1. Elon uses a pun on plumbing with a visual
The week’s festivities began with Elon Musk making a trip to Twitter headquarters which we believe was the day of the deal’s official closing. Elon took advantage of the occasion to create an admittedly hilarious visual pun on”let that sink in “let that sink in,” by carrying a sink and getting Twitter allows him to sink in.
Chaos and whimsy are Musk’s forte, and this is a standard behavior even if you don’t think of any other executive like Tim Cook, for example. Tim Cook, for example, carries large porcelain pieces into the offices to announce an acquisition’s close.
2. Elon attempts to please advertisers
Following an article that suggested that some advertisers may not be able to join Twitter in the event that Elon removes Donald Trump’s long-term ban, The Muskie sends out an extended message to advertisers that try to explain his reasoning (“I did this in order to assist humanity, which I am a huge fan of” is beautiful) and then assures they won’t “become a free-for-all hellscape” under his reign.
3. Elon completes the deal
In contrast to the odds, Elon does not reveal the close of the deal until 4:20 pm PT, but instead, the news spreads out and then comes in waves with nearly simultaneous reports across the major media on Thursday at approximately 6 PM PT.
He also escaped the deadline set for him by Delaware Chancery Court Judge Kathaleen McCormick who was appointed today, on October 28. The deadline was triggered by the legal battle that resulted from Elon trying to get out of the agreement and he floated various defenses in an attempt to get rid of the $44 billion contract.
4. Elon fires leadership
Musk did not waste time cleaning his home after he was in: He dismissed the CEO Parag Agrawal and Chief Financial Officer Ned Segal, General Counsel Sean Edgett, and Head of Legal, Trust, and Safety Vijaya Gadde basically at the moment he was given the keys.
There was clearly no love for Musk as well as Agrawal. Agrawal had been previously accused of being a troll for posting a rant against Gadde that ultimately saw her attacked by his sycophantic group of trolls. In addition, Twitter’s most senior legal officials I’m betting that was not feeling very good about the litigation aspect. the deal was able to get out.
5. Elon is to be named CEO
Early reports suggested Elon may want to establish himself as the next Twitter’s chief executive -and add a fourth (fourth? who is sure?)”CEO” designation to his existing LinkedIn profile. This appears likely to be true since reports following the announcement said that he’ll add the position of power.
It seems like he’s doing it as a temporary fix until he decides who will take the seat for the long term. Maybe one of his friends who were in a relationship with his account in the messages history that was revealed during the Twitter discovery process could be given the green light.
6. NYSE sets date for Twitter de-list
It’s officially announced: Twitter will delist from the New York Stock Exchange on November 8. This will officially end Twitter’s time as a public company. It began with its IPO in November 2013.
Musk has decided to take it privately through the financing company he has set up X Holdings I, Inc. is now solely the owner of the company as its whole.
7. EU will be welcoming Elon to rule the world
Elon’s first acknowledgment via Twitter of his latest toy following the close of his deal was a tweet with the words “the bird is freed.” The tweet was swiftly rebutted by European Commission Internet Market Commissioner Thierry Breton. He responded by reminding the public that freedom isn’t a free thing.
It is worth noting that Breton previously had a meeting with Musk in person. Musk in person, and has recorded a video where Breton says he gave Musk about the European Union’s Digital Services Act, in which Musk basically states that he is in line with everything it has to offer.
8. Elon talks to a group of Trolls
Musk hasn’t spoken out all that much since the takeover of Twitter Musk has however addressed a handful of Twitter users that have voiced their displeasure about the platform’s control previously. One of them is “catturd2” who claims he’s shadowbanned, and tweets about COVID misinformation, in addition to other information. Another one is Canada Proud, a right-wing propagandist organization that also propagates COVID incorrect information and focuses on slamming Canadian Prime Minister Justin Trudeau.
9. Elon claims there will be an advisory council on content – but not the one that currently exists.
One of Musk’s most important decisions as a leader is to create a council for content moderation that will be able to decide things such as who is banned from the platform and for what reason similar to the Facebook Oversight Board.
Twitter already has an advisory council for trust and safety that serves in an advisory capacity however, it’s a huge group that appears to operate more in the background to guide product decisions in contrast to the ‘Supreme court’ of sorts for deciding who is allowed to tweet, and in the event of controversy.
So far, that’s the story There’s sure to be more to come, so keep an eye on it. We’ll update this article as we learn more throughout the day, and even beyond.
Twitter is scheduled to be removed from the New York Stock Exchange on 8 November. November
Twitter’s shares will be removed from its New York Stock Exchange on the 8th of November, according to an announcement made to the U.S. Securities and Exchange Commission. The announcement comes just a day after Elon Musk completed the company’s acquisition after a long and arduous process late on Thursday. The delisting of the company occurs on the same day that it is the U.S. midterm elections.
“The New York Stock Exchange hereby notifies the SEC of its intention to remove the entire class of the stated securities from listing and registration on the Exchange at the opening of business on November 08, 2022, pursuant to the provisions of Rule 12d2-2 (a),” the document reads.
It also said it was confirmed that the merger between Twitter as well as Musk’s affiliate X Holdings II, Inc. was completed. Musk’s X Holdings I, Inc. will now control all the shares of the social media network.
“The merger of Twitter, Inc. and X Holdings II, Inc. which is a wholly owned company that is a subsidiary of X Holdings I, Inc. which is owned wholly by Elon R. Musk became effective on the 27th of October 2022. Every share of Twitter, Inc. Common Stock was exchanged for USD 54.20 in cash, free of interest, and less any applicable withholding tax. The Exchange also informs the Securities and Exchange Commission that because of the above-described conditions, the security was halted from trading prior to the market opening on October 28, 2022.”
As of the moment of writing Twitter’s stock is trading at $53.70 which is slightly less than Musk’s purchase rate of $54.20. Twitter isn’t required to issue quarterly announcements, like the monthly number of active users, or profits as a private company. However, the financial institutions that loaned cash to Musk will press Musk to make the company financially viable.
Social media firms will likely create an entirely new board once the current board members disband. Musk will be required to choose the new executive team because one of his initial actions after taking the helm was to dismiss the CEO Parag Agrawal, CFO Ned Segal General Counsel Sean Edgett, and head of legal policy, trust, and security Vijaya Gadde. Musk is likely to take the role of CEO for the moment but could also give it to someone else in the future in the future.
A report by Bloomberg stated that Agrawal was expected to receive close to $50 million, while Segal, as well as Gadde, will receive $27,750,000 and $37 Million respectively in the deal to severance.