Elon Musk took ownership of Twitter Inc. (TWTR.N) on Thursday, sacking Vijaya Gadde, the head of legal affairs and policy, Parag Agrawal, the chief financial officer, and Ned Segal, the chief operating officer.
He accused them of deceiving him and Twitter investors over the volume of false accounts on the network, according to people with knowledge of the situation.
Also unclear at the start of Musk’s ownership is how he plans to carry out the ambitious objectives he has set for Twitter.
He tweeted, “The bird is released,” making obvious reference to Twitter’s bird logo and his wish for the firm to impose fewer restrictions on what can be posted.
However, the CEO of electric vehicle manufacturer Tesla Inc (TSLA.O) and self-described adamant supporter of free speech has also stated that he wants to stop the platform from turning into an echo chamber for hatred and division.
Other objectives include trying to “fight” spam bots on Twitter and opening up the algorithms that decide how material is shown to consumers.
Musk, however, has not provided specifics on how he intends to do all of this or who would lead the company.
He has stated that he intends to make job cuts, which has Twitter’s 7,500 employees worried about the future.
On Thursday, he added that he bought Twitter “to attempt to benefit humanity, whom I love,” rather than in order to increase his financial gain.
Musk, who is never hesitant to indulge in theatrics, entered Twitter’s offices on Wednesday with a wide grin and a porcelain sink before finalizing the $44 billion deal, tweeting “let that soak in” in the process.
He updated his Twitter bio to read “Chief Twit.”
Additionally, he attempted to allay employee concerns about impending mass layoffs and gave advertisers assurances that his prior criticism of Twitter’s content moderation policies wouldn’t diminish the platform’s appeal.
Twitter certainly can’t turn into a place where anyone can say anything without repercussions! Musk stated on Thursday in an open letter to advertisers.
As word of the transaction spread on Twitter, some individuals immediately indicated their readiness to withdraw.
If Musk, well, behaves like we all anticipate him to, I will be thrilled to leave in a hurry, a user with the @mustlovedogsxo account stated.
In a sign of the difficulties to be overcome, Bollywood actress Kangana Ranaut, who was barred from Twitter last year for breaking its policies against violent and cruel behavior, praised Musk’s takeover of Instagram and shared fan petitions for her account to be restored.
Musk said in May that he would lift Donald Trump’s ban, which was lifted following the attack on the US Capitol.
According to Musk, Twitter may serve as the basis for a “super app” that does everything from ride-hailing to retail and money transfers.
However, Twitter is having trouble retaining its most engaged users, who are crucial to the company. Less than 10% of monthly active users are “heavy tweeters,” but they produce 90% of all tweets and 50% of global income.
