Update: Elon Musk Stepping Down As Twitter CEO Following Months Of Users Complaints Over His Changes To Platform
Update: (May 11, 2022): It seems like Elon Musk is finally ready to get some help running things over at Twitter.
It’s no secret that things on the Bird app have been very chaotic since Elon Musk acquired the platform for a reported $44B in October. In addition to multiple issues that occurred within the company, countless users of the platform have been very vocal about not liking Elon Musk’s changes to the social media site.
It’s unclear if the constructive criticism weighed into his decision, but today (May 11) the billionaire announced that he’s stepping down as Twitter CEO and has hired someone else for the job. Elon will soon move to a product and technical role. He revealed:
“Excited to announce that I’ve hired a new CEO for X/Twitter. She will be starting in ~6 weeks!
My role will transition to being exec chair & CTO, overseeing product, software & sysops.”
Original story: (Oct. 5, 2022): After much back and forth, Elon Musk has agreed to buy Twitter for the original offer price of $44B.
Tesla CEO Elon Musk will proceed with his bid to buy Twitter after all. The update comes after an amended securities filing shared by Twitter on Tuesday (Oct. 4).
In a letter to Twitter, Elon Musk and the holding companies created to oversee the merger indicated that he would close the transaction at a price of $54.20 per share.
The company’s shares surged after the announcement, closing the trading day up 22%. Musk’s decision comes days before he was expected to be deposed by Twitter’s lawyers in the social network’s lawsuit seeking to force him to honor the initial offer.
The SpaceX CEO initially agreed to buy Twitter in April for $54.20 per share, but he pulled out of the deal shortly thereafter on July 8, prompting Twitter to sue. Musk argued at the time that important information was being withheld by Twitter. In an SEC filing, his team said that he wanted to understand how many of Twitter’s mDAUs (monetizable daily active users) were fake or spam accounts.
But Twitter struck back, claiming Musk acted in “bad faith,” and filed a lawsuit in Delaware Chancery Court hoping Musk would be forced to honor his deal.
The documents stated:
“In April 2022, Elon Musk entered into a binding merger agreement with Twitter, promising to use his best efforts to get the deal done. Now, less than three months later, Musk refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
Twitter’s statement continued:
“Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”
Following Musk’s re-offer, it’s expected that he’ll soon assume control of the social media platform. Meanwhile, how he’ll manage the platform remains a contentious talking point for many users. Musk has been vocal about restoring former president Donald Trump’s account as well as making the company private to prevent bots. It’s widely felt that these objectionable views will definitely cause friction with the Twitterverse.
How do you feel about Elon Musk taking over Twitter? Let us know in the comments below!
The post Update: Elon Musk Stepping Down As Twitter CEO Following Months Of Users Complaints Over His Changes To Platform appeared first on theJasmineBRAND.
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