Elon Musk plans to take on the role of chief executive officer at Twitter Inc after completing its $44 billion acquisition, taking the helm of the social media giant alongside leading Tesla Inc and SpaceX.
Musk intends to replace Parag Agrawal, who was fired along with other major executives after completing the takeover, a person familiar with the matter said, requesting anonymity to discuss internal discussions. The billionaire is expected to remain as CEO in the interim but could eventually step down from the role in the long-term, the person added. A Twitter representative declined to comment.
Musk buys back put the world’s richest man at the helm of a struggling social network after six months of public and legal wrangling. Among Musk’s first moves: a change of leadership. Departures include Vijaya Gadde, head of legal, policy and trust; CFO Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been a general counsel at Twitter since 2012. Edgett was escorted out of the building, Bloomberg News reported.
Musk also intends to remove permanent bans on users because he doesn’t believe in lifetime bans, the person said. That means those who previously started the platform could be allowed to return, though it’s unclear if that includes former president Donald Trump, the person said.
Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company. The completion includes a convoluted story that began in January with the billionaire’s accumulation of a large stake in the company, his growing frustration with the way it worked, and an eventual merger deal. which he later spent months unraveling.
Musk intends to replace Parag Agrawal, who was fired along with other major executives after completing the takeover, a person familiar with the matter said, requesting anonymity to discuss internal discussions. The billionaire is expected to remain as CEO in the interim but could eventually step down from the role in the long-term, the person added. A Twitter representative declined to comment.
Musk buys back put the world’s richest man at the helm of a struggling social network after six months of public and legal wrangling. Among Musk’s first moves: a change of leadership. Departures include Vijaya Gadde, head of legal, policy and trust; CFO Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been a general counsel at Twitter since 2012. Edgett was escorted out of the building, Bloomberg News reported.
Musk also intends to remove permanent bans on users because he doesn’t believe in lifetime bans, the person said. That means those who previously started the platform could be allowed to return, though it’s unclear if that includes former president Donald Trump, the person said.
Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company. The completion includes a convoluted story that began in January with the billionaire’s accumulation of a large stake in the company, his growing frustration with the way it worked, and an eventual merger deal. which he later spent months unraveling.
