Tesla and Spacex CEO Elon Musk has completed the acquisition of Twitter Inc. and reportedly fired the company’s CEO and CFO. “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square,” he said. “There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.”
Elon Musk takes over Twitter
Tesla CEO Elon Musk has completed his $44 billion acquisition of Twitter Inc. and has changed his Twitter profile description to “Chief Twit.” On Thursday night, he tweeted:
It is now free.
Immediately after the deal closed, Musk reportedly fired Twitter CEO Parag Agrawal, CFO Ned Segal, and Vijaya Gadde, the social media platform’s head of legal affairs and chief content moderator. Gadde was the head of the Twitter team that decided to ban Donald Trump as President after the Capitol Riot in 2021.
Musk explained why he bought Twitter on Thursday via Twitter. The billionaire detailed: “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”
He continued, “There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society,” elaborating:
It is also why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. To help my family and humanity whom I love, I did it.
Addressing Twitter advertisers, Musk explained: “Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”
Emphasizing that “It is essential to show Twitter users advertising that is as relevant as possible to their needs. Low relevancy ads are spam, but highly relevant ads are actually content,” the new Twitter boss concluded:
Twitter’s goal is to become the best advertising platform worldwide that builds your brand and expands your business.
Binance CEO Changpeng Zhao (CZ) confirmed Thursday that his company helped fund Musk’s Twitter acquisition, tweeting: “Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter.” Binance is among the 18 companies that committed to helping Musk fund the deal.
The Tesla CEO went to Twitter’s headquarters on Wednesday with a sink to close the deal. “Entering Twitter HQ – let that sink in!” he tweeted. Bloomberg reports that Musk said to Twitter workers during his visit, that he doesn’t plan to fire 75% of them.
Are you convinced that Twitter will become a more successful platform with Elon Musk’s leadership? Leave your comments below.
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