Elon Musk, the world’s richest man, has completed a $44 billion acquisition of Twitter and plans to serve as Twitter’s chief executive, according to people familiar with the matter , in a dramatic takeover battle that has finally come to an end , and the social media giant will also usher in major changes.
The first step in the change is to rectify the personnel structure. People familiar with the matter pointed out that after Musk took over Twitter, the first thing he did was to fire the company’s four senior executives, including CEO Parag Agrawal, Chief Financial Officer Ned Segal, Chief Legal Officer Sean Edgett and head of legal policy Vijaya Gadde were all fired by Musk, and at least one was escorted away by guards.
Neither Musk nor Twitter have made an official announcement on the matter, and a Twitter spokesman declined to comment. It’s unclear who will take over the top job, but Bloomberg reports that Musk plans to serve as Twitter’s chief executive.
Earlier, Musk posted an article explaining the reasons for the acquisition of Twitter. He reiterated that he always believed that digital public opinion squares are crucial to civilization. Twitter must not become a place of lawlessness, but should be under the rule of law. By allowing users to choose what they like, he promised to make Twitter a respectable advertising platform.
A moment of victory for the cryptocurrency community
Musk’s successful acquisition of Twitter is a triumphant moment for the cryptocurrency community. Under his leadership, will Twitter become more active in deploying cryptocurrencies?
In fact, Twitter has shaped itself as a cryptocurrency-friendly platform, adding a Bitcoin “tip feature” in September last year, and expanding the tip currency to ether in February this year.
Musk’s vision, however, appears to be more comprehensive, having proposed in June that Twitter would integrate cryptocurrency payments, and news broke earlier this week that Twitter was developing a cryptocurrency that would support deposits and withdrawals. Currency Wallet, today announced a new feature that allows users to directly buy, sell, and showcase NFTs through tweets.
In addition to cryptocurrency payments, Musk has noted in the past that his goal is to eliminate cryptocurrency scams on Twitter.
Ben Weiss, CEO of Bitcoin ATM company CoinFlip, said:
Musk has been outspoken about his stance on cryptocurrencies and blockchain over the past few years. He understands Web3 and the potential of blockchain technology that will help drive adoption growth.