Elon Musk completes $44bn Twitter takeover
Tesla CEO Elon Musk is now in charge of Twitter, CNBC has learned.
Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company’s San Francisco headquarters and will not be returning, sources said. Vijaya Gadde, the head of legal policy, trust, and safety was also fired, the Washington Post reported.
Musk had until Friday to complete his $44 billion acquisition of Twitter or face a court battle with the company.
The billionaire tweeted “the bird is freed” in an apparent reference to the takeover being completed.
In April, Twitter accepted Musk’s proposal to buy the social media service and take it private. However, Musk soon began sowing doubt about his intentions to follow through with the agreement, alleging that the company failed to adequately disclose the number of spam and fake accounts on the service.
When Musk said he was terminating the deal, Twitter sued the billionaire, alleging he “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
In the ensuing months, Twitter and Musk would trade barbs via their attorneys as the two parties were slated to head to Delaware’s Court of Chancery to determine the fate of the company and whether it would end up in the Tesla chief’s hands.
Musk arrived at the Twitter headquarters earlier this week carrying a sink, and documented the event on Twitter, saying “Entering Twitter HQ – let that sink in!”
Musk also updated his Twitter description to “Chief Twit.”
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