![]() ![]() In April, Twitter accepted the billionaire Tesla CEO's proposal to buy the social media service and take it private. The banks that committed to funding Musk's buyout of Twitter finished putting together the final debt financing agreement and are in the process of signing the necessary documents, Bloomberg News had reported. The move by Musk was seen as a clear sign that he plans to comply with a Delaware court judge's deadline to complete the transaction by Friday. He shared the video of his visit with the caption, "Entering Twitter HQ - let that sink in!", he said that he was trying to sink in.Įntering Twitter HQ – let that sink in! /D68z4K2wq7Įarlier, News agency Reuters had cited sources as saying that Elon Musk notified co-investors who committed to help fund his $44-billion Twitter acquisition as he planned to close the buyout of the social media firm by Friday (October 28).Īccording to the report citing sources, equity investors, including Sequoia Capital, Binance, Qatar Investment Authority, and others received the requisite paperwork for the financing commitment from Musk's lawyers. This comes after Elon Musk posted a video of him walking into the Twitter headquarters carrying a sink on the microblogging site ahead of closing the $44 billion acquisition deal on Wednesday. The deal’s closing removes a cloud of uncertainty that has hung over Twitter’s business, employees and shareholders for much of the year, the CNN said. "I know we'll prove this was the right move.“At least one of the executives who was fired was escorted out of Twitter’s office,” the report said. And there aren't many founders that choose their company over their own ego," he wrote. "There aren't many companies that get to this level. "But our critical challenge is how we work to execute against it and deliver results - that's how we'll make Twitter the best it can be for our customers, shareholders, and for each of you."ĭorsey shared an email to staff members announcing his departure on Twitter, describing it as "a tough one" but as his own decision. "I believe that strategy to be bold and right," Agrawal wrote in a note to Twitter employees on Monday. Only recently has it introduced new features, such as Twitter Blue, a subscription service for frequent users, and Twitter Spaces for audio chats, as part of an ambitious effort to more than double annual revenue and attract new users. The microblogging platform has stayed largely the same for years. While Twitter is popular among celebrities, politicians and the media, it has been slow to innovate compared with top competitors such as Facebook, Snapchat and TikTok. Technology Jack Dorsey, Twitter's Eccentric CEO, Could Be Looking For A Job Soon The hedge fund backed off its demand, however, after striking a deal with Twitter management. ![]() ![]() It argued that Twitter should have a CEO solely focused on running the company. The hedge fund Elliot Management, a major shareholder, sought to replace Dorsey last year. He returned to the top job in 2015.ĭorsey is also CEO of Square, the financial payments company he founded in 2009, and has been criticized by some investors for leading two public companies at once. ![]() He was Twitter's founding CEO but left the company once before after a falling out with a fellow co-founder. It's his time to lead."ĭorsey will remain on the company's board of directors until May of next year. I'm deeply grateful for his skill, heart, and soul. His work over the past 10 years has been transformational. "My trust in Parag as Twitter's CEO is deep. "I've decided to leave Twitter because I believe the company is ready to move on from its founders," Dorsey said in a statement. Twitter stock rose on the news, which was first reported by CNBC. He will be replaced by Twitter's chief technology officer, Parag Agrawal, a 10-year veteran of the company. Jack Dorsey is stepping down as CEO of Twitter, the social media company he co-founded in 2006. Here he's shown at a bitcoin convention in June. Jack Dorsey is stepping down as the CEO of Twitter, which he co-founded. ![]()
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