Elon Musk Closes $44 Billion Twitter Takeover and Ousts Top Executives
Elon Musk officially acquires Twitter for $44 billion, immediately taking the company private and firing several top executives including the CEO. The deal concludes months of chaotic legal battles and public uncertainty.
Elon Musk officially closes his $44 billion acquisition of Twitter, taking the social media platform private after months of dramatic legal battles and public uncertainty. The deal concludes a chaotic saga that begins in early April when Musk first buys a massive stake in the company and quickly escalates into a high-stakes courtroom confrontation in Delaware.
Musk acts swiftly on his first day as owner, immediately ousting CEO Parag Agrawal, CFO Ned Segal, and top policy executive Vijaya Gadde. The removal of Gadde draws particular attention due to Musk's previous public criticisms accusing her of political bias, accusations that unfortunately subject her to severe online harassment in the lead-up to the takeover.
The path to this acquisition is incredibly rocky, as Musk initially attempts to back out of the agreement and forces Twitter to sue him to enforce the deal. Facing a looming trial date, strict scrutiny from a Delaware judge, and damaging pre-trial discovery, Musk ultimately reverses course and finalizes the massive purchase to officially take control of the social network.