Elon Musk, one of the wealthiest people in the world, made it clear he wants to buy Twitter this year. There were many issues along the way, but now it is official and Musk is the “Chief Twit” as his bio on Twitter claims. Let’s break down the most important updates since he overtook the social media giant.
Entering Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
Top executives were fired
The news about Elon Musk and his massive Twitter takeover spread throughout the entire world. A few days ago, Musk finalized the $44 billion acquisition of Twitter, and while some people were excited at the news, most weren’t too pleased with Musk’s takeover. This includes Twitter’s top management executives.
Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of the legal and policy department Vijaya Gadde were all fired. Even the fact that the CEO and CFO were “escorted out” of Twitter’s offices came to light.
Sean Edgett, the company’s general counsel, was also asked to leave the San Francisco headquarters along with these three executives. Rumors had it that Musk plans to cut 75% of the Twitter staff, but he later revealed he is not going to do such a thing.
Twitter is going private
Just received this email from Twitter. This is an actual, real email that was autogenerated 🤣🤣 pic.twitter.com/7DQp4sNINX
— Elon Musk (@elonmusk) October 30, 2022
Twitter is being drawn from the public stock market and is about to become a private company. Let that sink in! Musk bought the whole Twitter and wants to make a lot of changes to the platform, including making it private after it went through an IPO nine years ago.
While it is common for companies to go public through an IPO, the reverse process is rare. Being private will give Musk several advantages, including bigger power over the company, higher control, or no need to file reports with the SEC.
Old bans may get cancelled
Musk plans to fight for the freedom of speech as the CEO of Twitter. He revealed he plans to reverse lifetime bans and bring former President Donald Trump back into the social media giant. Now people speculate whether other famous people will be allowed to get back on the platform, such as Kanye West.
Twitter Blue may rise from $4.99 to $19.99
Twitter is thinking about charging for the coveted blue check mark that confirms the account holder’s identity. If the concept goes forward, users would have to pay $4.99 monthly for Twitter Blue to keep their “confirmed” badges. However, it is also reported that Twitter will raise the monthly subscription fee for Twitter Blue, which also validates users, from $4.99 to $19.99.
Twitter Blue was introduced as the platform’s first subscription service in June of last year. For a monthly subscription fee, it provides “exclusive access to premium features,” including the ability to edit tweets. The edit button feature has been made available just recently.
Users will have 90 days from the launch to subscribe to the new feature; otherwise, they’ll lose the blue badge. Moreover, users will reportedly be able to pay for this service in cryptocurrency Dogecoin.
We still don’t know a lot about what Musk plans to do. However, he clearly stated he believes in the social media platform and thinks it could be the world’s tool for free speech. Although he bought Twitter for a massive $44 billion, he said he “doesn’t care about the economics.”