The Washington Post stated that Elon Musk terminated numerous top executives, including CEO Parag Agrawal, and ended his attempt to buy social media behemoth Twitter for US $44 billion.
Along with firing Agrawal, Ned Segal, Sean Edgett, and Vijaya Gadde, who oversaw legal strategy, trust, and safety, were also let go by Musk.
Musk spoke on his ideas for how ads may be managed on the platform without revealing any specifics of the contract.
The platform, according to him, could not turn into a “free-for-all hellscape” where anything could be uttered without repercussions. In addition, he posted a video of him walking into the US company’s headquarters.
The agreement comes after Musk’s months-long quest to seize complete control of the social media network. Formerly purchasing a 9.2% interest in the company, the founder of Tesla and SpaceX became one of Twitter’s biggest shareholders.
He turned down the offer to join the board of directors, only to subsequently make public a takeover strategy that Twitter had approved. At that time, he received assistance from the cryptocurrency exchange Binance, which pledged $500 million USD toward the acquisition, and Sequoia Capital, which would invest $800 million USD in the transaction.
The sale was put on hold, according to Musk, who claimed that spam and false accounts were at fault.
In a statement, Binance CEO Changpeng Zhao said that he is excited to help Musk realize a new vision for Twitter. “We aim to play a role in bringing social media and Web3 together in order to broaden the use and adoption of crypto and blockchain technology,” he said.