Musk begins Twitter ownership with layoff and declares ‘Birds Freed’

Musk said the $44 billion deal “has been freed” Some Twitter users have expressed their intention to leave after Musk fired Twitter CEO, CFO and policy chief Voting shows employee job concerns, EU warns Says: “This bird will fly by our rules” NEW YORK, Oct 28 (Reuters) – Elon Musk took over ownership of Twitter Inc (TWTR.N) with brutal efficiency and fired chief executive, but influential social media platform It’s not clear how to achieve the ambitions he described. He tweeted after completing the $44 billion acquisition on Thursday, referring to Twitter’s new logo in hopes of reducing restrictions on the content the company can post. To prevent the platform from becoming an echo of hatred and division. The intent is publicly available to users, but Musk has not provided details on how all this will be achieved and who will run the company. He said he was planning a layoff, which left 7,500 Twitter employees nervous about the future. He also said on Thursday that he didn’t buy Twitter to make more money, but “to help the humanity I love.” within 3 months. Blind allows employees to submit grievances anonymously after signing up with a company email. According to sources familiar with the matter, Musk has fired Twitter CEO Parag Agrawal, CFO Ned Segal and Vijaya Gadde’s head of legal and policy. He accused him of misleading himself and Twitter investors about the number of fake accounts on the platform. Agrawal and Segal were at Twitter’s San Francisco headquarters when the deal was closed and were escorted, the source added. Musk, who also runs rocket company SpaceX, is familiar with the matter and plans to become Twitter’s interim CEO, according to a previous report by Reuters. Bloomberg told Bloomberg that Musk plans to lift the permanent ban on users. Twitter, Musk and management did not immediately respond to requests for comment. With a big smile on Wednesday, along with a porcelain sink, he tweeted “Let it sink” in the next tweet. He changed his Twitter profile description to “Chief Twit”. Musk said he would lift the Twitter ban on Donald Trump, whose account was deleted after the Capitol attack in May. A Trump spokesperson did not immediately respond to a Reuters request for comment, but said the former US president did not previously return to the platform and instead launched his own social media app, Truth Social. Musk tried to calm the fears of Twitter employees. He reassured advertisers that massive layoffs are approaching and that his past criticism of Twitter’s content moderation rules won’t hurt its appeal. Musk said in an open letter to advertisers on Thursday that some Twitter users were quick to leave the company after news of the deal spread. Expect him,” said the user with the @mustlovedogsxo account.[1/2] The Twitter logo and photo of Elon Musk are displayed through a magnifying glass in this picture taken on October 27, 2022. REUTERS/Dado Ruvic/Illustration European regulators have also reiterated past warnings under Musk’s leadership that Twitter must still comply with local digital services laws. EU Industry CEO Thierry Breton tweeted Friday morning, “If you don’t control illegal content, you face huge fines on businesses. Privacy is a priority.” Twitter already knows our personality dangerously well due to the pervasive surveillance of all our clicks. Now, this knowledge will be in Musk’s hands.” Musk said he sees Twitter as the basis for creating a “supermarket” – an “app” that provides everything from money transfers to shopping and rides. Twitter is the most important business. This “heavy twitter” accounts for less than 10% of total monthly users, but generates 90% of all tweets and half of global revenue. Musk will struggle to monetize. The reins are often not to the taste of advertisers.” Hargreaves Lansdown Analyst Susannah Streeter said. The process leading up to the ASAGA deal was fraught with twists and turns and raised questions about whether it would actually happen. It started on April 4th when Musk unveiled a 9.2% stake in Twitter, becoming the company’s largest shareholder. After that, the richest man in the world agreed to join the Twitter board, but at the last minute offered to buy Musk for $54.20 a share. .In just one day at the end of April, both sides reached a deal without Musk performing due diligence on the company’s confidential information. He publicly complained about Twitter’s spam accounts, and his lawyer accused Twitter of not responding to requests for information on the subject. Four days later, Twitter sued Musk to complete the acquisition, and the stock market at the time plummeted on fears of a possible recession. Twitter criticized the buyer’s remorse, claiming that Musk wanted to be taken out of the deal because he thought he had overpaid. Most legal analysts thought Twitter would win in court, and on October 4th Musk made another U-turn, offering to close the deal as promised. He did so a day before the deadline to avoid going to trial. Twitter shares closed at $53.86, up 0.3% from just below the agreed price on Thursday. The stock will be delisted from the New York Stock Exchange on Friday. Reuters Graphics Reuters GraphicsReporting by Sheila Dang and Greg Roumeliotis in New York; Further reports by Mathieu Rosemain of Paris, Foo Yun Chee of Brussels, Tanvi Mehta of New Delhi and Miyoung Kim of Singapore, Supantha Mukherjee of Stockholm and Anirban Sen of New York; Edited by: Nick Zieminski, Edwina Gibbs, Matt Scuffham, Elaine HardcastleOur Standard: Thomson Reuters Trust Principle.
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