New Delhi, Oct 28: After six months of the public and legal battle over the purchase, Elon Musk finally completed his $44 billion acquisition of Twitter Inc., according to people familiar with the situation, placing the world’s richest man in charge of the faltering social network.
One of Musk’s first actions was to replace the leadership. According to persons with knowledge of the situation, departures include Twitter CEO Parag Agrawal, director of legal, policy, and trust Vijaya Gadde, chief financial officer Ned Segal, who joined Twitter in 2017, and general counsel Sean Edgett, who has served as Twitter’s general counsel since 2012.
According to two of the people who requested anonymity because the details are private, Edgett was led out of the building.
Twitter will now be a private corporation and shareholders will receive $54.20 per share. The conclusion brings to an end a complicated process that started in January with the billionaire quietly building up a sizable investment in the business, his mounting displeasure with the way it’s handled, and an eventual merger agreement that he later spent months trying to undo.
On October 4, Musk decided to move forward with the terms he had first suggested, and a Delaware Chancery Court judge granted the two parties until October 28 to complete the transaction. That deadline was met, and now Musk, who also serves as CEO of SpaceX and Tesla Inc., also has power of Twitter, which he frequently uses but openly criticises and which he has promised to fundamentally alter.
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