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Twitter to be delisted on NYSE, Musk said to become CEO and reverse permanent bans, Trump weighs in on big tech acquisition

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Twitter account of Elon Musk/AFP via Getty Images

Elon Musk fired four top Twitter executives within hours of acquiring the influential social media platform – chief executive officer Parag Agrawal, chief financial officer Ned Segal, top legal and policy executive Vijaya Gadde, and general counsel Sean Edgett. Agrawal, Segal, and Gadde will be awarded golden parachutes reportedly worth more than $204 million. The Twitter execs are also entitled to a year's salary. In 2021, Agrawal had a base salary of $623,000, while Segal's and Gadde’s base pay was $600,000 each. A report from last week claimed that Musk plans to cut Twitter's staff by nearly 75%.

Musk will reportedly take over the position of Twitter CEO following his $44 billion acquisition.

Musk to reverse permanent bans

An inside source told Bloomberg that Musk would reinstate the Twitter users who were permanently booted off the social media network.

A vast majority of the most notable accounts that were permanently banned from Twitter are considered to be right-wing, including the personal account of Republican Representative Marjorie Taylor Greene, satirical website the Babylon Bee, clinical psychologist Jordan Peterson, Project Veritas founder James O’Keefe, conservative political strategist Steve Bannon, conservative political consultant Roger Stone, Infowars founder Alex Jones, provocateurs Gavin McInnes and Milo Yiannopoulos, rapper Kanye West, former MLB player Aubrey Huff, Republican congressional candidate Laura Loomer, and former President Donald Trump.

In April, Musk texted then-Twitter CEO Agrawal, "Would be great to unwind permanent bans, except for spam accounts and those that explicitly advocate violence."

In May, Musk said, "I do think it was not correct to ban Donald Trump, I think that was a mistake."

“I think it was a morally bad decision, and foolish in the extreme,” Musk previously said of the lifetime ban of Trump on Twitter.

"I would reverse the permaban [on Trump]," the Tesla CEO added.

"Banning Trump from Twitter didn’t end Trump’s voice," Musk continued. "It will amplify it among the right. This is why it’s morally wrong and flat-out stupid."

Trump weighs in on Musk's big tech acquisition

Trump reacted positively to the news of Musk finally taking over the tech giant.

"I am very happy that Twitter is now in sane hands, and will no longer be run by Radical Left Lunatics and Maniacs that truly hate our country,” Trump wrote on Truth Social – a Twitter-like social media network created in February by the Trump Media & Technology Group.

Having Musk at the helm opens the door for Trump to return to the platform that was a major factor in his successful presidential run in 2016. However, Trump has said in the past that he will not return to Twitter.

“No, I won’t be going back on Twitter,” Trump told CNBC in April.

“I will be on Truth Social within the week. It's on schedule. We have a lot of people signed up. I like Elon Musk. I like him a lot. He’s an excellent individual," Trump said. "We did a lot for Twitter when I was in the White House. I was disappointed by the way I was treated by Twitter. I won’t be going back on Twitter."

USA Today noted, "On Truth Social, Trump has 4.36 million followers, or just 5% of those he had on Twitter."

Twitter to be delisted on the New York Stock Exchange

The New York Stock Exchange halted trading of Twitter on Friday following Musk's takeover of the social media network.

Twitter's stock will be delisted from the NYSE on Nov. 8, according to a new filing with the U.S. Securities and Exchange Commission.

In the past month, with Musk's acquisition looming, Twitter shares spiked 26%. Twitter Inc.'s stock closed on Thursday at $53.70, close to the $54.20 share price that Musk bought the company for.

Twitter will become a private company on Nov. 8.

Musk moves in quickly to make his mark

Musk's most recent tweets read: "the bird is freed" and "let the good times roll."

When asked about Twitter accounts being the victims of shadow bans, ghost bans, and search bans, Musk tweeted on Friday, "I will be digging in more today."

Bloomberg reported, "Elon Musk asked engineers from Tesla Inc., the electric-car maker he runs, to meet with product leaders at Twitter Inc., moving swiftly to make a mark on the company he’s about to take private, according to people familiar with the matter."

The report stated that Twitter engineers at the company's headquarters in San Francisco could no longer make changes to code as of noon on Thursday.

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