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.
Adrees Latif | Reuters
Twitter CEO Parag Agrawal and chief financial officer Ned Segal have left the company’s San Francisco headquarters and will not be returning.
Musk had until Friday to complete his $44 billion acquisition of Twitter or face a court battle with the company.
In April, Twitter accepted Musk’s proposal to buy the social media service and take it private. Just a few months later, however, Musk began sowing doubt about his intentions to buy Twitter and would allege that the company failed to adequately disclose the number of spam and fake accounts on the service.
When Musk said he was terminating the deal, Twitter sued the billionaire, alleging that Musk “refuses to honor his obligations to Twitter and its stockholders because the deal he signed no longer serves his personal interests.”
In the ensuing months, Twitter and Musk would trade barbs via their attorneys as the two parties were slated to head to Delaware’s Court of Chancery to determine the fate of the company and whether it’s future would end up in the Tesla chief’s hands.
Earlier in October, Musk had a change of heart and said he wanted to pursue his acquisition of Twitter at the original price of $54.20 a share if the social messaging service dropped its litigation. Distrustful of Musk’s motivations, Twitter’s lawyers said that the Tesla CEO’s “proposal is an invitation to further mischief and delay.”
A Delaware Chancery Court judge eventually ruled that Musk had until Oct. 28 to cement the Twitter deal or head to trial.
On Thursday, the billionaire also wrote a message intended to reassure advertisers that social messaging services wouldn’t devolve into “a free-for-all hellscape, where anything can be said with no consequences!”
“The reason I acquired Twitter is because it is important to the future of civilization to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner, without resorting to violence,” Musk said in the message. “There is currently great danger that social media will splinter into far right wing and far left wing echo chambers that generate more hate and divide our society.”
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!”
The Tesla chief also updated his Twitter description to “Chief Twit.”
This story is developing, please check back for updates.