Early in April, when Musk became Twitter’s top shareholder after purchasing a 9.2% stake in the business, the drama began. Former Twitter CEO Jack Dorsey was given the opportunity to join the board, and he appeared enthusiastic about it. A few days later, Musk declined the board position and instead made an offer to purchase the entire business for $44 billion.
Musk attempted to back out of the agreement by claiming Twitter had more bots than it had disclosed, but he soon displayed symptoms of buyer’s remorse. Twitter sued Musk in July, requiring him to complete the acquisition or pay a $1 billion breakup fee.
Before appearing in Delaware chancery court, the parties were able to come to an agreement, but not before a set of Musk’s texts with Agrawal and other significant figures were made public as part of the litigation.
The new manager however has not been well received by the Twitter staff. Employees at Twitter wrote an open letter seeking fair treatment under the new leadership after it was revealed that Musk planned to fire up to 75% of the workers.
