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UPDATED: Billionaire Elon Musk acquires Twitter, discloses his impression of global tech giant

American Billionaire Businessman Elon Musk

*American tech billionaire and world’s richest man Elon Musk Friday, October 28, 2022, completes the $44billion Twitter acquisition process and takes over the global tech giant and microblogging site, disclosing his impression about the platform, and why there would be no mass sack of the firm’s employees 

Isola Moses | ConsumerConnect

American Billionaire businessman Elon Musk Friday, October 28, 2022, completed the acquisition process and took over Twitter, microblogging site and leading social media platform.

Following the acquisition of the firm Friday, Musk claims he has freed microblogging platform as the new owner.

 

Twitter Headquarters, in San Francisco, United States 

ConsumerConnect reports the deal, eventually, was sealed, following a long and drawn-out back-and-forth between the billionaire and Twitter.

Shortly after completing the deal, Musk also tweeted, “The bird app is freed.”

Twitter is popularly referred to as the bird app in reference to the logo.

Meanwhile, the Twitter new owner has already sacked Parag Agrawal, Chief Executive as well as the tech company’s Chief Financial Officer and Head of Safety, CNBC report noted.

Earlier, when addressing Twitter advertisers, Musk was said to have  explained why he is acquiring the app.

He noted: “The reason I acquired Twitter is because it is important to the future of civilisation to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”

The Tesla and SpaceX Chief Executive tweeted: “There is currently great danger that social media will splinter into far right wing and far left-wing echo chambers that generate more hate and divide our society,

“In the relentless pursuit of clicks, much of traditional media has fuelled and catered to those polarised extremes, as they believe that is what brings in the money, but, in doing so, the opportunity for dialogue is lost.”

Musk cautioned though he wants to make the app a free space, “Twitter cannot become a free-for-all hellscape, where anything can be said without consequences.”

Musk’s recent journey to Twitter acquisition

The American billionaire businessman and world’s richest man Elon Musk is finally buying Twitter.

The Tesla and SpaceX Chief Executive Wednesday, October 26, 2022, had sauntered into the microblogging platform’s San Francisco Headquarters, in the United States (US), armed with a sink.

Musk tweeted (@elonmusk), Oct 27, 2022, “Entering Twitter HQ — let that sink in!” and later posted a video of his entry.

Aside from walking in with a sink and changing his Twitter bio to Chief Twit, Musk as well posted some conventional messages, including “Meeting a lot of cool people at Twitter today (Wednesday)!”

It is, however, unclear if he was just being a twit or conveying a message that Twitter had a tonne of troubles (kitchen sinking refers to acknowledging every bit of bad news in one go), agency report said.

He also clarified that he would not be firing 75 percent of the staff, as had been speculated lately.

Musk, whose US$44 billion Twitter deal looks on track to close by Friday, denied the previously reported number in an address to employees at the company’s San Francisco office.

His latest assurance should have Twitter employees heaving a sigh of relief after a report in The Washington Post last week suggested that he plans to fire 75 percent of Twitter’s staff once he assumes control of the global tech giant.

Musk’s impression about Twitter

He further shared his views about Twitter, reiterating what he had said was his main motive to acquire the company.

Musk tweeted: “A beautiful thing about Twitter is how it empowers citizen journalism — people are able to disseminate news without an establishment bias.”

Musk reportedly told prospective investors who may back his Twitter purchase that he plans to lay off nearly three-fourths of Twitter’s employee base of 7,500 workers, leaving the company with a skeleton crew.

The report had cited documents and unnamed sources familiar with the deliberations.

Investors and NYSE Twitter delisting

Earlier Friday, Twitter Inc shares were suspended from trading Friday, October 28, the New York Stock Exchange’s Web site showed, ahead of the court-ordered Friday’s deadline to close hithe $44-billion deal.

Report had indicated Tuesday, that equity investors, including Sequoia Capital, Binance, Qatar Investment Authority and others, had received the requisite paperwork for the financing commitment from Musk’s lawyers.

Additional reporting by Gbenga Kayode

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