NEW YORK, October 28, 2022– Elon Musk has completed his deal to buy Twitter and has taken control, firing CEO Parag Agrawal and CFO Ned Segal, according to sources.
Elon Musk completed his $44 billion Twitter deal to take over the social network, according to people familiar with the matter.
Also leaving are Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012, according to people familiar with the matter, who declined to be named because the information isn’t public, according to Bloomberg.
The people wouldn’t say if all the paperwork for the deal, originally valued at $44 billion, had been signed or if the deal has closed. But they said Musk is in charge of the social media platform.
The departures come just hours before a deadline set by a Delaware judge to finalize the deal on Friday. She threatened to schedule a trial if no agreement was reached.
Although they came quickly, the major personnel moves had been widely expected and almost certainly are the first of many major changes the mercurial Tesla CEO will make.
Musk privately clashed with Agrawal in April, immediately before deciding to make a bid for the company, according to text messages later revealed in court filings.
Musk said in a released statement “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,” Musk wrote in a released statement.
Musk said Twitter should be “warm and welcoming to all” and enable users to choose the experience they want to have.
Friday’s deadline to close the deal was ordered by the Delaware Chancery Court in early October.
He strolled into the company’s San Francisco headquarters Wednesday carrying a porcelain sink, changed his Twitter profile to “Chief Twit,” and tweeted “Entering Twitter HQ — let that sink in!”
And overnight the New York Stock Exchange notified investors that it will suspend trading in shares of Twitter before the opening bell Friday in anticipation of the company going private under Musk.
Musk is expected to speak to Twitter employees directly Friday if the deal is finalized, according to an internal memo cited in several media outlets. Despite internal confusion and low morale tied to fears of layoffs or a dismantling of the company’s culture and operations, Twitter leaders this week have at least outwardly welcomed Musk’s arrival and messaging.
Top sales executive Sarah Personette, the company’s chief customer officer, said she had a “great discussion” with Musk on Wednesday and appeared to endorse his Thursday message to advertisers.
Bloomberg, ABC News and AP News contributed to the article.