The world’s richest man is now in charge of the struggling social network after six months of public and legal wrangling over the deal.
completed his $44 billion acquisition of Twitter Inc., according to people familiar with the matter, putting the world’s richest man in charge of the struggling social network after six months of public and legal wrangling over the deal.
Among Musk’s first moves: changing the leadership. Departures include CEO Parag Agrawal; Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012, according to people familiar with the matter. Edgett was escorted out of the building, said two of the people, who asked not to be identified because the information isn’t public.
Twitter employees have been bracing for layoffs since the transaction was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal. Some potential investors were told Musk plans to cut 75% of Twitter’s workforce, which now numbers about 7,500, and expects to double revenue within three years, a person familiar with the matter said earlier this month.
Last week, Twitter froze the equity awards accounts for employees in anticipation of the deal closing. That prompted concerns among workers that he stock awards will not be paid, people familiar with the matter said, and some employees are discussing and researching labor laws to ensure they get the correct type of severance.