Elon Musk finally becomes "Chief Twit", closes Twitter deal at $44 billion

Musk fires multiple people from Twitter's C-suite, including CEO Parag Agarwal, after gaining control of the social medial platform.

After months of ups and downs, Tesla CEO has finally bought social media platform Twitter. The public tussle between Musk and Twitter board has been going since the former announced his interest in buying Twitter. After multiple challenges and legal hurdles, Musk has been able to close the deal at $44 billion. New York Stock Exchange will also suspend trading of Twitter's shares from today, that is, October 28.

the bird is freed

— Elon Musk (@elonmusk) October 28, 2022

Hours before the deal was finally closed, Musk shared that his motivations to purchase Twitter were not restricted to making financial gains. He mentioned that through the acquisition he wishes to make the app more open for healthy debates and free flow of opinions and ideas.

He also said that advertising on the app will be repurposed to show users ads that are as relevant as possible to them. "Low relevance ads are spam whereas high relevance ads are actually content," Musk said in a tweet.

In addition, Musk has also said that he will "defeat" spam bots and make the overall experience more relevant and enriching for the user.As of now, Musk hasn't shared his plans about  how he plans on repurposing the app.

Reports have come out saying that Musk will be looking to downsize the employee headcount of Twitter by laying off about 75 percent of Twitter's staff. Washington Post reports that he will be looking to reduce the headcount from 7500 to 2000. There has been no confirmation on this as of now.

However, Musk has already begun letting go multiple people in the top leadership. He has terminated CEO Parag Agarwal, CFO Ned Segal, and Legal affairs and policy chief Vijaya Gadde with immediate effect, Washington Post and CNBC reported.