Elon Musk's Twitter Takeover Live: Top Executives Sacked, Plan To Reverse Trump-Like Life Bans

European Commissioner Thierry Breton reiterated that Twitter will operate in the European Union in accordance with the bloc's content moderation rules. Breton took to Twitter to post "In Europe, the bird will fly by our rules," hours after billionaire Elon Musk closed the $44-billion deal to take over the social media platform.

Twitter's Parag Agrawal, post Elon Musk's acquisition of the social media platform, is going to walk away with about $67 million.

Agrawal already owns over $6 million worth of shares in Twitter, according to a company filing with the U.S. Securities and Exchange Commission. He has unvested stock worth more than $59 million.

Agrawal, as well as Chief Financial Officer Ned Segal are entitled to 100% of other unvested stock, in addition to a severance payout, according to the terms of the deal.

Other top executives, including Chief Legal Officer Vijaya Gadde, are entitled to 50% of their unvested stock.

Binance Holdings Ltd., the world’s largest cryptocurrency exchange, confirmed its investment in Elon Musk's $44 billion acquisition of Twitter Inc.

"Our intern says we wired the $500 million 2 days ago, probably just as I was being asked about Elon/Twitter," the exchange's Chief Executive Officer Changpeng Zhao said in a Twitter post on Friday.

Post stepping into the position of chief executive officer at Twitter, Musk intends to reverse permanent bans on users imposed by the company under its previous leadership.

Musk does not believe in lifelong prohibition, Bloomberg reported citing sources.

This means people who were taken off the platform previously will be allowed to return, the report. This category also includes former U.S. President Donald Trump. However, the report added, it is unclear if Trump will be allowed back on the platform in the near term.

Elon Musk, after buying the social media platform, fired Twitter Inc. Chief Executive Officer Parag Agrawal along with other top executives.

Along with Agrawal, Twitter's Head of Legal, Policy and Trust Vijaya Gadde, Chief Financial Officer Ned Segal and Sean Edgett, a general counsel at Twitter since 2012, also left the company, according to Bloomberg report.

Edgett was escorted out of the building, the report said citing two people aware of the matter.

Elon Musk has completed the acquisition of Twitter Inc. in a $44 billion deal, taking in charge of the struggling social media platform after months of public and legal tussles, per sources in a Bloomberg report.

Musk, on Friday, also took over to his Twitter handle to announce the acquisition over a tweet.

Musk plans to take over the role of chief executive officer of the social media platform, replacing Twitter CEO Parag Aggarwal.

Shareholders will be paid $54.20 per share, and Twitter will now operate as a private company.

Elon Musk, the chief executive officer of Tesla Inc., walked into Twitter Inc.'s San Francisco headquarters on Oct 26, according to a report by Bloomberg.

Musk posted a video clip of him carrying a kitchen sink as he walked into the offices and changed his public profile descriptor to “Chief Twit.”

The social media platform, after multiples hurdles and legal tussles dragging the acquisition deal, is expected to come under Musk’s ownership by 5 p.m. New York time on Oct. 28, according to the report.

Musk also asked Tesla Inc.'s engineers to visit the headquarters in order to understand the company code, assess it and explain to Musk to gain better insights on what the company needs, Bloomberg said in a report separately.