Parag Agrawal, Ned Segal, and Vijaya Gadde among those fired in Musk Twitter takeover
The former Twitter CEO, CFO, and the policy chief who permabanned Donald Trump are all immediate casualties of Elon Musk's takeover of the company.
As threatened, Tesla founder Elon Musk has completed his purchase of Twitter and begun his takeover of the social media company. Musk has wasted no time in removing some of the folks he has deemed undesirable, as a Reuters report has stated that former Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde were among those immediately fired.
Reuters has been updating its story throughout the day, but the latest version has indicated that Agrawal and Segal were both immediately terminated and escorted from the premises by security. Gadde's name was later added to the list, which has raised a lot of eyebrows, since she ultimately made the decision to permanently ban Donald Trump from the platform following the January 6 insurrection. Musk had previously indicated his desire to reinstate the former president, though Trump himself has indicated that he would not rejoin Twitter even if his ban was overturned.
Dear Twitter Advertisers pic.twitter.com/GMwHmInPAS
— Elon Musk (@elonmusk) October 27, 2022
These firings will have consequences for the new Twitter owner. As noted by CNBC reporter Alex Sherman, Agrawal is owed $60 million USD in the event of his firing. Segal is set to receive $46 million, while the referenced SEC filing adds that Gadde is expected to receive around $40 million. In total, that's close to another $150 million that Musk can add to his $44 billion bill for his new social media network.
Source: @ElonMusk on Twitter
Musk penned an open letter to advertisers indicating that he will not allow Twitter to become a "free-for-all hellscape" in hopes of instilling confidence. However, these hasty actions may have the opposite effect. If Twitter devolves into the social network dystopia that many fear it will, advertisers will likely shy away from it. What ultimately happens remains to be seen.
We're cursed to live in interesting times, so we'll keep watching this story as it develops. For more on the saga of Elon Musk and Twitter, keep it here on Shacknews.
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replyOzzie Mejia posted a new article, Parag Agrawal, Ned Segal, and Vijaya Gadde among those fired in Musk Twitter takeover
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its official, musk owns twitter. CEO, CFO, legal policy chief, and general counsel have been fired:
https://i.imgur.com/8I6Wa7j.jpg
https://twitter.com/WSJ/status/1585795887187509251-
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I like twitter as it is. Simple and doesn’t have a million options like Facebook and others. He’s gonna f it up.
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Great … /s
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[deleted]
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I don't think people are yer realizing how bad it's going to get very, very quickly when he allows Trump back on, like fucking tomorrow.
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Yeah my money is on tomorrow trump is tweeting
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Yea that is literally why they banned him, like the day after the coup.
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Christ. I almost forgot about that.
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Deplatforming these assholes has proven the most effective thing. Giving Homs the Twitter audience back right at an election is going to lead to violence. He’ll make claims that any close election Demonstrates won were fraudulent. Imagine Jan 6 but it’s multiple state capital buildings instead.
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Holy hell, what a fucking disaster of typos. I am ashamed.
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nah, im going to laugh at all the people who lost so much money backing gab, parler, truth social, etc. grifters gonna grift.
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Grifters are irrelevant compared to Trump's poisonous, democracy-killing bullshit
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I would recommend staying off Twitter for news about this, so so SO many Musk lickers celebrating and slavishly worshipping his every move
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I don’t want to hear another person say that billionaires have unrealized gains ever again. He sure came up with $44 BILLION pretty quick.
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The funding included:
$7 billion of senior secured bank loans;
$6 billion in subordinated debt;
$6.25 billion in bank loans to Musk personally, secured by $62.5 billion of his Tesla stock;
$20 billion in cash equity from Musk, to be provided by sales of Tesla stock and other assets; and
$7.1 billion in equity from 19 independent investors.
https://en.wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk?wprov=sfti1
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Not disagreeing fully with your premise I guess, but not sure what you mean either. He had ~$20B via his own stock sale of TSLA(“and others”). He realized those gains, right?
The rest of it is funded by debt, some of which is using Tesla stock as collateral.-
People online love to argue that we cannot tax wealth because it’s not “real”. Well, when a billionaire wants to throw their weight around and buy the public town hall they have no problem making their fortune real. We should be taxing their wealth, not just realized gains.
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Well the value of the houses are essentially regulated by the tax board right?
Doing the same for everything else is kind of a nightmare. But this is maybe where blockchain and NFTs can finally shine!
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Looks like one of them is (extra shady but extremely popular) crypto exchange Binance
https://www.theblock.co/post/180752/binance-confirmed-as-investor-in-twitter-takeover-as-musk-reportedly-plans-to-take-reins-as-ceo
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do we have any twitter employees here?
wondering how the atmosphere was today at work. -
I don’t believe they’ve been fired, technically. He doesn’t close the deal until the AM. But I believe it’s been communicated informally that they will not be retained so they cleared out of their offices today.
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Looking forward to Trump's morning dump tomorrow morning.
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wow, this guy copied your post verbatim
https://twitter.com/mattzeitlin/status/1585798845543301120?s=46&t=iA1nDiiHkopJsDkuRbpK_Q-
What an ass
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parag agrawal secured the bag for his shareholders and got fired, they should build a statue of him in the shareholder value hall of fame
https://twitter.com/mattzeitlin/status/1585798845543301120?s=46&t=iA1nDiiHkopJsDkuRbpK_Q
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This guys’s totally right-
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Jack made Twitter what it was but he didn't goad Elon into possibly buying the company out of pettiness for the better part of a year, thus keeping its share value floating while companies like META and SNAP cratered.
I'm going to assume that without the possibility of Musk's buyout that the stock would have gone down with the rest of the sector. -
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Add "Professional Joke Writer" to your bio.
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Only a Trojan horse if you're surprised. He said months ago Trump is coming back,
May 10, 2022
Elon Musk said on Tuesday that he would “reverse the permanent ban” of former President Donald J. Trump on Twitter and let him back on the social network, in one of the first specific comments by Mr. Musk, the world’s richest man, of how he would change the social media service.
https://nyti.ms/396fvni
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I'm going to decrease my use of it but I'm keeping my account open.
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Since Section 230 protects social media companies. I wonder how long before entities that are subject to harassment from Twitter start to sue Google and Apple selling the apps. Like if the Boston Children's Hospital are getting a coordinated attack that is being organized on Twitter and Twitter isn't doing anything to moderate/stop it when does the Hospital end up suing Apple and Google to get Twitter removed from their respective Appstores for lack of content moderation.
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I think that's a bit too far removed to happen. Remember that while the one subject to harassment would not likely be able to sue Twitter under Section 230, those that made the harassment would still be liable, and Twitter would be expected to comply with court orders for user information should the court get that far.
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Never. There are no laws that make this speech illegal nor hosting it.
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I think @elonmusk has made a huge mistake, making himself the global face of content moderation at a critical moment of struggle with governments, while maintaining massive personal exposure to challenging countries.
The people who should really be angry are $TSLA shareholders. The company they partially own has now become the key hostage for countries looking to control the future of online speech.
How does the conversation with Modi go now?
Things to watch for:
- Elimination of state media labels
- Cutoff of research agreements and APIs
- Shutdown of Twitter's foreign influence op archive
- Resignations of key security, threat intel leaders
All things we discuss in tonight's podcast! Coming soon!
https://twitter.com/alexstamos/status/1586070566221402113
not great -
Next: Elon Musk buys Kanye West
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with pocket change after the Supreme Court struck down the 13th amendment.
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