Musk completes Twitter takeover
October 31, 2022
Elon Musk has completed his $44 billion (€44.3bn) takeover of social media platform Twitter after several months of legal wrangling.
The buyout saw the immediate exit of the firm’s top bosses – including its chief executive, chairman and finance chief. Musk, officially the world’s richest man, has acquired 100 per cent of Twitter, turning the company from publicly-owned to privately-owned.
In one of his first moves as the owner of Twitter – after tweeting “the bird is freed” – Musk started a poll on the platform asking whether he should bring back the short-video app Vine. The service, that allowed users to share six-second-long looping clips, was acquired by Twitter in 2012. It gained more than 200 million active users by the end of 2015 before being shuttered.
Meanwhile, Musk has denied reports that he will layoff large number of staff before November 1st, when workers are due to receive grants of shares in the company as a major part of their pay deals.