By Jair Argueta
Elon walks into Twitter Headquarters in San Francisco holding a sink to let the employees know to, “let that sink in” in regards to how Elon is now the CEO of Twitter. As we have to take a few steps back as this has been in the works since April 14th, 2022 as Elon had announced he had planned on buying Twitter for $54.20 per share which would have amounted to around the ballpark of $41.4 billion, the reference to the number $54.20 which has been made because of the last 3 digits as a joke. Twitter stock blew up and went up so, Twitter declined the offer and demanded more since the stock price had gone up, but instead, Elon backed out of the purchase, and in doing so Twitter stock fell. All of this led to Elon being pressured to buy Twitter as now there were risks of lawsuits by Twitter. Elon acquired Twitter officially on October 27th for $44 billion under financing and he placed some shares of Tesla into equity and loans with many banks. So, Twitter could no longer be publicly traded as of October 26th.
Elon’s first move as Twitter’s CEO, he fired the previous CEO, Parag Agrawal, and also the previous CFO, Ned Segal. Instead Elon brought on people from his other businesses such as Paypal, Tesla, SpaceX, etc. In the last 1-2 weeks, he has fired about 3,000 employees who had 6-figure jobs. Interestingly, this would also clean up some more income for Musk, as he would be able to pay at about half of the yearly loan because he isn't paying those employees. (NPR)Additionally, in the next coming months we will be seeing Musk incorporate new income sources from Twitter. One of the most recent income sources has been how he is now charging verified accounts $7.99 per month, which has been a bit controversial. I am personally, suspecting many people leaving Twitter for this reason and because of Elon being the new CEO. As I perceive it, in the next coming months we will see massive changes for the better or the worse for the platform.
Yang, Mary. “Elon Musk Gives Twitter Employees an Ultimatum: Stay or Go by Tomorrow.” NPR, NPR, 16 Nov. 2022, https://www.npr.org/2022/11/16/1137105935/twitter-elon-musk-ultimatum.