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☆ 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.

☆ Twitter staff react to Elon Musk's takeover: 'I am fully expecting him to fire 69% of us on Friday at 4:20 p.m.'
▼ + stars: | 2022-10-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Twitter employees have expressed fear about their jobs after Elon Musk sealed his takeover deal. Musk has reportedly sacked CEO Parag Agrawal and three other top Twitter executives. The billionaire, who's the world's richest person, has fired at least four top executives including CEO Parag Agrawal, Insider and others reported Thursday. It was during this hour-long coffee meeting with about 40 Twitter employees that Musk denied the 75% layoffs figure, according to Bloomberg. Other Twitter employees used the #OneTeam hashtag to express solidarity.

☆ 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.

☆ 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.

☆ 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."

☆ 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 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."

☆ Elon Musk plans Twitter content moderation council as questions about Trump return loom
▼ + stars: | 2022-10-28 | by ( Lora Kolodny | ) www.cnbc.com time to read: +4 min

After closing a $44 billion transaction to take Twitter private, Tesla and SpaceX CEO Elon Musk — now the de facto CEO of Twitter — announced that he plans to form a "content moderation council" at the social networking company. He says he will not make any "major content decisions" or reinstate any accounts that were previously banned before the council convenes. Twitter rival Facebook has been roundly criticized for using a council approach to making content moderation decisions. Early in the Trump presidency, Musk served on a White House economic advisory board and a manufacturing jobs initiative council. The former president previously said he would not return to the platform, but that could change now that the company is run by Musk.

☆ Wall Street is fed up with Meta - but Zuck’s full steam ahead with his massive metaverse bet.
▼ + stars: | 2022-10-28 | by ( Phil Rosen | ) www.businessinsider.com time to read: +7 min

Since Meta reported earnings on Wednesday, its stock has shed more than 23%. Everyone on Wall Street is mad that Meta keeps spending so much. Investors and analysts took the day yesterday to digest the tech giant's latest earnings, and it's clear patience is wearing thin. Mega-cap tech stocks like Zucks' behemoth are facing a possible crisis, with other giants like Google parent Alphabet reporting slowdowns in digital advertising growth. Wall Street is grappling with the "revenge of the old economy" as tech and growth stocks crash.

☆ Inside ex-Goldman Sachs banker Gregg Lemkau's big bet on himself
▼ + stars: | 2022-10-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

Gregg Lemkau (center) led MSD Partners, the investment firm financed by Michael Dell (right) to a merger with merchant bank BDT & Company, founded by Byron Trott (left). Gregg Lemkau seemingly had it all, which is why many were surprised at his decision to end his 28-year tenure at Goldman Sachs to run MSD Partners, Michael Dell's investment firm, in late 2020. Nearly two years later, Lemkau has silenced any doubters by orchestrating a merger between MSD and merchant bank BDT & Company. Lemkau will serve as co-CEO with BDT founder and CEO Byron Trott of the new firm, which will target rich families and founders. Click here to read more about Gregg Lemkau's ascension at Goldman Sachs and his decision to leave.

New York CNN Business —Elon Musk has completed his $44 billion acquisition of Twitter, the company confirmed in a securities filing Friday, putting the world’s richest man in charge of one of the world’s most influential social media platforms. The confirmation comes after a source familiar with the deal told CNN the deal had closed Thursday night. But Musk’s takeover now raises a host of new questions for the future of the social media platform, and the many corners of society impacted by it. Despite multiple news outlets confirming the changes Thursday night, Twitter staff had still not formally been informed of the changes as of Friday morning, two Twitter employees told CNN. Now he controls a social media platform that shapes how hundreds of millions of people communicate and get their news.

☆ 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.

☆ On Elon Musk's first day in charge of Twitter, he's already cutting jobs. Executives were first, but employees are arguing and speculating over whether broader layoffs are happening, too.
▼ + stars: | 2022-10-28 | by ( Kali Hays | ) www.businessinsider.com time to read: +2 min

On Friday morning, workers speculated about broader layoffs and argued over Slack whether job cuts are happening or not, people familiar with the situation told Insider. A video from Reuters Live showing people leaving Twitter's San Francisco office and saying they were laid off Twitter engineers. Twitter workers went back and forth on the company Slack about whether layoffs were happening. One worker speculated that changes in access at another Twitter office meant that layoffs were real. Another speculated that since workers in another office had been allowed to continue using lockers, layoffs were not happening, according to screenshots seen by 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.

☆ Mark Cuban says he's looking forward to Twitter's Elon Musk era: 'he will flex his independence to show everyone who's in charge'
▼ + stars: | 2022-10-28 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

Mark Cuban celebrated Elon Musk's purchase of Twitter on Friday. Cuban called Musk a "ready, fire, aim entrepreneur." Musk will "will flex his independence to show everyone who's in charge," Cuban tweeted. Cuban, a billionaire entrepreneur, celebrated on Twitter, tweeting that he was "looking forward" to the Elon Musk era. "The only expectation you can have of @elonmusk is that he will flex his independence to show everyone who's in charge."

☆ 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."

☆ Donald Trump says Twitter is 'in sane hands' following Elon Musk's takeover
▼ + stars: | 2022-10-28 | by ( Hannah Towey | Oma Seddiq | ) www.businessinsider.com time to read: +2 min

Donald Trump said the app is now "in sane hands" with the tech billionaire at its helm. "I am very happy that Twitter is now in sane hands, and will no longer be run by Radical Left Lunatics and Maniacs that truly hate our country," Trump wrote on Truth Social. Twitter permanently suspended Trump from its website two days after the Capitol attack on January 6, 2021, citing the "risk of further incitement of violence." Twitter and Musk formally closed on the billionaire's $44 billion acquisition offer to take the company private on Thursday. Immediately after purchasing the app, Musk ousted some of Twitter's top executives including CEO Parag Agrawal, Chief legal officer Vijaya Gadde, and general counsel Sean Edgett, Insider previously reported.

☆ Trump says Twitter is 'in sane hands' following Elon Musk's takeover
▼ + stars: | 2022-10-28 | by ( Hannah Towey | Oma Seddiq | ) www.businessinsider.com time to read: +2 min

☆ 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!"

☆ U.S. dollar weakness could 'extend a little further' in the near term, says Barclays
▼ + stars: | 2022-10-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S. dollar weakness could 'extend a little further' in the near term, says BarclaysAshish Agrawal of the bank says it's too "early to call an end to the broad dollar move" as the U.S. Federal Reserve is likely to continue hiking interest rates "much further."

☆ Twitter staff enjoy a flexible work culture. Self-described nano-manager Elon Musk will change that.
▼ + stars: | 2022-10-27 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +6 min

Elon Musk is close his $44 billion deal to buy Twitter by Friday and staff are worried. Musk's 'autocratic' leadership style is likely to clash with a flexible work culture, one workplace expert says. Elon Musk is set to buy Twitter for $44 billion by Friday and, as the deadline looms, staff are anticipating a big vibe shift in its work culture. Here are some of the perks Twitter staff enjoy now that may change under Musk. Flexible working policiesTwitter is famed for generous, flexible working policies.

☆ Elon Musk changes his Twitter bio to 'Chief Twit' ahead of rapidly approaching deadline to finalize deal
▼ + stars: | 2022-10-26 | by ( Travis Clark | ) www.businessinsider.com time to read: +2 min

Elon Musk changed his Twitter bio to "Chief Twit" on Wednesday. It could be a sign that he plans to appoint himself Twitter CEO once he purchases the platform. CNBC first reported in May that Musk was likely to name himself interim CEO after closing the $44 billion deal. But a lot has changed since May, so it's unclear if Musk plans to take on a temporary or permanent title, if any at all. Some of the released texts showed the falling out that led to Musk initially pulling out of the deal.

☆ Indians revel in Rishi Sunak’s rise to the U.K.’s top job
▼ + stars: | 2022-10-25 | by ( Mithil Aggarwal | ) www.nbcnews.com time to read: +4 min

Narendra Modi, the prime minister of majority Hindu India, quickly congratulated Sunak. “Special Diwali wishes to the ‘living bridge’ of UK Indians, as we transform our historic ties into a modern partnership,” he tweeted. “The reaction is of admiration, aspiration that they could get to a similar position and happiness that one of their own has got the position,” Dogra said of the worldwide reaction among Hindus. Pedestrians walk past paintings of Britain's Prime Minister Rishi Sunak in Mumbai on Tuesday. Sunak visited different temples in London and was seen participating in a cow ritual during his losing campaign for prime minister against Liz Truss in August.

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