Top executives are fired by Musk, who now controls Twitter.

According to two persons familiar with the situation, Elon Musk has taken control of Twitter and fired the company’s CEO, CFO, and general counsel.

The individuals remained silent when asked if all the necessary legal documents for the $44 billion transaction had been signed or if it had already closed. But they said that Musk, who controls the social networking site, has dismissed CEO Parag Agrawal and the other executives. Because the personnel transfers were sensitive, neither person wanted to be named.

The departures occur only a few hours before a Friday deadline set by a Delaware judge for the deal’s completion. If a compromise couldn’t be reached, she threatened to hold a trial.

A NEWS UPDATE WITH BREAKING NEWS. Below is an earlier report from AP.

A day before a deadline to complete his $44 billion purchase of the social media network, Elon Musk made an effort to reassure wary Twitter advertisers on Thursday by stating that he doesn’t want it to turn into a “free-for-all hellscape.”

The remark seems to be intended to allay worries from advertisers, who make up Twitter’s main source of income, that Musk’s ambitions to support free speech by reducing content moderation will unleash a wave of online toxicity and drive users away.

Musk wrote in an unusually lengthy message for the Tesla CEO, who typically expresses his thoughts in one-line tweets, “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence.”

“There is now great danger that social media will split into far right wing and far left wing echo chambers that foster more hatred and split our society,” he went on to say.

In the past, Musk has stated his dislike for advertising and Twitter’s reliance on it, calling for a greater focus on other business models like paid subscriptions that prevent major businesses from dictating how social media is used. But he gave advertisers the reassurance they needed on Thursday, saying that he wanted Twitter to be “the most respected advertising platform in the world.”

According to Pinar Yildirim, associate professor of marketing at the University of Pennsylvania’s Wharton School, the memo represents a change in Musk’s opinion that Twitter is unfairly restricting free speech rights by removing inaccurate or graphic content.

It’s also a recognition that not moderating content is bad for business, she added, putting Twitter at danger of losing advertisers and subscribers.

You do not want a location where customers are simply inundated with information they do not want to hear about, and the platform has no accountability, said Yildirim.

Musk said that Twitter should be “warm and welcoming to all” and allow users to customize their experience.

He added of the impending transaction, “I didn’t do it to gain money.” “I tried to serve humanity, whom I love, by doing it. And I do so in humility, realizing that it’s possible that, despite our best efforts, we won’t be successful in achieving this aim.

The Delaware Chancery Court mandated the Friday closing date in early October. This is the latest development in a conflict that started in April when Tesla CEO Elon Musk agreed to buy Twitter but later tried to back out. Twitter subsequently filed a lawsuit against Musk to force Musk to complete the transaction. In the event that the two parties miss the deadline on Friday, a trial in November may be necessary to have Musk finalize the transaction under court order.

But Musk has been indicating that the agreement will go through. On Wednesday, he entered the Twitter offices in San Francisco while carrying a porcelain sink, changed his Twitter handle to “Chief Twit,” and posted, “Entering Twitter HQ – let it sink in!”

Additionally, the New York Stock Exchange informed investors overnight that it will halt trading in Twitter shares before Friday’s opening bell in anticipation of the firm becoming private under Musk.

If the purchase is completed, Musk is anticipated to address Twitter staff members directly on Friday, according to an internal memo quoted by various media sites. Twitter leaders have at least publicly welcomed Musk’s visit and messages this week, despite internal turmoil and low morale caused by worries of layoffs or a breakdown of the company’s culture and operations.

Sarah Personette, a top sales executive and the company’s chief customer officer, claimed to have had a “wonderful chat” with Musk on Wednesday and seemed to support his remarks to advertisers on Thursday.

On Thursday, Personette tweeted, “Our continuous commitment to brand safety for advertisers remains intact.” “I’m anticipating the future!”

Musk’s apparent pleasure at visiting Twitter’s headquarters this week contrasted sharply with one of his prior recommendations: the structure should be converted into a homeless shelter since so few people really worked there.

According to a report published last week by The Washington Post, Musk informed potential investors that, should he acquire Twitter, he intends to lay off approximately 75 percent of its 7,500 employees. Documents and unidentified sources familiar with the discussion were mentioned by the newspaper.

Musk has spent months mocking Twitter’s “spam bots” and offering somewhat inconsistent advice on how to address the site’s issues. He has, however, given very little information about his specific objectives for the social networking site.

In Thursday’s statement to advertisers, Twitter emphasized the need for more “relevant ads,” which are often targeted ads that depend on gathering and analyzing user data. This demonstrates a renewed focus on advertising revenue.

According to Yildirim, advertising on Twitter has not been as well targeted as it has been on Facebook based on user preferences. She stated that based on his message, Musk seemed to want to change that.

According to Insider Intelligence principal analyst Jasmine Enberg, Musk has good reason to refrain from a significant shakeup of Twitter’s advertising sector because the company’s revenues have been negatively impacted by the deteriorating state of the economy, months of uncertainty surrounding Musk’s proposed takeover, shifting consumer habits, and the lack of “any other revenue source waiting in the wings.”

Enberg asserted that marketers who already consider Twitter’s brand protection capabilities to be insufficient in comparison to other social platforms will become alarmed if content control on the network is even significantly relaxed.

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  1. That’s his business. He can do whatever he wants since he’s now the owner.
    But he should have allowed them to see their loyalty and faithfulness.

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