The Twitter-Musk saga reached some particular conclusion hours earlier than the court-set October 28 deadline to shut the deal.
Opening photographs fired
Musk’s first motion level got here with the sacking of a few of the top-level brass at Twitter, which included the Indian-origin CEO Parag Agrawal, Vijaya Gadde, the pinnacle of authorized, coverage, and belief; chief monetary officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who was the Twitter’s normal counsel since 2012.
Some media studies recommended that Edgett was escorted out of the Twitter workplace in San Francisco.
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Elon Musk plans to take Twitter CEO role, reverse life bans
Uncover the tales of your curiosity
Whereas Musk instructed Twitter staff that he wouldn’t sack 75% of them – opposite to media studies – to quell their jitters and nerves, his actions to fireplace such high-profile staff is predicted to carry again the anxiousness on the workplace flooring.
Bloomberg reported Musk would substitute Agrawal and assume the function of the interim CEO until he discovered a successor, following which he may stop the function
Chats that sealed the destiny of CEO
A collection of
leaked conversations between Elon Musk, former Twitter CEO Parag Agrawal and cofounder Jack Dorsey on Twitter tells the character of relation Musk and the now-ousted Agrawal shared from the start after the previous introduced his plans to accumulate Twitter in April.
Additionally learn | A series of chats that possibly sealed the fate of Twitter’s ex-CEO Parag Agrawal
What started with Musk and Agrawal each attempting to accommodate one another’s ideas of “making Twitter a greater place” on April 7 turned bitter over the following three weeks with Musk coming to an understanding that “Agrawal’s strategies have been too gradual and that he needed to make individuals completely satisfied would by no means be so”.
April 26, 2022 https://t.co/wwvGBZmSwj
— Inside Tech Emails (@TechEmails) 1666920273000
Following Musk’s tweet in Might asking if Twitter was dying, Agrawal texted him saying he want to give him a perspective on the extent of inside distraction at Twitter and the way it was hurting their capability to work.
Making his displeasure felt, he wrote, “You might be free to tweet ‘Is Twitter dying?’ or the rest about Twitter – however it’s my accountability to inform you that it isn’t making Twitter higher within the present context.”
Parag Agrawal texts Elon MuskApril 9, 2022 https://t.co/40bP9RDCSA
— Inside Tech Emails (@TechEmails) 1664486903000
On Friday, the bitter relations finally led to Musk sacking Agrawal.
Hefty severance package deal
Based on analysis agency Equilar, which got here out with a analysis in April shortly after Musk made his intentions to purchase Twitter public, Agrawal would get an estimated $42 million if he have been terminated inside 12 months of a change in management on the social media firm.
Whereas Twitter had denied Equilar’s estimate, Agrawal may effectively go residence with an exorbitant severance package deal after at this time’s developments.
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Elon Musk says Twitter cannot be ‘free-for-all hellscape’, reveals why he bought it
Additional, Equilar’s estimate included a yr of Agrawal’s base wage together with accelerated vesting of all fairness awards, primarily based on Musk’s providing value of $54.20 per share and phrases within the firm’s current proxy assertion.
According to a Business Insider report, Segal is about to obtain a $25.4 million payout for getting fired, whereas Gadde will go away with $12.5 million.
Reversing life ban
Musk’s plan for buying Twitter has been clear, or so has he maintained. He desires to make
Twitter an ‘epitome’ of free speech – one thing that he has spoken about repeatedly – by curbing the content material moderation insurance policies on the microblogging platform.
This has prompted considerations that dialogue on the social community will deteriorate, eroding years of efforts by the corporate and its “belief and security” staff to restrict offensive or harmful posts, and scale back bullying and abuse on the platform.
Musk additionally intends to cast off everlasting bans on customers as a result of he doesn’t consider in lifelong prohibitions. This might augur effectively for public figures corresponding to former US President Donald Trump and Bollywood actor Kangana Ranaut who’ve been banned from Twitter for his or her posts and tweets.
Add to it, his assist of a far-right political candidate in Texas, and sexual harassment accusations from a former SpaceX flight attendant in Might, which have raised eyebrows prior to now and questioned his credentials to steer Twitter.
Twitter should adjust to native guidelines: Indian minister
Musk’s takeover of Twitter won’t change India’s expectation that it’s going to
comply with the country’s rules for such companies, said Rajeev Chandrasekhar, minister of state for electronics and knowledge expertise, including that India’s new IT guidelines can be out in days.
“Our guidelines and legal guidelines for intermediaries stay the identical no matter who owns the platforms,” stated Chandrasekhar. “So, the expectation of compliance with Indian legal guidelines and guidelines stays.”
Twitter has had a number of previous run-ins with the Indian IT ministry which have solely intensified over time.
Earlier this yr in July,
Twitter approached the Karnataka High Court challenging 39 such blocking orders which had been issued by the IT ministry between February 2021 and June 2022.
In its petition to the excessive courtroom, the platform had stated that the blocking orders issued by the central authorities didn’t go the take a look at of “proportionality,” and that the blocking orders issued by the IT ministry are “manifestly arbitrary, and procedurally and considerably not in consonance” with Part 69A of the IT Act.
