Elon Musk now in charge of Twitter, CEO and CFO are gone, sources say
SpaceX Chief Engineer Elon Musk participates in a joint press conference with T-Mobile CEO Mike Sievert (not pictured) at SpaceX Starbase, in Brownsville, Texas, USA, on August 25, 2022.
Addresses Latif | Reuters
Twitter CEO Parag Agrawal and CFO Ned Segal have left the company’s San Francisco headquarters and will not be returning, sources said.
Musk had until Friday to complete his $44 billion purchase of Twitter or face a legal battle with the company.
In April, Twitter accepted Muskovo suggestion buy a social media service and take it private. However, Musk soon began to cast doubt on his own intentions to comply with the agreement, stating that the company did not adequately disclose the number of unwanted and fraudulent accounts on the service.
When Musk said to terminate the contract, Twitter sued billionaire, claiming that he “refuses to fulfill his obligations to Twitter and its shareholders because the contract he signed no longer serves his personal interests.”
In the coming months, Twitter and Musk would trade barbs through their lawyers, as the two sides were set to go to the Delaware Court of Chancery to determine the fate of the company and whether its future will end up in the hands of the head of Tesla.
Earlier in October, Musk changed his mind and said he wanted to continue buying Twitter at the original price of $54.20 a share if the social messaging service dropped the lawsuit. Disbelieving of Musk’s motives, Twitter’s lawyers said the Tesla CEO’s proposal was “an invitation to further mischief and delay.”
A Delaware chancery court judge ultimately ruled that Musk has until Oct. 28 to solidify the Twitter deal or face trial.
On Thursday, Musk wrote a message with the intention of reassuring advertisers that social messaging services will not turn into a “free hell, where anything can be said without consequence!”
“The reason I bought Twitter is that it is important for the future of civilization to have a common digital town square where a wide range of beliefs can be discussed in a healthy way, without resorting to violence,” Musk said in a message. “Right now there is a great danger that social media will split into far-right and far-left echo chambers that create even more hatred and divide our society.”
Musk arrived at Twitter HQ earlier this week carrying a kitchen sink and documented the event on Twitter, saying “Getting into Twitter HQ – let it in!”
Musk also updated his Twitter description to “Main Twit.”
This story is developing, check back for updates.
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