Twitter's chief executive and finance boss are reportedly ousted as the tycoon acquires the social media platform.
Elon Musk has completed his $44bn takeover of Twitter, according to a number of media reports and an investor in the firm.It brings to a close a saga that saw Twitter going to court to hold Mr Musk to the terms of a takeover deal that he had tried to escape.Twitter's chief executive, Parag Agrawal, and chief financial officer Ned Segal are no longer with the company, according to US media reports.
On a recent earnings call, the Tesla founder said Twitter was "an asset that has just sort of languished for a long time, but has incredible potential, although obviously myself and the other investors are overpaying for Twitter right now".Mr Musk's early investments in Twitter initially escaped public attention. In January, he began making regular purchases of shares, so that by the middle of March he had accumulated a 5% stake in the firm.
In April, he was revealed as Twitter's largest shareholder, and by the end of the month a deal was finally reached to buy the company for $44bn .But by mid-May Mr Musk, a prolific Twitter user, had begun to change his mind about the purchase, citing concerns that the number of fake accounts on the platform was higher than Twitter claimed.In July he said he longer wished to acquire the company. Twitter, however, argued the billionaire was legally committed to buying the company.
Some users, particularly those on the US right, argue conservative voices are censored on the platform - an accusation that Twitter denies. Former US President Donald Trump remains banned from the platform - a decision Mr Musk has previously said was "foolish" and that he would reverse.In a tweet addressed to Twitter advertisers Mr Musk said that the platform could not become a "free-for-all hellscape" and must be "warm and welcoming for all".
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