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Parag Agrawal, Ned Segal, and Vijaya Gadde among those fired in Musk Twitter takeover

The former Twitter CEO, CFO, and the policy chief who permabanned Donald Trump are all immediate casualties of Elon Musk's takeover of the company.

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As threatened, Tesla founder Elon Musk has completed his purchase of Twitter and begun his takeover of the social media company. Musk has wasted no time in removing some of the folks he has deemed undesirable, as a Reuters report has stated that former Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde were among those immediately fired.

Reuters has been updating its story throughout the day, but the latest version has indicated that Agrawal and Segal were both immediately terminated and escorted from the premises by security. Gadde's name was later added to the list, which has raised a lot of eyebrows, since she ultimately made the decision to permanently ban Donald Trump from the platform following the January 6 insurrection. Musk had previously indicated his desire to reinstate the former president, though Trump himself has indicated that he would not rejoin Twitter even if his ban was overturned.

These firings will have consequences for the new Twitter owner. As noted by CNBC reporter Alex Sherman, Agrawal is owed $60 million USD in the event of his firing. Segal is set to receive $46 million, while the referenced SEC filing adds that Gadde is expected to receive around $40 million. In total, that's close to another $150 million that Musk can add to his $44 billion bill for his new social media network.

Elon Musk walks into Twitter HQ
Didn't take long for him to make his presence felt.
Source: @ElonMusk on Twitter

Musk penned an open letter to advertisers indicating that he will not allow Twitter to become a "free-for-all hellscape" in hopes of instilling confidence. However, these hasty actions may have the opposite effect. If Twitter devolves into the social network dystopia that many fear it will, advertisers will likely shy away from it. What ultimately happens remains to be seen.

We're cursed to live in interesting times, so we'll keep watching this story as it develops. For more on the saga of Elon Musk and Twitter, keep it here on Shacknews.

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From The Chatty
    • reply
      October 27, 2022 5:53 PM

      its official, musk owns twitter. CEO, CFO, legal policy chief, and general counsel have been fired:
      https://i.imgur.com/8I6Wa7j.jpg
      https://twitter.com/WSJ/status/1585795887187509251

      • reply
        October 27, 2022 5:56 PM

        Not surprising. Im on the edge of my seat waiting to see how this dipshit revolutionizes twitter and rejuvenates their staff

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          October 27, 2022 5:59 PM

          https://www.wechat.com/

        • reply
          October 27, 2022 6:01 PM

          I like twitter as it is. Simple and doesn’t have a million options like Facebook and others. He’s gonna f it up.

        • reply
          October 27, 2022 6:04 PM

          What a fucking dumbass btw, such hubris to offer to buy it with no contingencies. He paid $54.20 a share to buy it, and all his lenders are left holding the bag now that the market has taken a shit since he made that un revokable offer.

          • reply
            October 27, 2022 6:50 PM

            he was probably on the bottle the night he came up with that idea.

            • reply
              October 28, 2022 2:09 AM

              Probably high since 420 was in the offer number

      • reply
        October 27, 2022 6:00 PM

        Great … /s

      • reply
        October 27, 2022 6:02 PM

        I’m glad I never used it, nothing will be missed.

      • reply
        October 27, 2022 6:02 PM

        I dunno. Maybe he'll just appoint someone competent to run the company since he's preoccupied with his six other companies, three mistresses, and seven children. It could all work out.

      • reply
        October 27, 2022 6:03 PM

        I don't think people are yer realizing how bad it's going to get very, very quickly when he allows Trump back on, like fucking tomorrow.

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          October 27, 2022 6:05 PM

          Yeah my money is on tomorrow trump is tweeting

        • reply
          October 27, 2022 6:07 PM

          Trump got defeated when he had Twitter right? Like let's say he gets back on with his dumb hate shit - just ignore it? Hopefully people won't post "ZOMG look what Trump tweeted" but I assume they will

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            October 27, 2022 6:31 PM

            He also coordinated an insurrection that killed people using Twitter.

            • reply
              October 27, 2022 6:36 PM

              Yea that is literally why they banned him, like the day after the coup.

          • reply
            October 27, 2022 6:31 PM

            we’re gonna have a trump dump every day again

        • reply
          October 27, 2022 6:13 PM

          Christ. I almost forgot about that.

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          October 27, 2022 6:39 PM

          Deplatforming these assholes has proven the most effective thing. Giving Homs the Twitter audience back right at an election is going to lead to violence. He’ll make claims that any close election Demonstrates won were fraudulent. Imagine Jan 6 but it’s multiple state capital buildings instead.

          • reply
            October 27, 2022 6:50 PM

            Holy hell, what a fucking disaster of typos. I am ashamed.

        • reply
          October 27, 2022 6:41 PM

          nah, im going to laugh at all the people who lost so much money backing gab, parler, truth social, etc. grifters gonna grift.

          • reply
            October 27, 2022 6:44 PM

            Grifters are irrelevant compared to Trump's poisonous, democracy-killing bullshit

      • reply
        October 27, 2022 6:20 PM

        I would recommend staying off Twitter for news about this, so so SO many Musk lickers celebrating and slavishly worshipping his every move

        • reply
          October 27, 2022 6:29 PM

          you had me at "I would recommend staying off Twitter"

      • reply
        October 27, 2022 6:23 PM

        I don’t want to hear another person say that billionaires have unrealized gains ever again. He sure came up with $44 BILLION pretty quick.

        • reply
          October 27, 2022 6:33 PM

          The funding included:

          $7 billion of senior secured bank loans;
          $6 billion in subordinated debt;
          $6.25 billion in bank loans to Musk personally, secured by $62.5 billion of his Tesla stock;
          $20 billion in cash equity from Musk, to be provided by sales of Tesla stock and other assets; and
          $7.1 billion in equity from 19 independent investors.

          https://en.wikipedia.org/wiki/Acquisition_of_Twitter_by_Elon_Musk?wprov=sfti1


          -
          Not disagreeing fully with your premise I guess, but not sure what you mean either. He had ~$20B via his own stock sale of TSLA(“and others”). He realized those gains, right?

          The rest of it is funded by debt, some of which is using Tesla stock as collateral.

      • reply
        October 27, 2022 6:26 PM

        do we have any twitter employees here?

        wondering how the atmosphere was today at work.

        • reply
          October 27, 2022 6:28 PM

          Mostly nitrogen and oxygen with some other trace gases. Ba-da-bum!

        • reply
          October 27, 2022 6:49 PM

          won't be long before we have leaked internal memos to give us that insight.

      • reply
        October 27, 2022 6:41 PM

        I don’t believe they’ve been fired, technically. He doesn’t close the deal until the AM. But I believe it’s been communicated informally that they will not be retained so they cleared out of their offices today.

      • reply
        October 27, 2022 6:44 PM

        unf can’t wait for tomorrows shacknews meltdown

      • reply
        October 27, 2022 6:47 PM

        So everyone's going to delete their twitter account, right? Right? I don't even have a twitter account

        • reply
          October 27, 2022 7:07 PM

          I had like 7 posts so easy to delete.

        • reply
          October 28, 2022 6:00 AM

          There are people I follow (mostly comedians, journos and writers) who I don’t want to lose hearing their opinion.

          But if they jump, I’ll be gone in a flash

        • reply
          October 28, 2022 9:59 AM

          I'm ready to as soon as this moron makes any changes. Hopefully a lot of people follow suit and their stock prices go all meta on them.

        • reply
          October 28, 2022 11:54 AM

          I'll keep mine to sling shit at Elon.

        • reply
          October 28, 2022 12:21 PM

          Yes I only opened a twitter account last year for mobile used with twidere to read tweets. I have no need for it otherwise. I'll probably deactivate/delete the account as soon as I remember the password/reset.

      • reply
        October 27, 2022 6:50 PM

        this is very very bad, he is definitely letting Trump back on twitter.

      • reply
        October 27, 2022 6:52 PM

        Looking forward to Trump's morning dump tomorrow morning.

      • reply
        October 27, 2022 6:59 PM

        Just deleted all my Twitter accounts. Fuck Elon musk

      • reply
        October 27, 2022 7:02 PM

        Parag got the fucking BAG for his shareholders.

        Anyone who had TWTR needs to build a monument to this man. ONE YEAR.

      • reply
        October 27, 2022 7:04 PM

        What can go wrong when attention-loving sociopaths control a major part of the internet?

        • reply
          October 27, 2022 7:06 PM

          They have for a long time

          • reply
            October 27, 2022 7:10 PM

            Yes, but let's not pretend things aren't about to get real shitty with Musk owning Twitter

            • reply
              October 27, 2022 7:12 PM

              A week from now you’ll be making this same comment about the next “big” thing.

      • reply
        October 27, 2022 7:05 PM

        parag agrawal secured the bag for his shareholders and got fired, they should build a statue of him in the shareholder value hall of fame

        https://twitter.com/mattzeitlin/status/1585798845543301120?s=46&t=iA1nDiiHkopJsDkuRbpK_Q


        -
        This guys’s totally right

        • reply
          October 27, 2022 7:08 PM

          what was highlight of your career?

          secured the best deal for my shareholders while the product destroyed society 💕

          • reply
            October 27, 2022 7:12 PM

            Blame Jack, this guy was there for less than a year wasn’t he

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              October 27, 2022 7:15 PM

              Elon and Parag got in big dick slapping fights. Their texts were leaked in the Guardian earlier this month which then prompted this latest push to buy from Musk.

              Jack and Elon always seemed cool from what I can tell

              • reply
                October 27, 2022 7:27 PM

                I know, I’m saying Jack was part time CEO that led to twitter being what it is today

                • reply
                  October 27, 2022 7:31 PM

                  Jack made Twitter what it was but he didn't goad Elon into possibly buying the company out of pettiness for the better part of a year, thus keeping its share value floating while companies like META and SNAP cratered.

                  I'm going to assume that without the possibility of Musk's buyout that the stock would have gone down with the rest of the sector.

                  • reply
                    October 27, 2022 7:41 PM

                    I think we are agreeing, my original statement was replying to the implication that Agrawal made twitter what it is. He hardly did IMO

                    • reply
                      October 27, 2022 7:44 PM

                      I think I'm focused on the "kept share value high" part while you're focused on the "destroying society" part. Parag was definitely the guy responsible for the former.

                      • reply
                        October 27, 2022 7:51 PM

                        Like I said we are agreeing on both

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                          October 27, 2022 7:52 PM

                          My OP was not sarcastic, he got $54.20 for Twitter from Musk. Shareholders win.

                          My reply wasn’t sarcastic either, Jack, the part time CEO who was doing both Square and Twitter and whatever the fuck else, helped make twitter what it is today.

                          • reply
                            October 27, 2022 7:55 PM

                            you make it sound like he had a choice on accepting musk's hostile bid that was 30%+ above market price (and probably more actual price) of the company. he didn't want musk buying the company but his bid was too good for him to pass up without getting into legal trouble.

                            • reply
                              October 27, 2022 8:01 PM

                              Its fun to think that was the intent though. Antagonizing Musk into keeping the bid live being Parag actually playing 89-dimensional chess with him is very funny

                            • reply
                              October 27, 2022 8:03 PM

                              Not my intent at all, no one else was offering that to buy twitter

        • reply
          October 27, 2022 7:12 PM

          Wait Serpico stole my post!!!

          • reply
            October 27, 2022 7:14 PM

            everyone knows serpico’s presence is nothing more than a regurgitation of tweets

          • reply
            October 27, 2022 7:22 PM

            Wait until someone steals my META joke

            • reply
              October 27, 2022 7:53 PM

              Add "Professional Joke Writer" to your bio.

      • reply
        October 28, 2022 6:19 AM

        His ability to fire them (especially the CEO) was probably one of his motivators to go through with the deal, based on those leaked texts messages

      • reply
        October 28, 2022 7:56 AM

        Only a Trojan horse if you're surprised. He said months ago Trump is coming back,

        May 10, 2022

        Elon Musk said on Tuesday that he would “reverse the permanent ban” of former President Donald J. Trump on Twitter and let him back on the social network, in one of the first specific comments by Mr. Musk, the world’s richest man, of how he would change the social media service.

        https://nyti.ms/396fvni

        • reply
          October 28, 2022 12:11 PM

          That was before he owned it and now it's all on him. Not saying he wont do it but being an internet troll is different from running a business.

    • reply
      October 27, 2022 11:14 PM

      Can everyone just stop using Twitter now please?

      (Yes, I am going to stop.)

      • reply
        October 28, 2022 5:05 AM

        I deleted mine five years ago

      • reply
        October 28, 2022 9:48 AM

        I'm going to decrease my use of it but I'm keeping my account open.

    • reply
      October 28, 2022 2:42 AM

      Elon Musk owning Twitter is basically Game Over for social media algorithms being politicized (to an even greater degree than already existed). This guy can juice communications and content as desired for most of the world. It's fucking scary.

    • reply
      October 28, 2022 2:45 AM

      deleted my account just now ... what a shame

    • reply
      October 28, 2022 5:33 AM

      Since Section 230 protects social media companies. I wonder how long before entities that are subject to harassment from Twitter start to sue Google and Apple selling the apps. Like if the Boston Children's Hospital are getting a coordinated attack that is being organized on Twitter and Twitter isn't doing anything to moderate/stop it when does the Hospital end up suing Apple and Google to get Twitter removed from their respective Appstores for lack of content moderation.

      • reply
        October 28, 2022 6:00 AM

        I think that's a bit too far removed to happen. Remember that while the one subject to harassment would not likely be able to sue Twitter under Section 230, those that made the harassment would still be liable, and Twitter would be expected to comply with court orders for user information should the court get that far.

      • reply
        October 28, 2022 8:01 AM

        What legal theory allows for that degree of tort liability? It would be the equivalent of a victim suing a kitchen knife company because they allowed their product to be sold and then a person latter used it to kill someone.

      • reply
        October 28, 2022 8:59 AM

        Never. There are no laws that make this speech illegal nor hosting it.

    • reply
      October 28, 2022 9:46 AM

      It's gonna be so fun to watch Twitter disintegrate into nothing. I hope his lenders chase him for the rest of his life

      • reply
        October 28, 2022 12:08 PM

        I hope it just implodes but that's the least concerning thing about this.

    • reply
      October 28, 2022 12:04 PM

      I think @elonmusk has made a huge mistake, making himself the global face of content moderation at a critical moment of struggle with governments, while maintaining massive personal exposure to challenging countries.

      The people who should really be angry are $TSLA shareholders. The company they partially own has now become the key hostage for countries looking to control the future of online speech.

      How does the conversation with Modi go now?

      Things to watch for:
      - Elimination of state media labels
      - Cutoff of research agreements and APIs
      - Shutdown of Twitter's foreign influence op archive
      - Resignations of key security, threat intel leaders

      All things we discuss in tonight's podcast! Coming soon!


      https://twitter.com/alexstamos/status/1586070566221402113

      not great

      • reply
        October 28, 2022 12:17 PM

        elon will just append his "notice to advertisers"

    • reply
      October 28, 2022 12:22 PM

      Next: Elon Musk buys Kanye West

      • reply
        October 28, 2022 12:27 PM

        with pocket change after the Supreme Court struck down the 13th amendment.

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