Mr. Musk, who describes himself as a “free speech absolutist,” says he believes in a Twitter that supports all forms of commentary and intends to reverse the platform’s permanent ban on Donald. J. Trump.
Musk’s View On Free SpeechÂ
Elon Musk’s approach to free speech on Twitter may worsen long-standing issues of harmful content and misinformation, which could negatively impact the results of political debates and elections worldwide.Â
However, early trials for the new Twitter will arrive within days, as Brazil conducts its presidential elections and U.S voters visit the polls on Nov.8 for the midterms.Â
Twitter had said it would flag and prohibit misinforming claims about the election and its outcome: However, that was before Musk bought the company.
“There may be real-world consequences to leadership under Elon Musk,” says David Kaye, a law professor at the University of California, Irvine. “When leaders worldwide notice that such an unmoderated space is available to disinform, they’ll push to see how far they’re allowed to go.”
Musk’s purchase, nonetheless, is being celebrated by some republicans who have long countered Twitter’s censored conservative approach. Others argue that Twitter’s regulation policies are vital in the battle against online disinformation and hate speech.
Many advertisers already using Twitter to promote their products are worried about their brands showing up alongside controversial and misinforming tweets.
But, Mr. Musk has said that content moderation will continue on Twitter. In an open statement to clarify the future of advertising on Twitter, he said, “Of course, Twitter isn’t going to become a free-for-all-hellscape, where anyone can say anything without facing the due consequences.”
“Our goal is to make Twitter the most respected advertising and free speech platform in the world,” he said.
A New Elon Vision For Twitter
Mr. Musk has promised the public to expect “sweeping” adjustments to occur within the company once he mounts the helm. Some include employee layoffs, leadership renovations, and a pursuit of other means to generate revenue.
The billionaire CEO has already informed the public of his dream of transforming Twitter into his dream “everything app,” which he calls X. In an earlier meeting with potential investors, Musk said he expects the company to achieve annual revenue of $26.4B and over 930 million users in 2028.
Now, Mr. Musk will be restructuring Twitter without having to reveal the company’s fiscal performance every quarter. By making Twitter private, Musk is no longer forced to disclose information regularly to shareholders and can make changes and adjustments as he sees fit without the public’s awareness.
“Twitter holds enormous potential – and I can’t wait to work with the company and its community to unlock it,” Musk said earlier in April.Â
Summary
One of the world’s largest social media platforms, Twitter, which currently employs over 7,500 workers, has consistently needed help increasing its user base and expanding its advertising-based business. So, sacking the top executives earlier was a clear sign from Elon that he doesn’t trust Twitter’s current management to steer the company in his vision.
In entirety, Mr. Musk has laid off the following Twitter executives: Ned Segal, former Chief Financial Officer; Sean Edgett, former General Counsel; Vijaya Gadde, former Legal and Policy Executive; and Parag Agrawal, former Chief Executive Officer.
