A source with knowledge of the transaction informed CNN on Thursday that Elon Musk has successfully closed his $44 billion (or around Ksh.5.3 trillion) bid to acquire Twitter, placing the world’s richest person in charge of one of the most important social media networks.
According to two persons with knowledge of the decision, Musk dismissed two additional executives, including the CEO Parag Agrawal. Twitter opted not to respond.
The deal’s completion lifts the uncertainty that has surrounded Twitter’s operations, staff, and stockholders for much of the year.
Musk spent months attempting to back out of the agreement after initially agreeing to purchase the business in April, initially expressing worries about the number of bots on the platform and then charges made by a company whistleblower.
Musk and Twitter have avoided a trial that was initially scheduled to happen earlier this month by finalizing the agreement.
But Musk’s takeover and the subsequent sacking of several of the company’s senior executives have brought up a number of new issues regarding the platform’s future and the many facets of society it has affected.
According to the two sources, Musk also let go of his policy director Vijaya Gadde and CFO Ned Segal on Thursday.
According to Musk, Twitter’s content filtering procedures would be reexamined in the interest of a more maximalist interpretation of “free expression.”
The billionaire has also stated that he disagrees with Twitter’s policy of permanently banning users who persistently break its rules, which raises the prospect that several problematic individuals who have already been banned from the site may reappear.
The majority of people will be curious to see how quickly Musk will allow former president Donald Trump to return to the platform, as he previously promised he would.
Depending on the timing, such a change might have a significant impact on both the 2024 presidential race and the upcoming US midterm elections.
By taking those actions, Musk has the potential to completely alter the media and political landscape, transform online public discourse, and undermine the conservative social media space that was largely created in response to complaints about Twitter and other mainstream services being blocked and subjected to restrictions.
Musk met with staff members at Twitter’s San Francisco offices earlier this week.
Additionally, he sent an open letter to Twitter’s advertisers in which he expressed his concern that the social media site not turn into a “free-for-all hellscape where anything may be uttered with no consequences.”
Additionally, the acquisition promises to increase Musk’s influence.
The billionaire already owns, manages, or holds a sizable part in businesses creating satellite internet, vehicles, rockets, robotics, and more avant-garde projects like brain implants.
He currently has power over a social media network that influences how hundreds of millions of people communicate and get news.