Elon Musk Takes Over Twitter

Reuters reports that Musk fired Parag Agrawal, who had replaced Jack Dorsey as Twitter CEO, and Ned Segal, the company’s chief financial officer. Both men were present at the moment of the sack and were subsequently escorted out of the premises by security. 

Musk also fired Vijaya Gadde, the head of corporate policy, whom he had previously publicly criticized. According to The New York Times, the company’s general attorney, Sean Edgett, has also left. Insider reports that Sarah Personette, the chief customer officer, was also fired.

Insider claims that the executives received large bonuses for their efforts:

• Agrawal received $38.7 million.
• Segal received $25.4 million.
• Gadde received $12.5 million.
• Personette, who tweeted yesterday about her enthusiasm for Musk’s acquisition, received $11.2 million. 

Musk made an offer to purchase Twitter in April but then tried to back out of the deal in May. However, on October 4th, he changed his mind and reaffirmed his commitment to the initial offer in a letter filed with the Securities and Exchange Commission. Now that his $44 billion buyout of Twitter is complete, Musk has been meeting with staff all week in preparation for his Friday speech to the Twitter community. 

Acquisition Intended to Benefit Humanity

There were fears that Elon Musk’s first move as CEO would be to reinstate Donald Trump’s account. Musk stated in a post that he had “bought” Twitter and assured advertisers that it would remain a safe place for their brands. 

According to him, “The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence. That is why I bought Twitter. I didn’t do it because it would be easy. I didn’t do it to make more money. I did it to try to help humanity, whom I love.”

CZ Participated in Musk’s Twitter Takeover As an Equity Investor

On Friday, Binance announced that it had participated in Elon Musk’s acquisition of Twitter as an equity investment.

Binance founder Changpeng Zhao said, “We’re excited to be able to help Elon realize a new vision for Twitter. We aim to play a role in bringing social media and Web3 together to broaden the use and adoption of crypto and blockchain technology.” 

CZ claimed in a tweet that the $500 million wired by Binance two days earlier was part of the deal. 

When news of the takeover first broke in May, CZ tweeted that their $500 million donation was a tiny contribution to the cause. At the time, CZ emphasized the need to eliminate scams and spam from the network.

Impact On the Cryptoverse

Elon Musk’s fondness for the Dogecoin cryptocurrency is well known. DOGE’s price increased significantly as a result of Musk’s repeated endorsements. 

Even though the purchase of Twitter has nothing to do with Dogecoin, the possibility that it will be a part of Twitter’s long-term plans has caused a lot of speculation in the cryptocurrency markets since the purchase. 

Now that Tesla has announced its acceptance of Dogecoin as payment, the billionaire’s other businesses and investments may follow suit. 

Furthermore, Musk has previously mentioned DOGE as a possible payment method for Twitter Blue, a subscription-based version of Twitter with premium services. 

Dogecoin, Musk’s preferred cryptocurrency, may witness a price increase if the billionaire decides to incorporate DOGE into Twitter in a significant way. Also, Twitter’s creation of a cryptocurrency wallet and the platform’s acceptance of crypto tipping may make it easier for other cryptocurrencies to gain widespread adoption. 

At press time, Dogecoin was trading at $0.08363, up 8.88% over the past 24 hours. 

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