Long Drama Is Over, Elon Musk Officially Acquires Twitter

Long Drama Is Over, Elon Musk Officially Acquires Twitter

After a long process and months of convoluted drama, Tesla CEO Elon Musk has officially completed the acquisition of Twitter Inc. worth US$44 billion or Rp683 billion. After officially buying it, Elon Musk immediately reshuffled its leadership ranks.

Reporting from Bloomberg on Friday (10/28/2022), Twitter public shareholders will receive a payment of US $ 54.2 per share according to the agreement. With this, Twitter is officially delisted from the US stock exchange.

After taking control of Twitter, Elon immediately reshuffled the ranks of the social media leadership. He removed the Chief Executive Officer Parag Agrawal; Head of Legal Vijaya Gadde, Chief Financial Officer Ned Segal, and Twitter general counsel Sean Edgett.

The completion of this acquisition closes the long story of the acquisition process which is full of drama. Elon Musk started accumulating Twitter shares in January. In March, he disclosed acquisition plans and reached a price agreement with it.

However, Elon then unilaterally decided to cancel the acquisition. Elon Musk has accused Twitter of being dishonest about the number of bot users and fake accounts on the social media platform. This cancellation led to Twitter’s lawsuit against Elon.

Initially, the inaugural trial was to be held today, but on October 4, Elon again changed his mind and agreed to continue with the agreement.

In fact, Elon Musk’s control will have a direct impact on Twitter operations because many of his ideas on how to change the company contradict the way it has been running for years.

Elon Musk has said he wants to ensure free speech on the social network, which is likely to mean looser standards of content moderation and plans to recover some high-profile accounts banned for violating the rules, including Trump’s former US President Donald.

More broadly, Elon Musk’s initiative threatens to undo Twitter’s years-long efforts to reduce bullying and abuse on the platform.