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☆ Stephen King says he'll quit Twitter if Elon Musk makes him pay $20 a month to be verified: 'they should pay me'
▼ + stars: | 2022-10-31 | by ( Travis Clark | ) www.businessinsider.com time to read: +3 min

Elon Musk is reportedly considering making people pay $20 per month to stay verified on Twitter. Author Stephen King tweeted that he'll quit the site if that idea is implemented. King tweeted on Monday that he would leave Twitter if the plan is implemented. "$20 a month to keep my blue check? Musk's first few days as Twitter owner have been messy, beyond public figures saying they would leave the site.

☆ Elon Musk's biographer, who was shadowing him, 'wouldn't be surprised' to see future lawsuits following 'contentious' conversations on the night the Twitter deal closed
▼ + stars: | 2022-10-31 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Walter Isaacson said he "would not be surprised" if Elon Musk faced more lawsuits over Twitter. The biographer said the day the deal closed it was "quite contentious" in Twitter's headquarters. The biographer shadowed Musk over the past week as the billionaire followed through with his plans to buy Twitter. Within moments of taking over Twitter, Musk fired four top executives at the company, including former Twitter CEO Parag Agrawal and CFO Ned Segal. "It's not as if the Twitter executives are bringing down bottles of champagne, and it became through the evening quite contentious."

☆ Elon Musk disbands Twitter’s board, cementing control over company
▼ + stars: | 2022-10-31 | by ( Clare Duffy | ) edition.cnn.com time to read: +1 min

CNN —Twitter’s board of directors was dissolved on Thursday following Elon Musk’s takeover of the company, according to a securities filing on Monday. Almost immediately after Musk completed his $44 billion deal to acquire Twitter on Thursday, Musk terminated at least four of its top executives, including Agrawal. He also is reported to be planning large layoffs at the company. While Musk has a reputation as an innovative entrepreneur, he is also known for erratic and controversial behavior. This weekend, Musk was widely criticized for tweeting a link to a fringe conspiracy theory about the violent attack on Paul Pelosi, the husband of House Speaker Nancy Pelosi.

☆ Elon Musk has dissolved Twitter's 9-person board of directors and become its sole director
▼ + stars: | 2022-10-31 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Elon Musk has scrapped Twitter's board of directors. Musk had himself tried to join Twitter's board in the spring before clashing with then-CEO Parag Agrawal. When first outlining his plans for his ownership of Twitter, Musk said he would need to take the company private to make his desired changes. The same evening, Musk also ousted CFO Ned Segal, chief legal officer Vijaya Gadde, and general counsel Sean Edgett, sources told Insider. Musk had himself been set to join Twitter's board before he offered to buy the company, but u-turned after clashing with Agrawal over text.

☆ Twitter employees expect layoffs as Elon Musk preps 'aggressive' cuts
▼ + stars: | 2022-10-31 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

And that's not to mention that employees are preparing for layoffs after Twitter leaders and VPs made lists of who to keep. Twitter employees expect layoffs to begin very soon. By Saturday afternoon, they handed Elon Musk lists of employees "to keep," two people said. Elon Musk fired Twitter execs "for cause" in a bid to avoid paying out tens of millions in severance. Among this year's biggest losers are those who've invested heavily in the metaverse (Meta CEO Mark Zuckerberg) and crypto (Binance CEO Changpeng Zhao).

☆ Musk denies reports he is firing Twitter employees in attempt to avoid payouts
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false." Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday. According to media reports on Saturday, Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to contact the fired executives.

☆ Musk fired Twitter execs in attempt to avoid payouts, layoffs planned - reports
▼ + stars: | 2022-10-30 | by ( ) www.reuters.com time to read: +2 min

Oct 29 (Reuters) - Twitter's (TWTR.N) new owner Elon Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday to avoid stock grants due on Nov. 1, according to media reports on Saturday. He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to make contact with the fired executives. Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.

☆ As Elon Musk finalized his Twitter deal, company founder Jack Dorsey launched a beta for his new social media company
▼ + stars: | 2022-10-30 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

Jack Dorsey's decentralized social media platform, Bluesky Social, is accepting beta users. The news coincides with Elon Musk's takeover of Twitter, which Dorsey founded and ran for several years. Dorsey left Twitter in 2021 and named Parag Agrawal as his successor, whom Musk fired shortly after taking over this week. Dorsey's blockchain-based Bluesky Social announced last Tuesday that it's launching soon and is currently enlisting users for beta testing. Dorsey had said in 2019 that Twitter was funding work into developing "an open and decentralized standard for social media."

☆ Elon Musk fired Twitter execs including CEO Parag Agrawal 'for cause' in a bid to avoid paying out tens of millions in severance, report says
▼ + stars: | 2022-10-30 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

Elon Musk fired top Twitter execs "for cause" to avoid severance payments, The Information reported. He fired CEO Parag Agrawal and three other executives on Thursday as he completed his takeover. The execs are in line to receive up to $122 million in payouts, researchers Equilar told Reuters. Musk removed Twitter CEO Parag Agrawal, chief financial officer Ned Segal, legal chief Vijaya Gadde, and general counsel Sean Edgett on Thursday after closing his $44 billion deal. His relationship with Agrawal in particular quickly soured, with the pair trading blows on Twitter and over text messages.

☆ Elon Musk says he has 'no idea who the CEO' of Twitter is after being sent an auto-email telling him 'it's time to start managing'
▼ + stars: | 2022-10-30 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

He was sent an email from the company telling him to start a "managing @Twitter 101" training course. Musk tweeted that he has idea who the CEO is yet, despite calling himself "Chief Twit." Elon Musk was sent an email from Twitter telling him "it's time to start managing @Twitter 101," in reference to a training course about "what it means to be a good manager at Twitter." Musk tweeted on Sunday: "Just received this email from Twitter. Musk responded: "My title is Chief Twit right there in the bio.

☆ Elon Musk manages free speech versus 'hellscape' at Twitter
▼ + stars: | 2022-10-29 | by ( Sheila Dang | ) www.reuters.com time to read: +6 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 than 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.

☆ Elon Musk is $8 billion poorer after taking control of Twitter, meaning his net worth has fallen by $66 billion this year
▼ + stars: | 2022-10-29 | by ( Sam Tabahriti | ) www.businessinsider.com time to read: +2 min

Elon Musk took an $8 billion hit to his net worth after buying Twitter, per Bloomberg wealth index. The world's richest man finally sealed his $44 billion deal to acquire Twitter on Thursday. Before sealing the $44 billion deal on Thursday, Musk was estimated to be worth about $212 billion, per Bloomberg. He remains the world's richest man, but Musk's net worth has fallen by $66 billion this year, according to Bloomberg. Musk's net worth peaked in November last year at $338 billion when Tesla shares soared.

☆ Elon Musk has fired Twitter CEO Parag Agrawal. From blunt text messages and clashes over bots to lawsuits and a poop emoji, here's a history of their relationship.
▼ + stars: | 2022-10-29 | by ( Grace Dean | ) www.businessinsider.com time to read: 1 min

Musk & Agrawal appeared to first talk in MarchElon Musk. Susan Walsh/APTesla and SpaceX CEO Elon Musk started buying Twitter stock on an almost-daily basis in January. Messages between Musk and Agrawal were released in September as part of a lawsuit Twitter filed against Musk. Musk, Agrawal, and Twitter chair Bret Taylor met for a meal near San Jose on March 31. "Memorable for multiple reasons," Agrawal texted.

☆ Elon Musk tweeted 'let the good times roll' after buying Twitter. His first day instead saw heads roll, emboldened trolls, and inspired hoaxes.
▼ + stars: | 2022-10-29 | by ( Travis Clark | ) www.businessinsider.com time to read: +4 min

Twitter staffers feared mass layoffs after Musk fired several top execs. It also didn't take long for speculation to begin about possible layoffs at the company — and for far-right trolls to celebrate with racist tweets. The world's richest man and Tesla CEO tweeted "let the good times roll" on Friday, his first full day as Twitter owner. Needless to say, the first day of Twitter's Musk rule was chaotic. Musk didn't rein in far-right response, nor were fears of mass layoffs tempered within the company.

☆ Elon Musk names himself CEO of Twitter on internal company profiles
▼ + stars: | 2022-10-29 | by ( Kali Hays | ) www.businessinsider.com time to read: +1 min

As of Saturday afternoon, Musk has been set up under internal profiles at Twitter, including a company directory and Slack, with the CEO title, two people familiar with the changes told Insider. A few days before the deal closed, Musk changed his Twitter bio to read only "Chief Twit." He told employees during a meeting in June that he expected to be the leader of Twitter, but said the title of CEO was not important to him. Since taking over Twitter, Musk has met employees with silence. Meanwhile, he and his personal team of executives and assistants have gone about transitioning operations to Musk's control and planning layoffs, as Insider reported.

☆ Twitter Executives in Line for $100 Million Payout After Elon Musk Fired Them
▼ + stars: | 2022-10-28 | by ( Theo Francis | ) www.wsj.com time to read: 1 min

Parag Agrawal is likely to receive $54.7 million in severance, according to an estimate from Equilar. Twitter Inc.’s top two executives are likely to collect severance packages totaling just over $100 million following their firing by the company’s new owner, Elon Musk. Under previously disclosed terms, CEO Parag Agrawal is likely to receive $57.4 million, including $56.4 million in equity that vests on an accelerated schedule, according to an estimate from Equilar, a compensation data and analysis company.

☆ 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

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.

☆ '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."

☆ 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 tweets 'the bird is freed' amid reports he plans to take Twitter CEO role
▼ + stars: | 2022-10-28 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Elon Musk tweeted that "the bird is freed" in an apparent reference to closing the Twitter deal. Bloomberg reported that Musk intended to step into the role of CEO in Parag Agrawal's absence. Musk has already fired at least four top Twitter executives, including the company's CEO Parag Agrawal, Insider reported. Bloomberg reported that Musk intended to step into the CEO role in Agrawal's absence, at least for an interim period. Musk has been meeting workers and even hosted an impromptu discussion with employees in the coffee shop, Insider reported.

☆ 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.

☆ 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.

☆ 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.

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