World's richest man buys Twitter for $44 billion, fires three executives

The world’s richest man, Elon Musk has completed a deal that secures the purchase of influential social media platform, Twitter. The deal, which is worth $44 billion was sealed on October 27, 2022 with sources familiar with the transaction stating that the platform will be run privately by the billionaire. Prior to the deal, Musk and Twitter executives have been in court after he initially agreed to purchase the platform in April this year only to back out due to concerns about the number of bots and allegations raised by a whistleblower. The billionaire, who also owns electric car manufacturing company, Tesla has now fired Twitter Chief Executive Officer, Parag Agrawal, Chief Financial Officer, Ned Segal and Head of Policy, Vijaya Gadde. The move is expected to further send shockwaves within the company which already has many of its staff in limbo over their future. According to a Bloomberg report on October 28, Elon Musk is expected to take over the company as CEO and reverse lifetime bans on users who had violated the platform’s policies. This could include former US president, Donald Trump while Musk believes Twitter’s practice of permanent bans is wrong. Meanwhile, the fate of employees located in Twitter’s offices in key parts of Africa is yet to be known. The company, about a year ago decided to expand its reach within Africa under its former executives and founder, Jack Dorsey. MA/FNOQ Watch the latest episode of BizTech below: