Elon Musk Official Buys Twitter | Fires Top Executives
CNBC also reports that the previous management has left the headquarters. Musk paid $54.20 per share, which totals around $44bn.
Because of Musk’s purchase of Twitter, the social network is excluded from the S&P 500 index, which has a basket of 505 shares of 500 selected publicly traded companies on US stock exchanges.
The S&P 500’s methodology involves removing shares from the index, in the event of a merger, takeover, or restructuring of the organization. Elon Musk intends to put Twitter back on the stock exchange in three to five years.
The billionaire himself stated that the main reason for acquiring Twitter was to create a digital environment with free discussion and free speech. In his opinion, modern social media right now is on the verge of splitting due to political beliefs, and such an alignment needs to be corrected.
According to CNN, Elon Musk has already taken charge of Twitter and has fired some of its top executives. Musk fired CEO Parag Agrawal and two other executives, according to two people familiar with the decision but Twitter has declined to comment on the issue.
Among the changes Musk could be making after his Twitter takeover may include restoring the Twitter account of former U.S President Donald J Trump and his friends, Kanye West since he has made it clear he is going to encourage “free speech”.
