Elon Musk Closes Twitter Deal, Fires CEO, CFO

Elon Musk has taken full control of Twitter.  Reports highlight that Musk and Twitter formally closed the deal on Thursday evening. Parag Aggarwal has resigned as the CEO of Twitter. Some conflicting reports also reveal that Musk indeed fired Parag and escorted him out of the building.

Twitter CFO Ned Segal has also resigned from the position. Both former CEO Parag Aggarwal and Segal have left the San Francisco headquarters for the last time. Reports also highlight that Musk has fired Twitter’s head of legal policy, who made the decision to fire Trump.

Twitter’s share prices are up by 0.3% in the after-hours. However, Twitter shares will be suspended from trading until the deal is formally announced.

Elon Musk Twitter Deal Timeline

After publicly criticizing Twitter for censorship and its bots issue, Musk joined the company’s board. However, soon Musk extended an offer to Twitter’s board to buy the company at a $44 billion price. This was equivalent to a price of $54.20 per share.

Musk however reneged on the offer as he complained that Twitter underreported its bots problem. Twitter sued Musk for tanking the company’s stock by reneging on its offer. Eventually, Elon Musk informed Twitter that he will buy the company at the original price.

Musk wants to make Twitter censor-resistant so that people can share their views without interference. He wants Twitter to be a common ground so that the platform is not split between far-left and far-right views. He also wants to solve the issue of bots on Twitter and make Twitter’s code open-source.

Musk engaged in humor as the deal came close to being done. Musk updates his Twitter profile and called himself the “Chief Twit”. He also brought a sink to the Twitter headquarters.

Twitter Share Inches Towards Offered Price

Elon Musk offered to buy Twitter at the price of $54.20 per share. When Musk reneged on the offer, Twitter’s stock plummeted. However, since the deal came back on the table, the share prices are close to returning to the original price.

Twitter shares are currently priced at $53.70.

Nidhish is a technology enthusiast, whose aim is to find elegant technical solutions to solve some of society’s biggest issues. He is a firm believer of decentralization and wants to work on the mainstream adoption of Blockchain. He is also big into almost every popular sports and loves to converse on a wide variety of topics.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.