Twitter CEO Elon Musk sold 19.5 million shares of his electric car company Tesla worth $ 3.95 billion, news agency Reuters reported citing U.S. securities filings. This comes after he closed his $44 billion acquisition of Twitter. After completing his USD 44 billion acquisition of Twitter Inc, Elon Musk fired CEO Parag Agrawal. Agrawal was fired along with other major executives upon completion of the takeover.
Twitter's Chief Financial Officer Ned Segal and Vijaya Gadde its legal and policy executive were also asked to go. Musk ahead of his USD 44 billion Twitter acquisition deal had dismissed speculation about why he'd buy the micro-blogging platform and his thoughts on advertising.
After closing the acquisition deal, Elon Musk started to reform the policies of the micro-blogging platform and is wasting no time remodelling it by cutting off employees, and introducing plans for a council to determine content decisions, The Hill reported.
In July, in a surprising turn of events, Elon Musk who had long been showing his interest in buying Twitter terminated the deal. The Tesla CEO alleges that Twitter violated their mutual purchase agreement by misrepresenting the number of spam and fake bot accounts on its platform.
After Musk put out the deal termination announcement, the market saw a sharp decline. Later, Twitter sued Musk accusing him of using bots as a pretext to exit a deal. Later, Musk confirmed that he would move forward with the Twitter buyout at the initially agreed price of USD 54.20 per share.