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Donald Trump, a former US president, is rumored to be considering getting his Twitter account back since Elon Musk reportedly has full control of the social media platform.
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Following the assault on the U.S. Capitol on Jan. 6, Trump was indefinitely removed off the platform, citing the possibility of more bloodshed.
The Associated Press was informed by two individuals with knowledge of the transaction on Thursday night that Twitter’s CEO, Parag Agrawal, as well as its top lawyer and chief financial officer, had been fired.
The sources declined to comment on whether all of the required documentation for the $44 billion purchase had been signed or whether it had already closed. However, they claimed that Musk oversees the social networking site. Due to the sensitivity of the personnel changes, neither source wished to be named.
When contacted by CBS News, Twitter did not immediately react to a request for comment. However, late on Thursday, Musk tweeted that “the bird is liberated,” referring to Twitter’s iconic logo and confirming that he was in command.
The decision to complete the purchase, which was made one day ahead of a court-imposed deadline, marks the end of a turbulent six-month process in which the billionaire first announced his surprise offer for Twitter in the spring before changing his mind and announcing his withdrawal in July.
His prompt firing of the top two Twitter executives marks the beginning of what is anticipated to be a period of significant change at the social media business. One can only speculate as to where serial entrepreneur Elon Musk may take Twitter. His firms have rocked the payments, auto, and space exploration industries.
Wedbush analyst Dan Ives stated in a report that purchasing Twitter was “the easy part for Musk, as we have discussed.” Fixing this ailing asset will be the challenging and, looking ahead, Everest-like uphill task.
The $44 billion purchase price, according to Ives, “will go down as one of the most overvalued tech purchases in the history of M&A deals,” he continued. He places a closer $25 billion valuation on Twitter.
After Musk assumed control, focus will shift to what actions he may take to revive Twitter, whose growth has sharply slowed in recent years. According to a story published last week in The Washington Post, this might mean firing up to three-quarters of Twitter’s staff in the near future. Musk, who has made it clear that he spent too much for Twitter, would be tempted to reduce personnel costs in order to balance the books.
Designing a strategy to promote growth at Twitter, whose 238 million regular users pale in comparison to other social networks like Facebook and TikTok, will be more difficult. Musk has previously discussed the concept of developing a “super app” similar to WeChat, which is a popular app in China for everything from banking and requesting rides to shopping and talking with friends.
It is also unknown how Musk would alter Twitter’s user guidelines. He announced his uninvited bid in April, praising Twitter’s “potential to be the platform for free speech around the globe” while emphasizing that the firm “will neither grow nor serve this societal imperative” in its current form.
In the meantime, Musk has been indicating that the transaction will go through. Wednesday, holding a porcelain sink, he entered the company’s San Francisco offices. He then updated his Twitter handle to “Chief Twit,” tweeting, “Entering Twitter HQ – let it sink in!”
In addition, the New York Stock Exchange informed investors overnight that it will halt trading in Twitter shares before Friday’s opening bell in anticipation of Musk’s plan to take the firm private.
