DIRS.INFO The most relevant business & tech news

☆ Elon Musk Closes Twitter Deal, Immediately Fires Top Executives
▼ + stars: | 2022-10-28 | by ( Lauren Thomas | Alexa Corse | ) www.wsj.com time to read: 1 min

Elon Musk fired several Twitter Inc. executives after completing his takeover of the company, according to people familiar with the matter, capping an unusual corporate battle and setting up one of the world’s most influential social-media platforms for potentially broad change. Mr. Musk fired Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal after the deal closed, the people said. Mr. Musk also fired Vijaya Gadde, Twitter’s top legal and policy executive, and Sean Edgett, general counsel. Spokespeople for Twitter didn’t comment.

☆ Elon Musk Twitter Deal Completed, CEO and CFO Immediately Fired
▼ + stars: | 2022-10-28 | by ( Lauren Thomas | Alexa Corse | ) www.wsj.com time to read: 1 min

It isn’t clear yet who will succeed Mr. Segal as CFO. Twitter and Mr. Musk on Friday didn’t respond to requests for comment. Mr. Segal on Friday tweeted that “the work isn’t complete,” referring to Twitter’s ambition to build “the world’s townsquare.” Mr. Segal didn’t respond to a request for additional comment. Mr. Musk has said buying Twitter would accelerate his creation of an app that combines the capabilities of several apps in one. The future executives that Mr. Musk installs will have to share his vision for Twitter, Mr. Ives said, and prepare to support growth initiatives that will take years to build.

Elon Musk is now leading Twitter, according to CNBC. Twitter ultimately sued Musk for breaching the original agreement, and Musk countersued, alleging fraud. What happens after Musk gets the keysThe deal promises to reshape a major forum for speech online just before the Nov. 8 midterm elections. Musk, from the start of his takeover bid, sketched out a vision for Twitter that includes looser rules for what people can say. The next month, Musk said he would reverse Donald Trump's permanent ban from the platform.

☆ Elon Musk's first move as Twitter's new owner has been to fire at least 4 top executives, including CEO Parag Agrawal
▼ + stars: | 2022-10-28 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk fired at least four top Twitter executives after becoming the platform's new owner. The execs include CEO Parag Agrawal, COO Ned Segal, legal and policy head Vijaya Gadde, and general counsel Sean Edgett. The executives fired include CEO Parag Agrawal, chief financial officer Ned Segal, top legal and policy executive Vijaya Gadde, and general counsel Sean Edgett. At least one of the fired executives was seen escorted out of Twitter's San Francisco headquarters, per the sources. The same evening, Musk also ousted CEO Parag Agrawal and CFO Ned Segal, sources previously told Insider.

☆ Elon Musk will have to pay three fired Twitter executives nearly $200 million
▼ + stars: | 2022-10-28 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN Business —The three top Twitter executives whom Elon Musk fired Thursday will walk out the door with about $187 million of Musk’s money. Fired Twitter executives Ned Segal, left, Parag Agrawal, center, and Vijaya Gadda, right, leave the company with $187 million of Elon Musk's money. That includes a year’s base pay – $1 million for Agrawal and $600,000 each for Segal and Gadde. That will end up being worth $56.4 million for Agrawal, $43.8 million for Segal and $19.4 million for Gadde. Agrawal and Segal get the accelerated vesting of all of their shares while Gadde gets accelerated vesting of only half of her shares.

☆ Fired Twitter CFO, who's getting a $25.4 million golden parachute, says 'the past 6 months have pulled on every mental muscle I've developed in 48 years'
▼ + stars: | 2022-10-28 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Former Twitter CFO Ned Segal said the past 6 months have "pulled on every mental muscle." The executive was ousted on Thursday, but is set to walk away with a $25.4 million golden parachute. In a thread on Twitter, Segal said his time at the company was "the most fulfilling" of his career. "The past 6 months have pulled on every mental muscle I've developed in 48 years," Segal said. The executives are set to walk away from the company with millions thanks to golden parachute provisions.

☆ Elon Musk completes $44 bln acquisition of Twitter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: 1 min

Oct 27 (Reuters) - Elon Musk completed his $44 billion acquisition of Twitter Inc (TWTR.N) late on Thursday and his first move was to fire the social media company's top leadership which he accused of misleading him over the number of spam accounts on the platform. Musk terminated Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. Agrawal and Segal were in Twitter's San Francisco headquarters when the deal closed and were escorted out, the sources added. Twitter, Musk and the executives did not immediately respond to requests for comment. Reporting by Greg Roumeliotis in New York; Editing by Christian SchmollingerOur Standards: The Thomson Reuters Trust Principles.

☆ 'Golden parachutes' for 3 fired Twitter executives worth $122 mln -Equilar
▼ + stars: | 2022-10-28 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - Three top executives of Twitter Inc fired by new owner Elon Musk stand to receive separation payouts totaling some $122 million, research firm Equilar said on Friday. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. His total compensation for 2021 was $30.4 million, according to a Twitter securities filing, largely in stock awards. Major payouts to executives tied to changes in control of a company are common to smooth ownership transitions but can be controversial. Equilar director of research Courtney Yu said the fired Twitter executives "should be getting these payments unless Elon Musk had cause for termination, with cause in these cases usually being that they broke the law or violated company policy."

☆ What people are saying about Elon Musk's purchase of Twitter
▼ + stars: | 2022-10-28 | by ( ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - U.S. billionaire Elon Musk became Twitter Inc's (TWTR.N) owner on Thursday, firing top executives and providing little clarity over how he will achieve the lofty ambitions he has outlined for the influential social media platform. BIZ STONE, CO-FOUNDER, TWITTER:"Thank you to @paraga, @vijaya and @nedsegal for the collective contribution to Twitter. Massive talents, all, and beautiful humans each!," Stone said in a Tweet, referring to sacked Twitter executives Parag Agrawal, Vijaya Gadde and Ned Segal. CHANGPENG ZHAO, FOUNDER, CEO, BINANCE, CO-INVESTOR IN MUSK'S TWITTER DEAL"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 in order to broaden the use and adoption of crypto and blockchain technology."

[Editor's note: After CNBC published details of an interview with people who claimed to be fired employees of Twitter, several reports emerged suggesting it was a hoax. On Elon Musk's first day in control of Twitter , a person who walked out of the company's San Francisco headquarters and identified themselves as a data engineer there said they were just laid off. One employee at Twitter, awaiting information about layoffs or projects, told CNBC they were in the dark for the most part. Twitter has denied that and went to court to try to get Musk to complete the deal. The judge gave Musk until Friday at 5 p.m. to close the deal, or else set a new trial date.

☆ 'Golden parachutes' for fired Twitter executives worth $122 million, research firm says
▼ + stars: | 2022-10-28 | by ( Ross Kerber | ) www.reuters.com time to read: +2 min

Oct 28 (Reuters) - Three top executives of Twitter Inc fired by new owner Elon Musk stand to receive separation payouts totaling some $122 million, research firm Equilar said on Friday. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal, and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. In an email to Reuters, Equilar, known for its research on executive compensation, valued Agrawal's so-called "golden parachute" at $57.4 million, while Segal's was $44.5 million and Gadde's was $20 million. His total compensation for 2021 was $30.4 million, according to a Twitter securities filing, largely in stock awards. Equilar director of research Courtney Yu said the fired Twitter executives "should be getting these payments unless Elon Musk had cause for termination, with cause in these cases usually being that they broke the law or violated company policy."

☆ Advertisers plan to boycott Twitter if Elon Musk lets Donald Trump start tweeting again, report says
▼ + stars: | 2022-10-28 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk's takeover means Donald Trump could now return to Twitter. Some advertisers plan to pause their spending if that happens, The Wall Street Journal reported. Advertisers are now weighing in as concerns over former President Donald Trump being reinstated grow. "That doesn't mean that we won't be entertaining lots of emails and phone calls as soon as a transaction goes through," Taylor told the Journal. Musk has called Twitter's Trump ban a "morally bad decision" and "foolish in the extreme."

☆ Sometimes it pays to get fired. Twitter's top executives stand to make a total of $88 million between them if Elon Musk ousts them. Here's the payday for each executive.
▼ + stars: | 2022-10-28 | by ( Kali Hays | ) www.businessinsider.com time to read: +2 min

Elon Musk is expected to make significant changes to Twitter's ranks, and layoffs are likely. Each will receive a large payday should they be fired by Musk. Getting fired by Musk will likely give the executives some of the largest payouts they've ever seen. Ned Segal, Twitter's chief financial officer, is set to receive a $25.4 million payout for getting fired. In the months between Musk taking a large investor stake in the company and becoming its new owner, Twitter's executives have remained largely silent in public.

☆ Elon Musk is now officially Twitter's new owner, ending months of costly litigation
▼ + stars: | 2022-10-28 | by ( Kali Hays | Grace Kay | ) www.businessinsider.com time to read: +3 min

Twitter and Musk fought for months over his attempt to back out of the acquisition. A Delaware judge gave the two parties an October 28 deadline to come to a deal outside of court. Musk made a U-turn on the offer in October, after spending months trying to pull out of the agreement. Representatives for Twitter and Musk did not immediately respond to Insider's request for comment. Twitter promptly sued him in Delaware Court of Chancer.

☆ One of the Twitter execs Elon Musk just fired had a key role in getting Trump banned from the platform in January 2021
▼ + stars: | 2022-10-28 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Vijaya Gadde, a top Twitter legal and policy executive, was fired by Elon Musk on Thursday. In May, Musk said he would let Trump back on Twitter, calling the decision to ban him "morally bad." The other executives Musk fired on Thursday include Twitter's CEO, Parag Agrawal, chief financial officer Ned Segal, and general counsel Sean Edgett. It's unclear if Musk fired Gadde because of her role in the decision to ban Trump. Musk said in May that he would reverse Twitter's Trump ban, saying that booting Trump off Twitter was a "morally bad decision" and "foolish in the extreme."

☆ As Elon Musk takes over Twitter, free speech limits tested
▼ + stars: | 2022-10-28 | by ( Sheila Dang | ) www.reuters.com time to read: +5 min

The pressure is mounting on Musk and Twitter as he is set to address the Twitter staff on Friday after closing the deal. Fewer that 10% of 266 Twitter employees who participated in a poll on messaging app Blind expected to still have their jobs in three months. Musk fired Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter. Twitter, Musk and the executives did not immediately respond to requests for comment. As news of the deal spread, some Twitter users were quick to flag their willingness to walk away.

☆ How an $18-an-hour Amazon warehouse job cured one former tech exec's burnout
▼ + stars: | 2022-10-28 | by ( Avery Hartmans | ) www.businessinsider.com time to read: +5 min

It's been a wild week in tech, made even more wild by Elon Musk's Twitter deal closing last night. We've got a ton of news this morning, including an account from a longtime tech exec who took a job at an Amazon fulfillment center to help cure his burnout. How an $18-an-hour Amazon warehouse job cured one tech exec's burnout. He decided to quit his CEO job and, eventually, take on a seasonal role at an Amazon fulfillment center. How Elon Musk's "autocratic leadership" will change Twitter.

☆ Elon Musk now owns Twitter. Here’s what he could change
▼ + stars: | 2022-10-28 | by ( Clare Duffy | ) edition.cnn.com time to read: +9 min

New York CNN Business —After spending months attempting to get out of his deal to buy Twitter, Elon Musk officially owns the hugely influential platform. Musk has said Twitter, under his leadership, would have more lenient content moderation policies. Unbanning Trump and other accountsBut the most striking early change could come from who is and is not allowed on a Musk-owned Twitter. Musk, for his part, has focused on bringing back one of Twitter’s most prominent former users: Trump. The same day he sent his letter to Twitter attempting to revive the deal, Musk was widely panned for comments he made on the platform about Russia’s invasion of Ukraine.

☆ Elon Musk Buys Twitter, Fires CEO and CFO
▼ + stars: | 2022-10-27 | by ( Lauren Thomas | Alexa Corse | ) www.wsj.com time to read: 1 min

Elon Musk completed his takeover of Twitter Inc. Thursday, according to people familiar with the matter, capping an unusual corporate takeover battle and setting up one of the world’s most influential social-media platforms for potentially sweeping change. Mr. Musk fired Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal after the deal closed, the people said. Spokespeople for Twitter didn’t comment.

SpaceX Chief Engineer Elon Musk takes part in a joint news conference with T-Mobile CEO Mike Sievert (not pictured) at the SpaceX Starbase, in Brownsville, Texas, U.S., August 25, 2022. Tesla CEO Elon Musk is now in charge of Twitter , CNBC has learned. Twitter CEO Parag Agrawal and finance chief Ned Segal have left the company's San Francisco headquarters and will not be returning, sources said. A Delaware Chancery Court judge eventually ruled that Musk had until Oct. 28 to cement the Twitter deal or head to trial. Musk arrived at the Twitter headquarters earlier this week carrying a sink, and documented the event on Twitter, saying "Entering Twitter HQ – let that sink in!"

☆ As Elon Musk's Twitter deal prepares to close, insiders expect 'chaos' as he burns the company to the ground and rebuilds it as a 'super app'
▼ + stars: | 2022-10-22 | by ( Kali Hays | ) www.businessinsider.com time to read: +5 min

"No one knows who or how this thing is running post-close," one person familiar with the deal said. "No one knows who or how this thing is running post-close," another person familiar with the company and transaction said. "I do not take actions which are disruptive to the health of the company," Musk said during the meeting. Even though Musk likely does need some executives to stay, members of the C-suite have little incentive to do so. To bring so many new features to Twitter, Musk would likely need more than 2,000 people to do it.

Search resuls for: "Ned Segal"

22 mentions found