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Elon Musk Fires Twitter CEO, Others After Acquisition

Billionaire businessman, Elon Musk, has taken full control of social media company, Twitter, following the completion of his $44 billion deal to acquire the company.

The sealed deal brings an end to the long and bumpy journey between Musk and Twitter which started in April 2022 when he first made an offer to buy the company.

Following Musk’s official takeover, he fired Twitter CEO, Parag Agrawal, Chief Financial Officer, Ned Segal, as well as other top executives of the company, CNN reports.

THE WHISTLER earlier reported that trading would be suspended on the company’s stocks on the New York Stock Exchange by Friday, and are unlikely to return as Musk has expressed plans to take the company private.

Twitter’s shares were trading at $53.92 in premarket trading yesterday (Thursday), compared with Musk’s offer price of $54.20 per share.

The deal between Musk and Twitter, which was initially agreed upon on April 25th, was first put on hold a few weeks later by Musk after he alleged that Twitter had been dishonest about the number of bots on the platform.

There were back and forths between Musk and Twitter reps before he officially informed the company that he was terminating the deal on July 8, stating that Twitter had drastically underrepresented the number of bot accounts in its public filings.

Twitter sued Musk four days later, in a bid to force him to go ahead with the deal, arguing that Musk’s reasons for terminating the deal were invalid. A trial was set to hold in Delaware Chancery Court on October 17.

Musk then relaunched his bid to acquire the company earlier this month, at his original offer price of $54.20 per share or $44 billion, which sent Twitter shares skyrocketing again.

Musk’s lawyers sent a letter to Twitter, informing the company of its intent to move forward with the deal and asking that the company, “adjourn the trial and all other proceedings related thereto pending such closing or further order of the Court”.

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