Elon Musk Sacks Twitter CEO Parag Agrawal, Other Top Executives


Alt: = "Elon Musk, Twitter logo and Parag Agrawal"

Elon Musk, the new owner of Twitter, on Thursday fired top executives of the social media company including the Chief Executive Officer Parag Agrawal following his $44 billion acquisition of the microblogging platform.

Other Twitter executives fired included Ned Segal, the chief financial officer, Vijaya Gadde, the top legal and policy executive, and Sean Edgett, the general counsel at Twitter since 2012. 

The Tesla CEO sealed takeover of Twitter before the end of the court-imposed deadline of October 28.

There had been speculations of mass sacks upon his acquisition of the company   

The Washington Post in its exclusive report last week cited interviews and documents, alleging that Mr Musk had told prospective investors that as part of his deal to buy Twitter, he would layoff about 75 per cent of the company’s 7,500 workers. 

Twitter debunked the report and assuring its staff that there were no plans for company-wide layoffs. 

In an open letter on Thursday, Mr Musk, who had said he detest online ads, told Twitter’s advertisers about the platform’s future, saying he does not want the platform to become a “free-for-all-hellscape where anything can be said with no consequences.” 

Mr Musk said he planned to reverse the permanent bans of accounts previously removed from the platform for violating its rules, including former President Donald Trump’s.

“In addition to adhering to the laws of the land, our platform must be warm and welcoming to all, where you can choose your desired experience according to your preferences,” he tweeted. “Fundamentally, Twitter aspires to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise … Let us build something extraordinary together.”

On Tuesday, Reuters reported that equity investors like Sequoia Capital, Binance, Qatar Investment Authority and others received the paperwork for the financing commitment from Mr Musk’s lawyers.

In early October, Mr Musk agreed to buy the company at $54.20 per share, the price he agreed to pay for the company in April after a lengthy legal battle over the terms of the acquisition deal. 

In July, the billionaire attempted to pull out of the deal alleging that there were many bot account on Twitter platform and accused the Twitter of failing to disclose information about fake accounts. However, Twitter approached the court in July, asking it to compel him to complete the deal. Twitter told court that the software Musk used to calculate fake accounts flagged Musk himself as bot

“Musk refuses to honour his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests,” Twitter said in the suit. “Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”

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