Elon Musk completes $44 billion deal for Twitter, sacks CEO Parag Agrawal

Elon Musk completes $44 billion deal for Twitter, sacks CEO Parag Agrawal

The Twitter-Elon Musk saga has finally ended after the Tesla boss completed his $44 billion deal to buy the microblogging site.

Elon Musk fired the organization’s CEO, Parag Agrawal, its Chief Financial Officer, Ned Segal, and its head of legal policy, Vijaya Gadde.

According to media reports, Agrawal’s unvested equity rewards will fully vest as part of the agreement. He is likely to make an estimated $42 million.

In November 2021, Agrawal took over as CEO when co-founder Jack Dorsey abruptly announced his resignation.

Soon after the takeover, Musk took to Twitter to tweet, “the bird is freed.”

A look back at the Elon Musk-Twitter deal

Soon after his unsolicited bid was approved in April, Musk tried to back out of the Twitter transaction. He later announced in July that he was terminating the agreement, claiming that Twitter had deceived him about the amount of false “bot” accounts.

Twitter denied the claims and responded by attempting to show that Musk was inventing justifications for leaving because he had changed his mind. Twitter filed a lawsuit to enforce the terms of the deal after Musk sought to halt the sale.

A complete timeline of Elon Musk’s takeover of Twitter

January 31: Musk begins purchasing Twitter stock.

March 26: Musk replies to a Twitter user by stating that he is seriously considering developing a Twitter rival.

March 27: Rumours that Musk would join the Twitter board begin circulating.

April 4: According to a regulatory filing, Musk now owns 9% of Twitter, making him the company’s biggest shareholder.

April 5: The CEO of Tesla and SpaceX is offered a seat on Twitter’s board.

April 11: Twitter’s CEO Parag Agrawal states Musk will not be joining the company’s board.

April 14: Musk offers to purchase Twitter for a whopping $44 billion.

April 15: Twitter board adopts Poison Pill strategy to thwart the buyout offer.

April 25: Musk purchases Twitter and takes the business private.

April 29: Musk sells Tesla stocks worth $8.5 billion to cover the cost of the microblogging platform.

May 10: Musk suggests that the January 2021 Twitter ban on former US President Donald Trump might be lifted.

May 13: Musk announces that his purchase of Twitter has been “temporarily put on hold.”

June 6: He threatens to break the contract, blaming Twitter for not giving him the spam bot data.

July 12: Twitter files a lawsuit to compel Musk to carry out the deal.

July 19: A Delaware judge announces that the Twitter vs. Elon Musk legal case trial will take place on October 17, 2022.

October 5: Musk proposes to follow through with his initial Twitter acquisition plan. The business wants to complete the transaction.

October 6: A judge in Delaware court postpones the trial scheduled for October 17.

October 26: Musk uploads a video on Twitter with the description, “Let that sink in,” showing him walking in with a kitchen sink.

October 27: Musk takes over Twitter ownership and fires four C-suite members, including Parag Agrawal.


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