Elon Musk seals $44bn Twitter deal

TESLA Founder Elon Musk sealed the $44 billion Twitter deal on Thursday, October 27, a day ahead of the court deadline – Friday, October 28.

Early in October the tycoon reaffirmed his decision to buy Twitter stating that he is ready to take over. Without a deal, both would have faced a trial this November.

Musk Tweeted “the bird is freed” after his takeover of the platform making him the “Chief Twit” as seen on his profile

This is coming after months of a protracted legal tussle between Musk and the app’s board of directors.

Twitter accepted Musk’s proposal to buy the social media service in April this year.

However, Tesla’s CEO doubted the agreement, alleging that the company failed to disclose the actual number of spam and fake accounts. The development led to a law suit against him.

Following Musk’s takeover, some of Twitter’s top executives were dismissed, namely: the Chief Executive Officer, Parag Agrawal, Chief Financial Officer Ned Segal and Policy Executive, Vijaya Gadde. Chairman Bret Taylor updated his LinkedIn profile.

Both Agrawal and Segal were escorted out of Twitter’s San Francisco headquarters at the close of the deal.

Twitter Co-Founder Biz Stone appreciated their “collective contribution” to the enterprise.

On Wednesday the World’s richest man, Musk tweeted a video walking into Twitter’s San Francisco headquarters carrying a kitchen sink, captioned: “let that sink in!”.

The SpaceX founder had posted his future plans for Twitter to include “the everything app, X”; inspired by ASian app.

Musk’s co-investors, Oracle co-founder Larry Ellison and Saudi Prince Alwaleed bin Talal, are contributing $7.1 billion while Banks like Morgan Stanley and Bank of America are adding $13 billion in debt financing, towards the deal.

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