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Elon Musk takeover Twitter as top executives including Parag Agrawal fired

The world’s richest man closed his blockbuster purchase of the social media service, thrusting Twitter into a new era.

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Elon Musk’s $44 billion purchase of Twitter reportedly closed in dramatic fashion late Thursday: In his first action after taking control, Musk fired several top executives, according to media reports.

The departures included CEO Parag Agrawal, Chief Financial Officer Ned Segal and Vijaya Gadde, head of legal policy, trust, and safety, the Washington PostCNBC, and others reported, citing anonymous sources. General counsel Sean Edgett was also reportedly fired.

The purchase was expected to resolve a six-month period of financial uncertainty for the San Francisco social media company. But with major changes already taking place, plenty of questions remain. Here are five:

What happens to Twitter’s workforce?

The Washington Post reported last week that Musk had told investors that he planned to cut almost 75% of Twitter’s 7,500 employees, which would gut the company. But Bloomberg reported on Wednesday that the billionaire told employees he isn’t planning that much of a reduction, though some layoffs are planned.

Twitter’s stock delisted from the New York Stock

According to techcrunch, Twitter’s stock will 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 comes a day after Elon Musk completed the company’s takeover after a lengthy ordeal late Thursday. Incidentally, the delisting is taking place on the same date as the U.S. midterm elections.

“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.

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