A new book reveals that Twitter CEO Parag Agrawal’s Refusal To Shut A Twitter account critical of Tesla CEO Elon Musk triggered Musk’s eventual acquisition of the social media platform.
The book ‘Power Struggle: Inside The Battle For The Soul Of Twitter’ by veteran New York Times journalists Mike Isaac and Kate Conger provides an inside look into the dramatic events leading up to Elon Musk’s $44 billion acquisition of Twitter last year. It chronicles the fierce power struggle between Parag Agrawal and Elon Musk.
According to excerpts published by The New York Times, Elon Musk had asked Parag Agrawal in April 2022 to take down the account @ElonJet, which tracked the movements of his private plane. Agrawal defended the account, arguing it did not violate Twitter’s policies. This refusal by Agrawal irked Elon Musk.
“Parag Agrawal’s refusal to take down the account frustrated Elon Musk, who saw it as a direct challenge to his power and authority,” the book says. “It planted the seeds for Elon Musk’s eventual takeover bid for the entire company.”
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Musk has been a vocal critic of Twitter’s content moderation policies, accusing the platform of stifling free speech. The Tesla CEO had said last year that his acquisition of Twitter was not about making money but to “help humanity.”
“The idea is to provide a common digital town square for humanity where people of all beliefs can discuss matters in an open and free way,” Elon Musk told analysts on Tesla’s quarterly earnings call in October 2022.
After months of bitter legal battles, Elon Musk completed the Twitter acquisition in October 2022 and immediately fired Parag Agrawal and other top executives. Elon Musk has since brought major changes to the company, including laying off nearly 50% of Twitter’s workforce.
“This new book provides remarkable insights into the intense power struggle between Parag Agrawal and Musk. Agrawal’s refusal to take down the parody account challenging Elon Musk was the tipping point that drove Musk to acquire Twitter,” said social media expert Matt Navarra.
“Musk saw Agrawal’s defiance as undermining his authority. This reveals just how strongly Elon Musk feels about having complete control over the platform and its policies. The book shows how personal the feud between the two became,” Navarra added.
Social media analyst Sarah Miller said, “This power struggle between Parag Agrawal and Elon Musk was fundamentally about who gets to shape Twitter’s future. For Parag Agrawal, it was about upholding Twitter’s policies and integrity. For Elon Musk, it was about exerting his vision of free speech.”
“In the end, Elon Musk’s enormous wealth allowed him to take over Twitter and remove Parag Agrawal and other executives he saw as obstacles. This shows the power of billionaires in determining the fate of social media platforms that deeply impact public discourse,” Miller further said.
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Background:
Elon Musk first revealed his stake in Twitter in April 2022 and continued acquiring shares before launching a hostile takeover bid at $54.20 per share or $44 billion in total.
After initial resistance, Twitter agreed to the deal in April 2022. But Elon Musk soon backtracked on the agreement, alleging that Twitter misled him over bot accounts. Twitter sued Elon Musk to complete the acquisition.
After a bitter legal battle, Elon Musk completed the Twitter acquisition on October 27, 2022, by paying $44 billion. Subsequently, Elon Musk fired Twitter’s CEO, Parag Agrawal, CFO Ned Segal, and policy chief Vijaya Gadde.
Elon Musk has brought major changes to Twitter, including a $7.99 per month charge for verified accounts, laying off 50% of staff, and allowing suspended accounts like Donald Trump back on the platform.
