'The Bird Is Freed,' Says Elon Musk As He Takes Over Twitter, Sacks Both CEO & CFO

Completing his $44 billion takeover, the founder of Tesla and the world’s wealthiest man Elon Musk acquired the social networking giant on October 28, 2022. “The bird is freed,” he wrote on Twitter as the news broke globally.

After six months of a public and legal tussle over the deal, Musk acquired Twitter and as his first step changed the leadership of the company. He sacked Twitter Chief Executive Officer Parag Agrawal, the head of legal, policy and trust Vijaya Gadde, Chief Financial Officer Ned Segal, who joined Twitter in 2017 and Sean Edgett, who has been general counsel at Twitter since 2012, as per reports. Two sources inside the company who wanted to stay unidentified as the information is not yet public said that Edgett was escorted out of the building.

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With $54.20 paid per share to shareholders, Twitter will now operate as a private company. This came after the Delaware Chancery Court judge gave the two sides until October 28 to wrap up the deal and Musk agreed to proceed on his originally proposed terms during a meeting on October 4.

This puts an end to the tussle going on since January regarding the billionaire becoming the largest shareholder in the company with 9.2% stake after purchasing approximately 73.5 million shares.

As per a regulatory filing made public in April, Musk bought his shares in the company on March 14 this year. After this news broke, the share price of Twitter saw a rise of as much as 27% and Agarwal announced that the billionaire was being appointed to the board of the company.

However, later in April, Agrawal had revealed that Musk would not be joining the board. “The board and I had many discussions about Elon joining the board, and with Elon directly. We were excited to collaborate and clear about the risks. We also believed that having Elon as a fiduciary of the company where he, like all board members, has to act in the best interests of the company and all our shareholders, was the best path forward.”

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Earlier, in November 2021, Jack Dorsey resigned from his post of CEO of Twitter in November 2021 and announced that Parag Agrawal would take over which did not go well with Musk. He had shared a meme on Twitter portraying the latter as Soviet dictator Joseph Stalin and Dorsey as Soviet secret police head Nikolai Yezhov being pushed into the water.

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