The world’s richest man, Elon Musk has closed a $44bn deal to take over ownership of social media service, Twitter, after his takeover proposal had been accepted since April.
In confirmation of the takeover, Musk tweeted “the bird is freed”.
Immediately after his assumption of ownership, he fired a number of top executives such as chief executive officer(CEO), Parag Agrawal, as well as the company’s chief financial officer and its head of safety.
The closure of the deal brings to a close a long and drawn out episode of back-and-forth between the billionaire and the social network. The saga saw Twitter go to court to hold the multi-billionaire to the terms of a takeover deal that he had tried to escape from.
The firm had hired an elite law firm Wachtell, Lipton, Rosen & Katz to take a legal action against Musk.
Musk had revealed in July that he was canceling the contract because he was misled by Twitter over the number of fake “bot” accounts , an allegation that was rejected by the company.
The takeover came hours before the appointed deadline by the court for Musk to seal his on-again, off-again deal to purchase the social media network.