Musk intends to replace Parag Agrawal, who was fired along with other major executives upon completion of the takeover, a person familiar with the matter said, requesting anonymity to discuss internal deliberations. Musk intends to take the helm of the social media giant in addition to leading Tesla Inc and SpaceX. Agrawal and Segal were escorted out of Twitter’s San Francisco headquarters when the deal closed. Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde were also among those let go byLoans, investments and piles of his own cash: How Musk financed Twitter takeoverMuch of that $12.5 billion was set to have come from loans backed by his shares in the electric car company — meaning he would not have had to sell those shares. Forbes estimates his present net worth to be $222 billion. The magnate is anticipated to remain CEO for the foreseeable future, but he may ultimately relinquish the position, the source added. Twitter representatives declined to comment.After six months of public and legal wrangling, Muska’s acquisition places the world’s richest man in command of a struggling social network. Changing the leadership was one of Muska’s first actions. The departures include Vijay Gadde, the head of legal, policy, and trust; Ned Segal, who joined Twitter in 2017 as chief financial officer; and Sean Edgett, who has served as Twitter’s general counsel since 2012. Edgett was escorted out of the building, according to Bloomberg News.Musk intends to eliminate permanent restrictions on users because he does not believe in everlasting prohibitions, according to the source. It is unclear whether this includes former president Donald Trump.Shareholders will receive $54.20 per share, and Twitter will operate as a private company. The conclusion brings to a close a complicated narrative that began in January with the billionaireas stealth acquisition of a significant stake in the company, his growing frustration with how it is managed, and an eventual merger agreement that he spent months attempting to undo.
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