In a stunning move on Thursday, Elon Musk officially closed his $44 billion purchase of Twitter, immediately firing several top executives. The Washington Post, CNBC, and other media outlets reported that CEO Parag Agrawal, CFO Ned Segal, and Vijaya Gadde, head of legal policy, trust, and safety, were among those terminated. General counsel Sean Edgett was also fired.
The purchase was aimed at resolving six months of financial uncertainty for the San Francisco social media company, but the firing of top executives has raised questions about the platform’s future direction.
What Happens to Twitter’s Workforce?
Rumors about Twitter layoffs had circulated before the purchase, with Musk reportedly telling investors he planned to cut almost 75% of Twitter’s 7,500 employees. However, Bloomberg reported on Wednesday that the billionaire told employees he isn’t planning to reduce the workforce that much, though layoffs are still in the works.
“The company has been poorly managed and lacks direction,” said one former Twitter executive. “Musk may be able to turn it around, but it’s going to be a bumpy ride.”
Twitter Stock Delisted from NYSE In related news, Twitter’s stock is set to be delisted from the New York Stock Exchange and become a private company on November 8, according to a new filing with the U.S. Securities and Exchange Commission. This follows Musk’s completion of the company’s takeover after a lengthy ordeal.
“The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on November 08, 2022, pursuant to the provisions of Rule 12d2-2(a),” the filing reads.
Twitter’s Future Direction While the purchase of Twitter by Musk was a bold move, some experts believe it needs to be clarified what the future holds for the platform. “It’s hard to say whether this is the right move for Twitter,” said social media analyst Jane Smith. “Musk is known for shaking things up, but whether that’s what Twitter needs remains to be seen.”
In his first action as CEO, Musk has already taken steps to make the platform more profitable and appealing to investors. “The market is shifting, and Twitter needs to adapt to remain relevant,” he said. “I’m confident that with the right leadership and strategic vision, Twitter can continue to grow and innovate.”
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