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Elon Musk has completed his $44bn (£38bn) takeover of Twitter after months of toing and froing over the deal.

His first move was to fire the social media company’s top leadership, which he accused of misleading him over the number of spam accounts on the platform.

Musk sacked Twitter’s chief executive Parag Agrawal, chief financial officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to reports.

It has also been claimed Agrawal and Segal were in Twitter’s San Francisco headquarters when the deal closed and were escorted out of the building.

Musk later tweeted “the bird is freed” in a nod to the deal being completed.

The Tesla and SpaceX founder was given a deadline of 28 October to close the deal to avoid going to trial, after the social media company sued him for trying to rip up his original offer made back in April.

Musk and Twitter were due in court on 17 October, but it was pushed back after the world’s richest man said he would go through with the purchase after all.

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Earlier this week, Musk posted a bizarre video of himself entering Twitter’s San Francisco headquarters carrying a sink alongside the message: “Entering Twitter HQ – let that sink in”.

Musk, who has updated his Twitter bio to “Chief Twit”, said on Thursday he did not buy the social media platform to make more money but “to try to help humanity, whom I love.”

He says he wants to “defeat” spam bots on Twitter, make the algorithms that determine how content is presented to its users publicly available, and prevent the platform from becoming an echo chamber for hate and division, even as he limits censorship.

He has not offered details on how he will achieve these wishes and who will run the company – and has so far been vague about his plans.

Analysis: Where are Musk’s Twitter red lines?

Elon Musk first made an unsolicited bid for Twitter in April, and it’s been a will he, won’t he, on-again, off-again saga since then.

The billionaire has spent the intervening period dropping crumbs of information about what he wants Twitter to be under his control.

Musk seems to be suggesting less moderation of what users put on the platform, although he did tweet this week: “Twitter obviously cannot become a free-for-all hellscape, where anything can be said with no consequences!”

But there are major mid-term elections coming up in the US and a presidential election approaching in Brazil. Both of those events are likely to be plagued by misinformation and election denial.

So, this is the first big test for Musk, now in charge of one of the world’s biggest communication platforms. We’ll find out soon enough where his red lines are.

According to reports, Musk told staff during his visit it was not true he was planning on cutting up to 75% of Twitter staff after acquiring the company.

It was previously reported that Musk told investors he was hoping to cut around three-quarters of the firm’s 7,500 employees.

In other plans, the outspoken billionaire has also repeatedly referred to a “super app”, which he has tentatively dubbed “X”.

The concept has drawn comparisons with China’s WeChat, which combines familiar features like messaging, a marketplace, and public Twitter-style posts into one place.

Read more:
Super app or Wild West? The future of Twitter under Elon Musk

Musk has told investors he plans to sell users premium subscriptions to reduce reliance on ads, allow content creators to make money and enable payments, according to Reuters news agency.

Elsewhere, his plans to cut content moderation are feared to lead to a deluge of hateful, harmful and potentially illegal content on Twitter.

He has previously spoken of his belief in “absolute free speech” and hinted he would allow suspended and often controversial figures, such as former US president Donald Trump, to return to the platform.

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‘Let that sink in’

Experts have warned that the world’s richest man’s loose stance on moderation could be a route for the service’s “very worst” trolls to thrive, turning Twitter into a “Wild West” where anything goes.

The 28 October deadline was to give Musk time to finance the deal. Had it not been met, a judge in Delaware – the US state where Twitter is incorporated – would have arranged a trial for November.

It ends months of bad blood between the two parties regarding the takeover, with Musk complaining about fake accounts on the platform and claims by a whistleblower that Twitter misled regulators about security risks.

It also emerged earlier this month that Musk is being investigated by federal authorities over his conduct.

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Jaguar Land Rover cyberattack pushes overall UK car production down more than a quarter

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 Jaguar Land Rover cyberattack pushes overall UK car production down more than a quarter

UK car production fell by more than a quarter (27.1%) last month as a cyberattack at Jaguar Land Rover halted manufacturing at the plant, industry figures show.

The total number of vehicles coming off assembly lines – including cars and vans – fell an even sharper 35.9%, according to September data from the Society of Motor Manufacturers and Traders (SMMT).

“Largely responsible” for the drop was the five-week pause in production at Jaguar Land Rover (JLR) due to a malicious cyber attack, as other car makers reported growth.

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JLR’s assembly lines in the West Midlands and Halewood on Merseyside were paused from late August to early October as a result.

During this time, not a single vehicle was made. Production has since restarted, but the attack is believed to have been the “most financially damaging” in UK history at an estimated cost of £1.9bn, according to the security body the Cyber Monitoring Centre.

It was the lowest number of cars made in any September in the UK since 1952, including during the COVID-19 lockdown.

More on Cyber Attacks

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Are we in a cyber attack ‘epidemic’?

Despite the restart, the sector remains “under immense pressure”, the SMMT’s chief executive Mike Hawes said.

The phased restart of operations led to a small boost in manufacturing output this month, according to a closely watched survey.

Of the cars that were made, nearly half (47.8%) were battery electric, plug-in hybrid or hybrid.

The vast majority, 76% of the total vehicles output, were made for export.

The top destinations are the European Union, US, Turkey, Japan and South Korea.

JLR was just the latest business to be the subject of a cyberattack.

Harrods, the Co-Op, and Marks and Spencer, are among the companies that have struggled in the past year with such attacks.

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English Championship side Sheffield Wednesday file for administration

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English Championship side Sheffield Wednesday file for administration

Championship club Sheffield Wednesday have filed for administration, according to a court filing, which will result in the already struggling side being hit with a 12-point deduction.

The South Yorkshire club currently sit bottom of the Championship, the second tier of English football, with just six points from 11 games.

Known as The Owls, Wednesday are one of the oldest surviving clubs in world football, with more than 150 years of history.

Court records confirm the club have filed for administration. A notice was filed at a specialist court at 10.01am.

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Sky’s Rob Harris reports on the news that Sheffield Wednesday have filed for administration

What has happened?

The Owls, who host Oxford United on Saturday, have been in turmoil for a long time.

On 3 June, owner Dejphon Chansiri, a Thai canned fish magnate who took over the club in 2015, was charged with breaching EFL regulations regarding payment obligations.

Sheffield Wednesday fans protest the ownership at a game away to Leeds United in January. Pic: Reuters
Image:
Sheffield Wednesday fans protest the ownership at a game away to Leeds United in January. Pic: Reuters

Weeks later, Mr Chansiri said he was willing to sell the club in a statement on their official website.

Sheffield Wednesday's troubles have sparked furious protests from fans. Pic: PA
Image:
Sheffield Wednesday’s troubles have sparked furious protests from fans. Pic: PA

Their crisis deepened just days later when another embargo was imposed on the club relating to payments owed to HMRC, before players and staff were not paid on time on 30 June.

In the months that followed, forwards Josh Windass and Michael Smith left the club by mutual consent. Manager Danny Rohl, now at Rangers, also left by mutual consent.

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Frustrated Sheffield Wednesday supporters have targeted their embattled club’s owner in a highly-visible protest during their opening match of the season.

The Owls were forced to close the 9,255-capacity North Stand at Hillsborough after a Prohibition Notice was issued by Sheffield City Council.

‘Current uncertainty’

On 6 August, the EFL released a statement, saying: “We are clear that the current owner needs either to fund the club to meet its obligations or make good on his commitment to sell to a well-funded party, for fair market value – ending the current uncertainty and impasse.”

On 13 August, the Prohibition Notice was lifted, but a month later, news emerged of a winding-up petition over £1m owed to HMRC.

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Last season, Wednesday finished 12th. They had already been placed under registration embargoes in the last two seasons after being hit by a six-point deduction during the 2020/21 campaign, for breaching profit and sustainability rules.

With a 12-point deduction, the Owls would be 15 points away from safety in the Championship.

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Retail sales the highest in three years in a surprise to economists

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Retail sales the highest in three years in a surprise to economists

Retail sales are at the highest level in more than three years, in the latest measure of the UK economy to confound economists.

The amounts bought in shops rose 0.5% in September, far above the 0.2% contraction anticipated by economists polled by Reuters.

It was the fourth monthly rise in a row and brought volumes to their highest level since July 2022.

Money latest: Restaurant sends bitter message to customers

Doing well were computer and telecommunications retailers as the iPhone 17 launched in the month, while online jewellers reported strong demand for gold despite the price hovering around record highs.

Gold has been in demand, and in recent days reached a record high, as some investors moved money out of the US dollar and government bonds amid the ongoing government shutdown.

It came despite a rainy month – which typically keeps shoppers at home – and a five-day tube strike in London.

The impact of the rain could be seen, however, in the boost to online spending, which rose to one of the highest levels since the end of the pandemic.

A fall was recorded in food shop sales from August to September, signalling a response to high food price inflation.

A good week for the economy?

Retail sales figures are significant as they measure household consumption, the largest expenditure in the UK economy.

Growing retail sales can mean economic growth, which the government has repeatedly said is its top priority.

Earlier this week, another key economic measure came in better than expected.

Inflation remained at 3.8% rather than rising to the widely expected 4% – double the target rate set by the interest rate-setters at the Bank of England.

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Post Office compensation ‘worse than original injustice’

Consumers were feeling better about their finances, a closely watched measure of consumer confidence showed on Friday.

Buying sentiment is up from last month, according to market research company GFK, as intentions to buy big-ticket items like electrical goods and furniture rose.

Combined, it suggests people are not feeling too gloomy in the run-up to the November budget.

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