"The bird is loose": Elon Musk owns Twitter

The CEO and founder of Tesla and SpaceX has officially completed the acquisition of the social network - and has assumed the role of CEO.

Among his first steps: the release of all blocked accounts and the dismissal of senior members of the company

Yanon ben Shoshan

10/28/2022

Friday, October 28, 2022, 08:38 Updated: 10:53

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Twitter (Photo: Reuters)

The richest man in the world, Elon Musk, founder and owner of the companies Tesla and Spacex, completed the purchase of Twitter tonight (Friday) for 44 billion dollars.

Immediately after, he tweeted: "The bird is released."

On April 26, 2022, Elon Musk - himself one of the heaviest users of the platform - announced that he was purchasing it for $44 billion.

However, the deal stalled and Musk backed out - but became a prisoner of his promise and was actually "forced" to stand behind the offer he submitted for the purchase.

After the deal was completed, Musk fired senior management at the company, including Twitter CEO Parag Aggarwal, CFO Ned Segal, and director of legal and policy affairs Vijaya Gada.

Musk is expected to pay 200 million dollars to the three.

In the meantime, Musk will assume the position of CEO of Twitter, and among his first steps will be to release all the restrictions imposed on users of the social network.

the bird is free

— Elon Musk (@elonmusk) October 28, 2022

The acquisition process began in April, when Musk offered to purchase Twitter at a price 5% higher than the price at which the social network traded - which set the company's value at $44 billion.

Later, he retracted the decision on the grounds that the company had misled him about the number of users on the social network and the number of fake accounts.

Unsurprisingly, Twitter was outraged by the decision to cancel the deal - and filed a lawsuit, where it was claimed that the merger contract that Musk signed in April is "binding" and he is legally required to complete the deal.

In addition, Twitter rejected Musk's claims and called them "baseless excuses", explaining that the data he received was based on a misunderstanding of how the company links bots and fake accounts on its platform.

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