Elon Musk Officially Purchases Twitter, Fires Top Executives

It has finally been announced that Tesla (TSLA) CEO Elon Musk has closed the deal to buy Twitter (TWTR), according to CNBC.

Twitter’s lawsuit against Musk to move forward with the deal was set to resume at 5 pm ET on Friday, when the deal was set to close.

The Deal Reached Despite Musk’s Concern about Spam and Bot

The deal, first announced in April, hit a number of roadblocks, including Musk’s concerns over spam bots, while Twitter adopted a poison pill to prevent the deal.

In a letter to Twitter’s lawyers filed with the Securities and Exchange Commission earlier this month, Musk proposed renegotiating the deal at the initial price of $44 billion, or $54.20 per share.

Read More: Dogecoin Price Rise As Elon Musk’s Purchase of Twitter Near Completion

The share price of Twitter was $53.70 at the close of trading, while Musk’s crypto-currency dogecoin (DOGE), which Elon Musk suggested could be used for Twitter payments, was down 2.3% at 00:43 UTC, after increasing  16% in the lead up to closing.

Firing Several Twitter Executives

Agrawal was fired along with two other executives by Musk, according to two people familiar with the matter.

Meanwhile, S&P Dow Jones Indices announced that Arch Capital Group Ltd (ACGL) will replace Twitter Inc (TWTR) in the S&P 500 effective November 1.

There is no clarity about Twitter’s cryptocurrency plans, but Musk discussed the logic of integrating digital payments into Twitter’s service in June, while Twitter previously added bitcoin tipping under then-CEO Jack Dorsey in 2021 and added ether wallets earlier this year.

In April, Stripe announced a feature that enabled payments in USDC via Polygon. Twitter became the first company to use the feature.

Read More: Coinbase Adds 14 Cryptocurrency in Its Coinbase Custody 

As a whole, Musk’s takeover is being hailed as a success for the crypto community, Elon has been vocal about his views on crypto and blockchain for the past few years.

Ben Weiss, CEO of Bitcoin ATM company CoinFlip, told CoinDesk that Musk has a keen understanding of Web3 as well as blockchain technology.

“Decentralization is a real possibility for Twitter. In recent years, shutdowns and bans have become more prevalent. Regardless of your stance on the matter, decentralization takes the power away from corporations and gives it back to users,” Weiss said. 

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Jamilatul Mahmudah

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