Elon Musk Completes $44 Billion Deal to Own Twitter

Mr. Musk, 51, will be remaking Twitter without having to disclose how it is performing every few months. By taking the company private, he does not need to regularly answer to shareholders and can make changes to the service away from the public’s prying eyes.

Mr. Musk, who also runs the electric carmaker Tesla and the rocket company SpaceX, did not immediately respond to a request for comment.

Completing the deal was a victory for Twitter’s board. When Mr. Musk agreed to pay $54.20 a share for the company in April, Twitter faced criticism for accepting a price that was too low. But, as the global economy faltered in the ensuing months and Twitter’s stock fell, the deal price appeared to be a win for shareholders, and the board sought to force Mr. Musk to abide by the agreement.

A Twitter spokesman did not immediately respond to a request for comment.

The Twitter executives who were fired on Thursday include Parag Agrawal, the chief executive; Ned Segal, the chief financial officer; Vijaya Gadde, the top legal and policy executive; and Sean Edgett, the general counsel, said two people with knowledge of the matter. At least one of the executives who was fired was escorted out of Twitter’s office, they said.

Article source: https://www.nytimes.com/2022/10/27/technology/elon-musk-twitter-deal-complete.html