US: The world’s richest man, Elon Musk, has completed his $44bn (£38.1bn) takeover of Twitter, according to US media and an investor in the firm.
He tweeted “the bird is freed,” in an apparent reference to the deal closing. A number of top executives, including the boss, Parag Agrawal, have reportedly been fired.
It brings to a close a saga that saw Twitter go to court to hold the multi-billionaire to the terms of a takeover deal that he had tried to escape.
Twitter has not yet confirmed the takeover, but an early investor in the company told the BBC that the deal had been completed.
Twitter’s chief executive Parag Agrawal and Chief Financial Officer Ned Segal are no longer with the company, according to US media reports. Musk, a self-styled “free speech absolutist”, has been critical of Twitter’s moderation policies and the news will be greeted with mixed feelings by Twitter users and employees.
Many analysts argued the price Musk is now paying for the company is too high given the decline in the values of many tech stocks and Twitter’s struggle to attract users and grow. On a recent earnings call, the Tesla founder said Twitter was “an asset that has just sort of languished for a long time, but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now”.
Musk’s early investments in Twitter initially escaped public attention. In January, he began making regular purchases of shares, so that by the middle of March he had accumulated a 5% stake in the firm. In April, he was revealed as Twitter’s largest shareholder, and by the end of the month, a deal was finally reached to buy the company for US$44bn.
He said he planned to clean up spam accounts and preserve the platform as a venue for free speech.
But by mid-May Musk, a prolific Twitter user, had begun to change his mind about the purchase, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.
In July, he said he no longer wished to acquire the company. Twitter, however, argued the billionaire was legally committed to the acquisition and eventually filed a lawsuit to hold him to the deal.- BBC NEWS
Elon Musk completes USD 44 Bn Twitter takeover
US: The world’s richest man, Elon Musk, has completed his $44bn (£38.1bn) takeover of Twitter, according to US media and an investor in the firm.
He tweeted “the bird is freed,” in an apparent reference to the deal closing. A number of top executives, including the boss, Parag Agrawal, have reportedly been fired.
It brings to a close a saga that saw Twitter go to court to hold the multi-billionaire to the terms of a takeover deal that he had tried to escape.
Twitter has not yet confirmed the takeover, but an early investor in the company told the BBC that the deal had been completed.
Twitter’s chief executive Parag Agrawal and Chief Financial Officer Ned Segal are no longer with the company, according to US media reports. Musk, a self-styled “free speech absolutist”, has been critical of Twitter’s moderation policies and the news will be greeted with mixed feelings by Twitter users and employees.
Many analysts argued the price Musk is now paying for the company is too high given the decline in the values of many tech stocks and Twitter’s struggle to attract users and grow. On a recent earnings call, the Tesla founder said Twitter was “an asset that has just sort of languished for a long time, but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now”.
Musk’s early investments in Twitter initially escaped public attention. In January, he began making regular purchases of shares, so that by the middle of March he had accumulated a 5% stake in the firm. In April, he was revealed as Twitter’s largest shareholder, and by the end of the month, a deal was finally reached to buy the company for US$44bn.
He said he planned to clean up spam accounts and preserve the platform as a venue for free speech.
But by mid-May Musk, a prolific Twitter user, had begun to change his mind about the purchase, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.
In July, he said he no longer wished to acquire the company. Twitter, however, argued the billionaire was legally committed to the acquisition and eventually filed a lawsuit to hold him to the deal.