User:EdgarCabreraFariña/Sandbox/Acquisition of Twitter by Elon Musk (2)
Attempted withdrawal by Musk
[edit]On July 8, Musk announced his intention to terminate the proposed acquisition, claiming in a regulatory filing that Twitter was in "material breach" of several parts of the agreement by refusing to comply with Musk's requests for spambot account data and dismissing high-ranking employees.[1][2] In response, Taylor pledged to pursue legal action against Musk at the Delaware Court of Chancery with the goal of completing the acquisition,[3][4] with the ensuing lawsuit once again overseen by the Twitter board's transaction committee.[5] Twitter's stock sank by 7 percent after the news, dropping by a further 11 percent the next day.[6] On July 10, Twitter hired the law firm Wachtell, Lipton, Rosen & Katz to represent its case, including "key lawyers" William Savitt and Leo Strine,[7] along with Potter Anderson & Corroon, Ballard Spahr, Kobre & Kim, and Wilson Sonsini Goodrich & Rosati.[8] Musk again employed the services of Quinn Emanuel Urquhart & Sullivan after previously doing so for Unsworth v. Musk and SEC v. Musk,[7] including his personal lawyer Alex Spiro, as well as Skadden, Arps, Slate, Meagher & Flom.[9]
Twitter formally launched its lawsuit against Musk at the Delaware Court of Chancery on July 12,[9] with Musk tweeting in response, "Oh the irony lol".[10] Twitter requested that the trial be held from September 19 through September 22,[11] before the deal's originally scheduled "drop dead" date on October 24.[12] Musk's legal team objected to this, asking for the trial to be held from February 13 through February 22, 2023.[13] On July 19, judge Kathaleen McCormick ruled that the trial would last for five days in October,[14][15] with Twitter seeking an October 10 start date.[16] During its quarterly earnings investor call on July 22, Twitter cited the "chaos" caused by the proposal as the primary factor for its decline in revenue.[17] In a letter to McCormick on July 26, Musk's lawyers complained that Twitter had hindered them from commencing the discovery process and requested an October 17 start date,[16] which McCormick granted three days later with a duration of five days.[18]
In a tweet on August 6, Musk challenged Agrawal to a public debate on Twitter's spambot accounts, before polling his followers on whether they believed that less than 5 percent of Twitter accounts were "fake/spam".[19] On August 10, Musk sold 7.92 million Tesla shares worth a total of $6.9 billion as backup should he lose the lawsuit, despite previously stating he would no longer sell Tesla stock.[20] The next week, McCormick ordered Twitter to produce documents from Beykpour, which Musk's team had requested along with files from 22 other Twitter employees and 41 "custodians".[21] Shortly thereafter, Musk subpoenaed Dorsey.[22] Other businessmen and investors subpoenaed include Marc Andreessen, Ellison, David Sacks, and Joe Lonsdale, while Twitter and Musk also subpoenaed Goldman Sachs, Morgan Stanley, JPMorgan Chase, Andreessen Horowitz, Sequoia Capital, Salesforce, Mastercard, and more. Sacks and Lonsdale were both irritated that they were being subpoenaed, with the former filing a failed motion to dismiss the subpoena. In total, lawyers for Twitter issued over 84 subpoenas, while Musk's lawyers issued more than 36.[8]
Facing increasing pressure from Musk, Twitter announced that it would combine its health team, tasked with preventing non-consensual nudity and child sexual exploitation on the platform, with its anti-spam team.[23] McCormick rejected much of Musk's team's "absurdly broad" request for data pertaining to all of Twitter's users, but ordered the company to produce data from 9,000 accounts it previously audit sampled.[24] Musk filed a "termination letter" with the SEC on August 29, citing Zatko's claims as evidence Twitter breached their contract,[25][26] before asking McCormick to delay the trial by a few weeks.[27] McCormick rejected the request,[28] and Musk's team sent a third termination letter to Twitter.[29] On September 13, Zatko testified before the Senate Judiciary Committee,[30][31][32] while Twitter shareholders voted in favor of the acquisition.[33][34] Musk privately offered to purchase Twitter at the reduced prices of $31 billion and $39.6 billion, both of which the company rejected.[35][36]
Revival and closure
[edit]Revitalization of bid
[edit]On October 3, Musk's legal team informed Twitter that Musk had changed his mind and decided to move forward with his proposed acquisition at the originally agreed-upon price of $54.20 per share, on the condition that Twitter drop its lawsuit.[37] The reason for this reversal was attributed to concerns from Musk's team that they would not be able to prove that there was a material adverse effect justifying a break from contract. Musk and Agrawal's depositions were originally scheduled for October 6 and 10, respectively.[38] Musk stated that his purchase of Twitter was part of his ambition to create an "everything app" called X, which would offer many different services.[39] In response, McCormick asked both sides to propose to her how they should proceed. Twitter shares surged by 23 percent as a result of Musk's announcement.[38] Neither Twitter nor Musk responded to McCormick's request, prompting her to announce that the trial would go forward as planned.[40]
On October 6, McCormick agreed to a request by Musk to postpone the trial to October 28 so Musk could finalize his debt financing for the acquisition, adding that the trial would be rescheduled to November if the deal did not close by then.[41][42] During this time, Musk deposited a $1 billion loan from his company SpaceX, paying back the loan with interest the following month.[43][44] On October 13, court filings revealed that Musk was being investigated by the U.S. government for his conduct in the proposed buyout.[45][46] Musk later stated that he believed Twitter's long-term value would exceed the price of $54.20 per share, which he considered an overpayment.[47] On October 20, The Washington Post reported that Musk intended to terminate 75 percent of Twitter's staff, and that Twitter executives were keen on selling the company to Musk so they could mitigate their planned payroll and infrastructure cuts.[48][49] In an open letter, Twitter employees condemned Musk's intentions and warned of negative consequences on the future of Twitter.[50][51] Bloomberg News and the Post further reported that officials in the Biden administration were considering a national security review of Musk's proposed acquisition and other ventures via the Committee on Foreign Investment (CFIUS),[52][53] with the possibility of U.S. President Joe Biden blocking the purchase if need be;[54] the White House denied the reports.[55][56]
By October 21, both parties' bankers and lawyers were set to complete the paperwork for the acquisition by the end of the month, with the deal expected to close by then.[57][58] The banks funding the acquisition were to hold the $13 billion worth of debt incurred as opposed to selling it.[59][60] In a video call with banks who helped Musk fund the acquisition, Musk assured them he would complete the buyout by the deadline.[61] Musk made a trip to Twitter's headquarters on October 26, tweeting a video of him carrying a kitchen sink at the site's lobby and changing his Twitter bio to "Chief Twit".[62][63][64] Musk also told Twitter employees that while layoffs were still likely to happen, he did not intend to do so at the scale the Post had previously reported.[65][66] The next day, Musk wrote in an open letter to advertisers that Twitter would not become a "free-for-all hellscape", reiterating that his motives for the purchase were not based on greed but rather a desire to create "a common digital town square".[67] He then asked Tesla engineers to meet with Twitter's product managers in order to assess the platform's codebase,[68] which was frozen until November 1.[69]
Completion of purchase
[edit]In the afternoon of October 27, Musk and Twitter closed the deal, with Musk tweeting "the bird is freed". Musk immediately became Twitter's new owner, promptly firing Agrawal, chief financial officer (CFO) Ned Segal, Gadde, and general counsel Sean Edgett,[70][71][72] with the executives escorted out of the company's headquarters by security.[73] This move came to the surprise of many involved, who had expected Musk to allow the executives to voluntarily resign; Agrawal had prepared a draft of his resignation letter before his access to his Twitter email account was cut off. According to Walter Isaacson's biography Elon Musk (2023), Musk "meticulously" changed his plans so "he could terminate their employment before their stock options would vest", seeking retribution for Agrawal's handling of the spambot incident.[74] Agrawal, Segal, and Gadde were set to receive "golden parachute" sums of $38.7 million, $25.4 million, and $12.5 million, respectively,[75][76] but The New York Times reported that Musk was unlikely to make the payments because the executives had been dismissed for cause.[77] According to the Financial Times, Musk's justification for this assertion was that the company had been mismanaged, and the executives were "weighing their legal options over the decision".[78] Dorsey retained his $1 billion ownership stake,[79][80] and several other executives departed Twitter in the ensuing days.[81][82][83]
Musk assumed the position of CEO,[84][85] merging the company with X Holdings and dissolving Twitter's board of directors.[86] With this merger, Twitter ceased to be an independent company, with X Corp. later created in March 2023 to house the company.[87][88] Musk uses the title "Chief Twit" to refer to his position as CEO.[89] A "war room" was established at Twitter, with Musk meeting with Spiro, Sacks, and others to discuss his next steps.[90] According to The New York Times, the group's two primary objectives were to reduce the size of Twitter's workforce and overhaul the platform's mobile app.[91] Twitter employees were not formally informed of the change in management,[92] with Musk originally said to be planning a town hall meeting with employees but ultimately not doing so.[70][93] The next day, Twitter shares ceased trading in accordance with Musk's pledge to take the company private;[94][95][96] the company's stock ticker was delisted from the New York Stock Exchange (NYSE) on November 8.[97]
- ^ Roumeliotis, Greg (July 8, 2022). "Elon Musk terminating Twitter deal". Reuters. Archived from the original on July 8, 2022. Retrieved July 8, 2022.
- ^ Duffy, Clare; Fung, Brian; Metz, Rachel (July 8, 2022). "Elon Musk tells Twitter he wants out of his deal to buy it". CNN Business. Archived from the original on July 9, 2022. Retrieved July 8, 2022.
- ^ Ortutay, Barbara; Krisher, Tom; O'Brien, Matt (July 8, 2022). "Musk abandons deal to buy Twitter; company says it will sue". The Washington Post. ISSN 0190-8286. Archived from the original on July 9, 2022. Retrieved July 8, 2022.
- ^ Spangler, Todd (July 8, 2022). "Elon Musk Terminates Deal to Buy Twitter, Company Vows to Sue Him". Variety. Archived from the original on July 9, 2022. Retrieved July 9, 2022.
- ^ Cite error: The named reference
TransactionCommittee
was invoked but never defined (see the help page). - ^ Goldsmith, Jill; Hayes, Dade (July 11, 2022). "Elon Musk Twitter Deal Is "Not Terminated," Tech Firm's Lawyer Insists; Stock Falls 11% As Tesla CEO's Meme Mockery Continues". Deadline Hollywood. Archived from the original on July 12, 2022. Retrieved August 6, 2022.
- ^ a b Lawler, Richard (July 10, 2022). "Twitter reportedly hires the firm that invented the 'poison pill' to sue Elon Musk". The Verge. Archived from the original on July 11, 2022. Retrieved July 11, 2022.
- ^ a b Conger, Kate (October 29, 2022). "Silicon Valley's Elite Get Dragged Into Musk-Twitter Trial". The New York Times. ISSN 0362-4331. Archived from the original on August 29, 2022. Retrieved October 29, 2022.
- ^ a b Conger, Kate; Hirsch, Lauren (July 12, 2022). "Twitter Sues Musk After He Tries Backing Out of $44 Billion Deal". The New York Times. ISSN 0362-4331. Archived from the original on July 12, 2022. Retrieved July 12, 2022.
- ^ O'Brien, Matt (July 12, 2022). "Twitter sues to force Musk to complete his US$44B acquisition". CTV News. Archived from the original on July 12, 2022. Retrieved July 12, 2022.
- ^ "Twitter seeks four-day trial in mid-Sept over $44 bln Musk deal". Reuters. July 12, 2022. Archived from the original on July 13, 2022. Retrieved July 30, 2022.
- ^ Keenan, Alexis (July 19, 2022). "Twitter granted 5-day trial in October in case against Elon Musk". Yahoo! Finance. Archived from the original on July 19, 2022. Retrieved July 30, 2022.
- ^ Feeley, Jef (July 15, 2022). "Musk Seeks to Block 'Warp Speed' Twitter Trial Over $44 Billion Deal". Bloomberg News. Archived from the original on August 10, 2022. Retrieved July 30, 2022.
- ^ Goldsmith, Jill (July 19, 2022). "Elon Musk–Twitter Lawsuit Trial Date Set". Deadline Hollywood. Archived from the original on July 19, 2022. Retrieved July 30, 2022.
- ^ "Twitter-Musk takeover dispute heading for October trial". BBC News. July 19, 2022. Archived from the original on July 19, 2022. Retrieved July 19, 2022.
- ^ a b Pierce, David (July 26, 2022). "Elon Musk's lawyers say Twitter is making the pretrial process impossible". The Verge. Archived from the original on July 26, 2022. Retrieved July 30, 2022.
- ^ Milmo, Dan (July 22, 2022). "Twitter blames revenue slide on Elon Musk takeover uncertainty". The Guardian. ISSN 0261-3077. Archived from the original on July 22, 2022. Retrieved July 22, 2022.
- ^ Thorbecke, Catherine (July 29, 2022). "The trial between Twitter and Elon Musk now has a date". CNN Business. Archived from the original on July 29, 2022. Retrieved July 29, 2022.
- ^ Roth, Emma (August 6, 2022). "Elon Musk challenges Twitter CEO to a 'public debate' about bots". The Verge. Archived from the original on August 6, 2022. Retrieved August 6, 2022.
- ^ Sankaran, Vishwam (August 10, 2022). "Elon Musk sells more Tesla shares worth $6.9bn over Twitter deal". The Independent. Archived from the original on August 12, 2022. Retrieved August 14, 2022.
- ^ Hays, Kali (August 15, 2022). "Elon Musk scores a rare win in Twitter-acquisition lawsuit as the company is ordered to hand over documents from fired general manager". Business Insider. Archived from the original on August 15, 2022. Retrieved August 24, 2022.
- ^ Thorbecke, Catherine (August 22, 2022). "Elon Musk subpoenas former Twitter CEO Jack Dorsey as legal battle heats up". CNN Business. Archived from the original on August 22, 2022.
- ^ Schiffer, Zoe; Newton, Casey (August 30, 2022). "How Twitter's child porn problem ruined its plans for an OnlyFans competitor". The Verge. Archived from the original on August 30, 2022. Retrieved October 1, 2022.
- ^ Hals, Tom (August 25, 2022). "Elon Musk's 'absurdly broad' Twitter data requests mostly rejected by judge". Reuters. Archived from the original on August 25, 2022. Retrieved August 26, 2022.
- ^ Vincent, James (August 30, 2022). "Elon Musk says whistleblower's testimony gives him more reasons to dump Twitter deal". The Verge. Archived from the original on September 2, 2022. Retrieved September 3, 2022.
- ^ Spangler, Todd (August 30, 2022). "Elon Musk's Lawyers Say Twitter Whistle-Blower Allegations Provide Additional Justification for Nixing $44 Billion Deal". Variety. Archived from the original on September 3, 2022. Retrieved September 3, 2022.
- ^ "Elon Musk demands Twitter trial delay over whistleblower concerns". The Guardian. September 6, 2022. ISSN 0261-3077. Archived from the original on September 7, 2022. Retrieved September 14, 2022.
- ^ Robertson, Adi (September 7, 2022). "Judge denies Elon Musk's attempt to delay Twitter trial". The Verge. Archived from the original on September 7, 2022. Retrieved September 14, 2022.
- ^ Mehta, Ivan (September 12, 2022). "Elon Musk's third termination notice to Twitter is about Mudge's severance". TechCrunch. Archived from the original on September 12, 2022. Retrieved September 14, 2022.
- ^ Zakrzewski, Cat (August 24, 2022). "Twitter whistleblower to testify in Congress about security failures". The Washington Post. ISSN 0190-8286. Archived from the original on August 24, 2022. Retrieved September 3, 2022.
- ^ Bond, Shannon; Dillion, Raquel Maria (September 13, 2022). "Twitter may have hired a Chinese spy and four other takeaways from the Senate hearing". NPR. Archived from the original on September 15, 2022.
- ^ Dang, Sheila; Shepardson, David (September 13, 2022). "Twitter whistleblower reveals employees concerned China agent could collect user data". Reuters. Archived from the original on September 15, 2022.
- ^ Chase, Randall; Ortutay, Barbara (July 26, 2022). "Twitter sets September shareholder vote on Elon Musk buyout". Associated Press. Archived from the original on September 2, 2022.
- ^ Feiner, Lauren (September 13, 2022). "Twitter shareholders vote to approve Elon Musk's bid to buy the company". CNBC. Archived from the original on September 13, 2022. Retrieved September 13, 2022.
- ^ Conger, Kate; Schmidt, Michael S. (October 5, 2022). "Elon Musk Offered to Buy Twitter at a Lower Price in Recent Talks". The New York Times. ISSN 0362-4331. Archived from the original on October 6, 2022. Retrieved October 15, 2022.
- ^ Lombardo, Cara; Corse, Alexa (October 6, 2022). "Elon Musk and Twitter at Odds Over Terms of Agreement to Close Deal". The Wall Street Journal. ISSN 0099-9660. Archived from the original on October 6, 2022. Retrieved October 15, 2022.
- ^ Lombardo, Cara; Cimilluca, Dana (October 4, 2022). "Elon Musk Proposes Closing Twitter Deal on Original Terms". The Wall Street Journal. ISSN 0099-9660. Archived from the original on October 4, 2022. Retrieved June 2, 2022.
- ^ a b Feely, Jef; Hammond, Ed; Wagner, Kurt (October 4, 2022). "Musk Revives $44 Billion Twitter Bid, Aiming to Avoid Trial". Bloomberg News. Archived from the original on October 11, 2022. Retrieved October 4, 2022.
- ^ Sen, Anirban; Hals, Tom (October 4, 2022). "Musk reverses course, again: he's ready to buy Twitter, build 'X' app". Reuters. Archived from the original on October 4, 2022. Retrieved October 28, 2022.
- ^ O'Brien, Matt (October 5, 2022). "Explainer: What's next in Musk's epic battle with Twitter?". Associated Press. Archived from the original on October 5, 2022. Retrieved October 5, 2022.
- ^ Spangler, Todd (October 6, 2022). "Judge Grants Musk Request to Halt Twitter Trial Until Oct. 28 to Allow Parties to Close $44 Billion Deal". Variety. Archived from the original on October 7, 2022. Retrieved October 15, 2022.
- ^ Hals, Tom (October 6, 2022). "Twitter lawsuit halted so Elon Musk can close deal by Oct. 28". Reuters. Archived from the original on October 6, 2022. Retrieved October 7, 2022.
- ^ Maidenberg, Micah; Higgins, Tim (September 5, 2023). "Elon Musk Borrowed $1 Billion From SpaceX in Same Month of Twitter Acquisition". The Wall Street Journal. ISSN 0099-9660. Archived from the original on September 6, 2023. Retrieved September 6, 2023.
- ^ Levine, Matt (September 6, 2023). "SpaceX Loaned Elon Musk Some Money". Bloomberg news. Archived from the original on September 6, 2023. Retrieved September 6, 2023.
- ^ Hals, Tom; Dang, Sheila (October 14, 2022). "Elon Musk is under federal investigations, Twitter says in court filing". Reuters. Archived from the original on October 13, 2022. Retrieved October 14, 2022.
- ^ Tapp, Tom (October 13, 2022). "Elon Musk Under Federal Investigation Over Twitter Deal, Social Media Giant Says, And It Wants Documents Related To Probe". Deadline Hollywood. Archived from the original on October 14, 2022. Retrieved October 16, 2022.
- ^ Spangler, Todd (October 20, 2022). "Elon Musk Says He's 'Obviously Overpaying' for Twitter in $44 Billion Deal but Sees Huge Upside Long-Term". Variety. Archived from the original on October 20, 2022. Retrieved October 21, 2022.
- ^ Dwoskin, Elizabeth; Siddiqui, Faiz; De Vynck, Gerrit; Merrill, Jeremy B. (October 20, 2022). "Documents detail plans to gut Twitter's workforce". The Washington Post. ISSN 0190-8286. Archived from the original on October 20, 2022. Retrieved October 21, 2022.
- ^ Folmar, Chloe (October 20, 2022). "Musk said he plans to cut nearly 75 percent of Twitter's workforce: report". The Hill. Archived from the original on October 21, 2022. Retrieved October 21, 2022.
- ^ Perrigo, Billy (October 24, 2022). "Exclusive: Twitter Employees Protest Elon Musk's Plan to Fire 75% of Workforce". Time. Archived from the original on October 25, 2022. Retrieved October 27, 2022.
- ^ Hurler, Kevin (October 25, 2022). "Twitter Employees Call Musk Takeover 'Reckless' in Letter". Gizmodo. Archived from the original on October 25, 2022. Retrieved October 25, 2022.
- ^ Jacobs, Jennifer; Mohsin, Saleha (October 20, 2022). "Twitter Tumbles as US Weighs Security Reviews for Musk Deals". Bloomberg News. Archived from the original on October 21, 2022. Retrieved October 21, 2022.
- ^ Mohsin, Saleha; Flatley, Daniel (October 21, 2022). "All About CFIUS, the Watchdog Biden May Use to Review Musk's Ventures". The Washington Post. ISSN 0190-8286. Archived from the original on October 21, 2022. Retrieved October 23, 2022.
- ^ Duffy, Kate (October 21, 2022). "The US government is considering a national security review of Elon Musk's $44 billion Twitter acquisition, report says. If it happens, Biden could ultimately kill the deal". Business Insider. Archived from the original on October 21, 2022. Retrieved October 21, 2022.
- ^ Milmo, Dan (October 21, 2022). "White House denies talk of national security review of Elon Musk ventures". The Guardian. ISSN 0261-3077. Archived from the original on October 21, 2022. Retrieved October 23, 2022.
- ^ Novak, Matt (October 25, 2022). "White House Insists Elon Musk's Deals Aren't Under National Security Review". Gizmodo. Archived from the original on October 27, 2022. Retrieved October 25, 2022.
- ^ Seligson, Paula; Roof, Katie; Hammond, Ed (October 21, 2022). "Twitter, Musk Talks Warm Up as Buyout Closing Deadline Nears". Bloomberg News. Archived from the original on October 21, 2022. Retrieved October 27, 2022.
- ^ Hern, Alex (October 27, 2022). "Elon Musk claims he has acquired Twitter 'to help humanity'". The Guardian. ISSN 0261-3077. Archived from the original on October 27, 2022. Retrieved October 28, 2022.
- ^ Saeedy, Alexander; Cooper, Laura; Dummett, Ben (October 6, 2022). "Elon Musk's Revived Twitter Deal Could Saddle Banks With Big Losses". The Wall Street Journal. ISSN 0099-9660. Archived from the original on October 6, 2022. Retrieved October 27, 2022.
- ^ Cooper, Laura; Saeedy, Alexander (October 21, 2022). "Elon Musk's Twitter Takeover Debt to Be Held by Banks Amid Turbulent Markets". The Wall Street Journal. ISSN 0099-9660. Archived from the original on October 21, 2022. Retrieved October 27, 2022.
- ^ Amodeo, Jeannine; Tan, Gillian; Seligson, Paula; Hammond, Ed (October 25, 2022). "Musk Tells Bankers He Plans to Close Twitter Deal on Friday". Bloomberg News. Archived from the original on October 25, 2022. Retrieved October 26, 2022.
- ^ Mac, Ryan; Conger, Kate (October 26, 2022). "Elon Musk Visits Twitter as $44 Billion Deal Nears Completion". The New York Times. ISSN 0362-4331. Archived from the original on October 26, 2022. Retrieved October 30, 2022.
- ^ Massie, Graeme (October 26, 2022). "Elon Musk shows up at Twitter HQ carrying kitchen sink as he closes in on $44bn purchase". The Independent. Archived from the original on October 26, 2022. Retrieved October 27, 2022.
- ^ Guynn, Jessica (October 26, 2022). "Twitter deal: Why 'Chief Twit' Elon Musk brought along a sink on his visit to Twitter headquarters". USA Today. Archived from the original on October 27, 2022. Retrieved October 27, 2022.
- ^ Hammond, Ed; Ludlow, Edward (October 26, 2022). "Musk Tells Twitter Staff He Doesn't Plan to Cut 75% Of Jobs". Bloomberg News. Archived from the original on October 27, 2022. Retrieved October 27, 2022.
- ^ Brodkin, Jon (October 27, 2022). "Musk visits Twitter HQ, promises staff he won't fire 75% of them". Ars Technica. Archived from the original on October 27, 2022. Retrieved November 4, 2022.
- ^ Spangler, Todd (October 27, 2022). "Elon Musk, on Eve of Twitter Deal Close, Promises Advertisers It Won't Become a 'Free-for-All Hellscape'". Variety. Archived from the original on October 27, 2022. Retrieved October 27, 2022.
- ^ Wagner, Kurt; Ludlow, Edward (October 27, 2022). "Tesla Engineers Visit Twitter Office to Review Code for Musk". Bloomberg News. Archived from the original on October 27, 2022. Retrieved October 28, 2022.
- ^ Heath, Alex (October 27, 2022). "Twitter's employees await their fate under Elon Musk". The Verge. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ a b Siddiqui, Faiz; Dwoskin, Elizabeth (October 27, 2022). "Top Twitter executives fired as Elon Musk takeover begins". The Washington Post. ISSN 0190-8286. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ O'Sullivan, Donie; Duffy, Clare (October 27, 2022). "Elon Musk has taken control of Twitter and fired its top executives". CNN Business. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Vanian, Jonathan (October 27, 2022). "Elon Musk now in charge of Twitter, CEO and CFO have left, sources say". CNBC. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Lopatto, Elizabeth (October 27, 2022). "Twitter is now an Elon Musk company". The Verge. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Hetzner, Christiaan (September 1, 2023). "Elon Musk's 'ruthless' plan to seek revenge against Twitter CEO Parag Agrawal revealed by biographer". Fortne. Archived from the original on September 1, 2023. Retrieved October 11, 2023.
- ^ Hays, Kali (October 27, 2022). "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". Business Insider. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Sorkin, Andrew Ross; Mattu, Ravi; Warner, Bernhard; Kessler, Sarah; Gandel, Stephen; de la Merced, Michael J.; Hirsch, Lauren; Livni, Ephrat (October 28, 2022). "Elon Musk Faces Another Big Decision at Twitter". The New York Times. ISSN 0362-4331. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Conger, Kate; Mac, Ryan; Frenkel, Sheera; Isaac, Mike (October 29, 2022). "Elon Musk Is Said to Have Ordered Job Cuts Across Twitter". The New York Times. ISSN 0362-4331. Archived from the original on October 30, 2022. Retrieved January 27, 2023.
- ^ Murphy, Hannah; McGee, Patrick; Fontanella-Khan, James; Indap, Sujeet (October 30, 2022). "Elon Musk moves quickly to shake up Twitter with plans for job cuts". Financial Times. ISSN 0307-1766. Archived from the original on October 30, 2022. Retrieved January 27, 2023.
In this instance, Musk's argument is that Twitter has been mismanaged and that if it were not for his bid, the value of the company's stock would have collapsed, one of the people said. The executives, according to a person familiar with their thinking, are weighing their legal options over the decision. Denying severance payments related to acquisitions is unusual and the "for cause" clause typically requires misconduct to have taken place.
- ^ Werpin, Alex (November 1, 2022). "Twitter Co-Founder Jack Dorsey Retained Stake in Company After Elon Musk Acquisition, Filings Show". The Hollywood Reporter. Archived from the original on November 1, 2022. Retrieved November 3, 2022.
- ^ Hays, Kali (October 31, 2022). "Jack Dorsey just saved Elon Musk about $1 billion by rolling over his shares of Twitter into a stake in the new private company". Business Insider. Archived from the original on October 31, 2022. Retrieved November 3, 2022.
- ^ Conger, Kate; Hsu, Tiffany; Mac, Ryan (November 1, 2022). "Elon Musk's Twitter Faces Exodus of Advertisers and Executives". The New York Times. ISSN 0362-4331. Archived from the original on November 2, 2022. Retrieved November 3, 2022.
- ^ Duffy, Clare (November 2, 2022). "Twitter's C-suite clears out as Musk cements power over the company". CNN Business. Archived from the original on November 3, 2022. Retrieved November 3, 2022.
- ^ Collins, Ben (November 10, 2022). "There's an exodus of Twitter executives, including the head of trust and safety, as Musk's chaotic reign continues". NBC News. Archived from the original on November 10, 2022. Retrieved November 11, 2022.
- ^ Folmar, Chris (October 28, 2022). "Musk plans to end lifetime Twitter bans". The Hill. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Klar, Rebecca (October 31, 2022). "Elon Musk named sole director of Twitter, dissolves board". The Hill. Archived from the original on October 31, 2022. Retrieved November 1, 2022.
- ^ Conger, Kate (October 28, 2022). "How Twitter Will Change as a Private Company". The New York Times. ISSN 0362-4331. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Wei, De Wei; Katanuma, Marika (April 11, 2023). "Twitter Company 'No Longer Exists,' Is Now Part of Musk's X". Bloomberg News. Archived from the original on April 11, 2023. Retrieved April 11, 2023.
- ^ Smith, Connor (April 11, 2023). "Twitter Inc. 'No Longer Exists.' Why Elon Musk Chose Nevada For X Holdings". Barron's. Archived from the original on April 12, 2023. Retrieved April 11, 2023.
- ^ Lawler, Richard (October 31, 2022). "Elon Musk is the CEO of Twitter". The Verge. Archived from the original on November 1, 2022. Retrieved November 1, 2022.
- ^ Conger, Kate; Hirsch, Lauren; Mac, Ryan (October 28, 2022). "Elon Musk Starts Putting His Imprint on Twitter". The New York Times. ISSN 0362-4331. Archived from the original on October 29, 2022. Retrieved October 29, 2022.
- ^ Isaac, Mike; Mac, Ryan; Conger, Kate (October 31, 2022). "Elon Musk, Plus a Circle of Confidants, Tightens Control Over Twitter". The New York Times. ISSN 0362-4331. Archived from the original on October 31, 2022. Retrieved November 3, 2022.
- ^ Duffy, Clare; O'Sullivan, Donie (October 28, 2022). "Twitter confirms completion of Elon Musk's $44 billion acquisition deal". CNN Business. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Harwell, Drew; Lorenz, Taylor; Zakrzewski, Cat (October 28, 2022). "Racist tweets quickly surface after Musk closes Twitter deal". The Washington Post. ISSN 0190-8286. Archived from the original on October 29, 2022. Retrieved October 29, 2022.
- ^ "Twitter shares to be suspended on NYSE as Musk nears takeover". Reuters. October 27, 2022. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Guynn, Jessica (October 27, 2022). "Elon Musk now owns Twitter. As the $44 billion takeover closes, the turnaround begins: Reports". USA Today. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Dang, Sheila; Roumeliotis, Greg (October 28, 2022). "Elon Musk's Twitter ownership starts with firings, uncertainty". Reuters. Archived from the original on October 28, 2022. Retrieved October 28, 2022.
- ^ Nover, Scott (October 28, 2022). "So long for now, TWTR". Quartz. Archived from the original on October 28, 2022. Retrieved November 1, 2022.