JUST IN: Elon Musk has completed his deal to buy Twitter and has taken control, firing CEO Parag Agrawal and CFO Ned Segal, according to sources.
The acquisition also promises to extend Musk's influence. The billionaire already owns, oversees or has significant stakes in companies developing cars, rockets, robots and satellite internet, as well as more experimental ventures such as brain implants. Now he controls a social media platform that shapes how hundreds of millions of people communicate and get their news.
"This is not a way to make money," Musk said in an on-stage interview shortly after making an offer to buy Twitter. "My strong intuitive sense is that having a public platform that is maximally trusted and broadly inclusive is extremely important to the future of civilization." Twitter sued him to follow through with the agreement, alleging that Musk was using the bot argument as a pretense to get out of a deal for which he had developed buyer's remorse. In the weeks after the deal was announced, much of the stock market, including social media companies, declined amid concerns about rising inflation and a looming recession. The downturn also hit Tesla and, in turn, Musk's personal net worth.
Delaware Chancery Court chancellor Kathaleen St. Judge McCormick gave the parties until 5 p.m. on Oct. 28 to close the deal or face a rescheduled trial.With the deal drama out of the way, attention now turns to Musk's plans for Twitter. Under Musk, Twitter may not have use for many of its existing staff. Musk has repeatedly made clear he would overhaul Twitter's content moderation policies and bolster what he calls "free speech," potentially undoing years of efforts from the company to address misinformation and harassment and to create "healthier" conversations on the platform.
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