My Blog My WordPress Blog
Related Articles
After months of legal disputes, Elon Musk, Twitter’s most prominent shitposter, has reportedly added the firm to his business empire, according to CNBC, The Washington Post, and Insider. He fired executives as a way to celebrate.
Ned Segal, the chief financial officer, and Parag Agrawal, the CEO of Twitter who succeeded Jack Dorsey, were both present at the time and were led out of the building by security, according to Reuters. The company’s director of policy, Vijaya Gadde, who Musk had publicly attacked, was also fired. The general counsel, Sean Edgett, has also left, according to The New York Times. (Bloomberg claims that security also escorted him out.) According to Insider, chief customer officer Sarah Personette was also let go.
According to Insider, the executives were rewarded handsomely for their efforts. Agrawal received $38.7 million, Segal $25.4 million, Gadde $12.5 million, and Personette, who tweeted yesterday about how thrilled she was about Musk’s acquisition, received $11.2 million.
Musk made an initial offer to purchase Twitter in April, but later changed his mind and tried to withdraw that offer in May. On October 4th, he had a second change of heart and submitted a letter to the Securities and Exchange Commission reaffirming his adherence to the original arrangement. This week, Musk spoke with Twitter staff, and now that his $44 billion acquisition is complete, he is anticipated to speak to them on Friday.
Musk’s deposition had been pushed back from late September to the 6th and 7th of October. Just a few days before the deposition was scheduled, he said that he would fulfill the agreement his attorneys reached after all. A judge determined that Musk probably deleted Signal texts that were crucial to the case, thus the deposition was surely going to be awkward. As Musk and Twitter tried to reach an agreement, the deposition was postponed. Musk even secured a court order stopping the deposition so that the agreement could be finalized by October 28.
Despite his numerous public pronouncements, it’s still unclear what Musk intends to do with Twitter now that he owns it. According to estimations provided to potential Twitter investors, The Washington Post stated that Musk intended to fire 75% of Twitter’s staff. According to Bloomberg, Musk reportedly told Twitter employees that the 75 percent statistic was false. In text exchanges that Musk and his buddy and businessman Jason Calacanis handed to Twitter’s lawyers as part of discovery, they discussed employee reductions by demanding a return to the office.
Calacanis texted Musk, “Day zero.” Boys, sharpen your knives. According to Calacanis, if Twitter employees were required to go back to their offices, 20% of the staff would voluntarily quit. Calacanis added, “Twitter CEO is my ideal job,” to Musk.
Since the Supreme Court decided to take on two cases that would determine its accountability for illegal information, Twitter may face legal challenges to its free speech stance.
Musk, who is also the CEO of Tesla and SpaceX, has hinted that he’ll tweak how Twitter’s moderation functions, possibly lowering the kinds of rules that resulted in the permanent banning of former President Donald Trump from the site.
Musk has said that his purchase of Twitter is “not a way to earn money,” but he allegedly has suggested ways to reduce expenses and boost revenue. There may be a “slight cost” for governments and businesses to use Twitter, and employment cuts may be considered to increase the company’s bottom line. Musk’s ambitions for the platform have drawn criticism from some current Twitter staff members for being “incoherent” and vague.
Musk has also mentioned using Twitter to develop “X, the everything app.” This is a reference to the WeChat app from China, which began as a messaging service but has subsequently expanded to include a variety of enterprises, including shopping, payments, and games. In June, Musk told Twitter employees, “You practically live on WeChat in China.” We’ll be a huge success if we can accomplish that with Twitter, says the team.
