New Delhi: The long-running Twitter sale finally came to an end on Monday and the microblogging platform has now become the richest person in the world. Yes, Elon Musk has bought it for 44 44 billion (over Rs. 3 lakh 37 thousand crore). Following the deal, speculation is rife that the board will change. However, if Parag Agarwal, the current CEO of Twitter and a native of India, is removed from his post, the company will have to pay a huge amount to Agarwal.
According to research firm Equilibrium, Twitter Inc.’s chief executive officer Parag Agarwal was paid about $ 42 million, or Rs. 3.2 billion if the social media company leaves within 12 months of the change in control at the top level. Parag Agarwal was the company’s first chief technology officer, after which he was made the company’s CEO in November last year. The total value of its losses in 2021 was 30.4 million. However, there was no immediate reaction from Twitter.
Musk does not trust management
Discussions have been going on since Monday morning that the board is seriously considering Tesla CEO Elon Musk’s offer to buy Twitter, and the decision came late at night. Elon Musk himself shared information about the completion of the deal by tweeting. Let me tell you that on April 14, Elon Musk refused to attend the company’s board meeting, saying that he did not trust the company’s management.
The season continued for several days
It is noteworthy that after many days of turmoil, Twitter has finally become the owner of Elon Musk, the richest man in the world. According to Musk’s offer, he will have to pay $ 54.20 (Rs. 4148) for each share of Twitter. Brett Taylor, chairman of Twitter’s independent board, gave details of the deal with Musk in a press release just after 12 noon on Monday. The deal gives Tesla’s CEO ownership of the company with 217 million users.
Five-year-old Musk’s tweet went viral
Twitter plays an influential role in shaping the political and media agenda on both sides of the Atlantic. Twitter’s initial reluctance to accept the transaction subsided when Musk confirmed the funding package for the deal and received a warm welcome from shareholders. Let it be known here that Twitter Inc. But amid news of Musk’s ownership, Musk’s five-year-old tweet is also going viral. When he said I like Twitter a lot and then asked the price of the platform.
Musk wants to improve Twitter
“Freedom of speech is the cornerstone of a functioning democracy and Twitter is the digital town square where important issues for the future of humanity are discussed,” Elon Musk said in a statement announcing the deal. I want to make Twitter better than ever by enhancing the product with new features, building trust, defeating spam bots and creating open source algorithms for all humans. ” He added, “Twitter has tremendous potential. I look forward to working with the company and its user community. “
Tremendous surge in Twitter shares
According to the report, after the news of the talks between the two sides came out on Sunday, the discussion intensified and a big decision could be taken on it in a few moments. The Twitter board expected better offers from Musk. Shares of Twitter rose 5.5 percent to close at $ 51.60 on Monday amid news of the deal’s completion. But it was still lower than Musk’s offer price.
Demand to make Jack Dorsey CEO
Following the acquisition of Twitter by Elon Musk, there have been calls on social media to bring back Twitter co-founder and former CEO Jack Dorsey. Meanwhile, there has been a backlash from Jack over the deal. He said that if anyone could make the company’s dreams come true, it was Alan Musk. “Idea and service have always been two important sectors for me and I am always ready for them,” he said.