“The bird is released,” Musk tweeted on Friday. The richest person in the world now officially owns Twitter.
the bird is freed
— Elon Musk (@elonmusk) October 28, 2022
Elon Musk completed his controversial $44 billion takeover of the social media giant early Friday, by announcing the development with a four-word tweet to his 111 million followers. “The bird is released“, wrote the CEO of You’re here and SpaceX, confirming the end of a months-long saga that ended in a legal battle and widespread media coverage.
According to numerous press reports, Elon Musk has fired several senior executives since the deal was signed, including chief executive Parag Agrawal, chief financial officer Ned Segal, chief legal officer Sean Edgett and head of legal policy, trust and security Vijaya Gadde. Agrawal and Segal were reportedly escorted out of Twitter’s San Francisco headquarters when the deal was struck. The reported layoffs come after it emerged that Elon Musk was going cut 75% of the company’s workforcethough Musk later dismissed those claims.
Earlier this week, Elon Musk was seen at Twitter HQ and changed his bio to “Chief Twit“. He would now assume the role of CEO, although neither he nor Twitter have confirmed these leadership changes.
While Musk said in statement Thursday that he bought Twitter”to help humanity“, questions arise as to how he plans to alter one of the most powerful communication platforms in the world. Musk said he hoped Twitter would meet the needs of people on both sides of the political spectrum and curb left and right extremism, saying the platform represents the world’s best example of a “common digital public place“. Musk warned that social media apps like Twitter risked creating more division and hatred, but some disputed his view, fearing his relaxed approach to censorship could lead to an increase in hate speech.
Ironically, given that the platform is now controlled by a centralized owner, Twitter has long been the cryptocurrency community’s favorite social media app. Twitter’s key role in the cryptocurrency space is such that enthusiasts have coined the term “crypto twitterto refer to the hive of cryptocurrency-related conversations that spill over into thousands of tweets every day. Almost every major crypto figure and brand is active on Twitter, which is widely considered the best place to catch up on the latest happenings in this fast-evolving industry.
— CZ 🔶 Binance (@cz_binance) October 28, 2022
To help Elon Musk with his takeover, Binance contributed $500 million, the exchange’s CEO said, Changpeng Zhao confirmed early Friday. While it’s unclear how crypto will influence Musk’s Twitter plans, he previously hinted that the Dogecoin could be used for Twitter-based payments. Elon Musk also said he hopes to fix the bot problem on Twitteran issue that has negatively impacted Crypto Twitter as the space has boomed in recent years.
In the background, Twitter has increasingly embraced crypto over the past two years. He confirmed the launch of a new feature called NFT Tweet Tiles Thursday, allowing users to link their NFTs to marketplaces like Magic Eden and Rarible. This update follows several other major crypto developments from the social media giant, including the NFT profile picture rollout and wallet integration Bitcoin and Ethereum.
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Elon Musk completes $44 billion takeover of Twitter and fires top executives.
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