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After almost 7 months of trouble, Elon Musk has finally completed the acquisition of Twitter which was announced in April 2022.
This acquisition has finally put an end to the dramatic saga which had been unfolding since May 2022. With the successful completion of this deal, the Tesla chief has fired CEO Parag Agrawal, CFO Ned Segal, general counsel Sean Edgett, and head of legal policy, trust, and safety, Vijaya Gadde.
Mr. Musk visited Twitter's headquarters yesterday where he completed the deal in the presence of Agarwal and Segal, who were escorted out later. He also changed the name of his Twitter handle to 'Chief Twit'.
What is the future of Twitter?
The Tesla CEO has been vocal about his wishes such as defeating spam bots, making certain algorithms public, ensuring tweet editing and preventing the platform from becoming a place of hate speech. However, he has not offered any concrete details regarding the same.
The SpaceX founder has stated that he is trying to ensure free speech and "help humanity". The reports had also suggested a 75% reduction in the workforce by the billionaire, but the same was denied.
He has stated that he does not want Twitter to become a "for-all hellscape where anything can be said with no consequences". His decision to restore free speech on the social media platform triggered concerns among advertisers. However, he assured advertisers, who accounted for the majority of Twitter's revenues, stating that he wanted Twitter to be "warm and welcoming to all".
He also added that Twitter “aspired to be the most respected advertising platform in the world that strengthens your brand and grows your enterprise”.
The stock of Twitter closed at $53.70 yesterday, witnessing a share volume of 136 million against the daily average of around 25 million.
Article by Aman Agarwal.
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