Musk reportedly officially took over Twitter on October 27 amid ex-CEO layoffs Parag Agrawal and chief financial officer Ned Segal.
The reported changes came hours before Musk’s deadline to complete his $44 billion acquisition of Twitter scheduled for Oct. 28, which would have resulted in a legal battle with the social media company if it hadn’t. been completed.
Musk initially threatened to walk away from his $44 billion takeover of Twitter earlier this year, accusing the company of providing false information about his spam bot accounts during negotiations. The Associated Press reported.
Musk’s lawyers threatened the social media company in a letter dated June 6 – which Twitter included in a filing with the Securities and Exchange Commission — and said Musk had repeatedly requested information since May 9, about a month after his initial takeover bid, to assess how many accounts were fake.
The lawyers accused Twitter of offering to provide only details of its testing methods, which they said amounted to “denying requests for data from Mr. Musk”.
In May, Musk revealed his takeover deal Twitter was “temporarily on hold” as he shared a Reuters article on the social media platform estimating that spam and fake accounts account for less than 5% of its users.
“The Twitter agreement is temporarily suspended pending details supporting the calculation that spam/fake accounts indeed represent less than 5% of users,” Musk tweeted early Friday morning, May 13.