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Musk reportedly completes Twitter takeover, fires top execs

A judge gave Musk until Oct. 28 to complete the purchase.

Published: October 27, 2022 8:51pm

Updated: October 27, 2022 9:46pm

Tesla founder Elon Musk has completed his purchase of social media giant Twitter and fired both CEO Parag Agrawal and CFO Ned Segal, the Wall Street Journal reported, citing "people familiar with the matter."

Musk originally negotiated a deal in late April to purchase the platform for $44 billion before withdrawing his bid, which in turn prompted a suit from the company to force him to complete the deal.

Much of the billionaire's hesitance stemmed from concerns over the prevalence of fake accounts on the platform, also known as "bots." He also warned that the platform's algorithm was manipulating its users.

Amid the legal battle, Musk offered to honor his original agreement and buy the platform at the original price. A judge in turn stayed the suit and gave Musk until Oct. 28 to complete the purchase.

The prospect of a Musk takeover has delighted some conservative figures, given his vow to reinstate the account of former President Donald Trump, as well as many other censored persons, and to end the company's throttling of disfavored viewpoints.

Shortly before the reported takeover, Musk told investors he was planning to cut 75% of the company's workforce after the purchase. Twitter currently employs roughly 7,500 people while Musk plans to run it on a mere 2,000. He previously told employees that "work expectations would be extreme" when he took over.

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