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Elon Musk plans to assume the role of chief executive officer at Twitter Inc after completing his $44 billion acquisition, taking the helm of the social media giant on top of leading Tesla Inc and SpaceX.
Musk intends to replace Parag Agrawal, who was fired along with other major executives upon completion of the takeover, a person familiar with the matter said, asking not to be identified discussing internal deliberations. The billionaire is expected to remain CEO in the interim but may eventually cede the role in the longer term, the person added. Twitter representatives declined to comment.
Musk’s acquisition puts the world’s richest man in charge of a struggling social network after six months of public and legal wrangling. Among Musk’s first moves: changing the leadership. Departures include Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012. Edgett was escorted out of the building, Bloomberg News reported.
Musk also intends to do away with permanent bans on users because he doesn’t believe in lifelong prohibitions, the person said. That means people previously booted off the platform may be allowed to return, though it was unclear if that included 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 caps a convoluted saga that began in January with the billionaire’s quiet accumulation of a major stake in the company, his growing exasperation with how it’s run and an eventual merger accord that he later spent months trying to unravel.
Musk intends to replace Parag Agrawal, who was fired along with other major executives upon completion of the takeover, a person familiar with the matter said, asking not to be identified discussing internal deliberations. The billionaire is expected to remain CEO in the interim but may eventually cede the role in the longer term, the person added. Twitter representatives declined to comment.
Musk’s acquisition puts the world’s richest man in charge of a struggling social network after six months of public and legal wrangling. Among Musk’s first moves: changing the leadership. Departures include Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012. Edgett was escorted out of the building, Bloomberg News reported.
Musk also intends to do away with permanent bans on users because he doesn’t believe in lifelong prohibitions, the person said. That means people previously booted off the platform may be allowed to return, though it was unclear if that included 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 caps a convoluted saga that began in January with the billionaire’s quiet accumulation of a major stake in the company, his growing exasperation with how it’s run and an eventual merger accord that he later spent months trying to unravel.
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