Taking Control of Twitter, Elon Musk Fires CEO Parag Agrawal and Others

Taking Control of Twitter, Elon Musk Fires CEO Parag Agrawal and Others

Business News

One of the most controversial takeovers has been completed now. Elon Musk finally completed the acquisition of Twitter by taking full control of the company. The richest Billionaire in the world is now the owner of the social media platform Twitter. The completion of the final acquisition has brought turmoil within Twitter. According to the reports, as soon as Tesla’s Owner took full control over Twitter, he fired Indian Origin CEO Parag Agrawal and other top executives including CFO Ned Segal and Vijaya Gadde the Head of Legal, Policy and Trust.     

Elon has also earlier accused the CEO and other top executives of misleading the investors over the fake accounts and bots on Twitter. Elon Musk tweeted “the bird is freed” indicating that the takeover of Twitter is complete.

The Billionaire posted a humorous video in which he is seen entering the Twitter Headquarters with a Kitchen Sink in his hand. And the caption of the video says “Entering Twitter HQ – let that sink in!”

How It All Began?

Elon Musk announced the plan of buying Twitter in April 2022 for $44 billion. But soon after a few weeks of the acquisition announcement Elon Musk disclosed that the deal was put on hold raising concerns over the number of bots and fake accounts on the social media platform. While many executives believe that Musk was only making excuses to put off the deal because he changed his mind. In regards to the same, Twitter filed a legal lawsuit against Elon Musk to clear the acquisition agreement. 

Ahead of the legal trial, the Tesla owner revived his Twitter takeover plan and closed the acquisition deal of Twitter for $44 Billion on Thursday (October 27, 2022). Elon Musk also mentioned “Chief Twit” in his Twitter bio. 

The clash between Elon Musk and Parag Agrawal was clearly seen on the Twitter thread. Post that, there were many speculations that as soon as Elon owns full ownership of Twitter, CEO Parag would have to leave the company. And the same happened, soon after Billionaire took over the company, he fired Parag and other top Twitter executives. 

Parag Agrawal held the position of CEO of Twitter in November 2021 after Jack Dorsey had stepped down. Unfortunately, before the completion of even a year, he had to leave the position. But as a part of the deal, Parag may get a $42 million payout following his exit from Twitter. This payout includes a year of Parag’s base salary and accelerated vesting of all equity awards.

Twitter ‘Blue Tick’ for $8/Month

After facing a backlash over his proposal to charge $20 per month, the new CEO Elon Musk has revised the rate to $8 per month.

“Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit. Power to the people! Blue for USD 8/month,” tweeted Tesla Boss.

The blue tick i.e. verified badge means that Twitter has confirmed that the particular account belongs to a person or the business claiming it. The service is currently available free of cost but users will now be required to pay a fee to keep the verified badge on their Twitter account.

Concluding Remarks

It will be interesting to see how Twitter will turn out after Musk’s takeover. Whether it turns out to be actually a platform that supports freedom of speech (as Elon mentions) or if this deal turns into a nightmare for the billionaire.  

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