Elon Musk, the richest man in the world and a tech billionaire. Finally completed the $44 billion acquisition of Twitter on Friday after over seven months of dithering and putting everyone on edge. Particularly Twitter employees and shareholders, with a “will-he-won’t-he” strategy. Hours before the court-imposed deadline of October 28 to finalise the agreement. One of Elon Musk’s first moves was to fire some of Twitter’s senior executives. Including the company’s Indian-origin CEO Parag Agrawal, its head of legal, policy, and trust. Vijaya Gadde; its chief financial officer, Ned Segal; and Sean Edgett, who had served as general counsel since 2012.
The Twitter-Musk saga came to some sort of resolution
Despite Musk’s assurances to Twitter staff that he would not terminate 75% of them. In contrast to media stories, Musk’s decision to fire such high-profile individuals is expected to rekindle. The jitters and anxiety on the office floors. According to Bloomberg, Musk would take Agrawal’s place and serve as temporary CEO. Until he found a replacement, at which point he might step down from the position.
The blocking orders issued by the central government failed the “proportionality” test, according to the platform’s petition to the high court, and the blocking orders issued by the IT ministry are “manifestly arbitrary” and “procedurally and substantially not in consonance” with Section 69A of the IT Act.
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Twitter must abide by regional laws: Minister from India
According to Rajeev Chandrasekhar, India’s state minister for electronics and information technology. Musk’s acquisition of Twitter won’t alter the country’s expectations. That the company will abide by its regulations for such businesses. He also noted that the country’s new IT rules would be released in a matter of days.
Twitter and the Indian IT ministry have previously clashed, and things have become worse over time. It went before the Karnataka High Court in July of this year to contest 39. Such blocking orders that the IT ministry had issued between February 2021 and June 2022.