Elon Musk has now become the official owner of the social media giant Twitter.

The Tesla boss also gave in details about his intentions concerning the company yesterday. Freeing the bird, he tagged it shortly after. Musk tweeted “The bird is freed,” which was clearly in reference to Twitter’s logo after he assumed ownership of the company.

According to a report by Reuters, he fired the CEO, Parag Agrawal, and also the Chief Financial Officer, Ned Segal, the Chief of legal affairs and policy Vijaya Gadde was not left out as she was also fired.
Interestingly, Vijaya Gadde was the one who decided to permanently suspend Donald Trump from the social media platform.

Yesterday, Elon Musk shared an open letter to advertisers on the platform, and outlined his intentions, while also hinting at a potential subscription-based model.
Since the tank down of the stock market, Elon Musk’s net worth also suffered the same fate, which comprises majorly of shares held in his other companies.

As a result of this, Musk’s purchase of Twitter was financed through a combination of personal wealth, debt financing, and deals with co-investors. Some of the names include Sequoia Capital’s Doug Leone, Oracle’s co-founder Larry Ellison, and Binance’s very own Changpeng Zhao, whose contribution to the deal amounted to $500 million.
Now that he has completed the purchase, Musk reportedly plans to halt public trading of its shares and take Twitter private.

It was already predicted by Twitter executives that revenues gathered in 2022 would be way below target and they had to implement budget cuts in order to clean house for the next fiscal year.

A major way to do this was laying off staff to the tune of about $700 million, importantly among third-party contractors who are in control of Twitter’s moderation, whose budget was due to be reduced by a quarter. And also reduce the company infrastructure and data centers.

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