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Elon Musk officially becomes CEO of Twitter and dissolves the board of directors

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Elon Musk dissolves Twitter’s board of directors and appoints himself CEO for employees massive layoffs After the acquisition of the social media platform by the billionaire.

Musk, who already heads electric car maker Tesla, rocket company SpaceX, brain-chip startup Neuralink and tunnel construction company The Boring Company, last week asked Twitter’s former chief Parag Agarwal and other top company executives for $44 billion (€44. 3 billion). billion) was laid off following the purchase. locked.

Entrepreneur announced his role as CEO of Twitter on Monday in a securities filing. In a separate filing, he disclosed that he became the sole CEO of Twitter as a result of the acquisition.

Musk previously changed his Twitter bio to “Chief Twit” as a sign of his planned move. Twitter declined to comment Monday on how long Musk could stay on as CEO or replace him.

“The following individuals, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Brett Taylor, Parag Agarwal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Phi- Phi Lee and Mimi Alemayehou,” Musk said in the filing.

Soon after, Musk tweeted that the move to dissolve the board was “temporary,” without elaborating further.

In response to a tweeted question about “what was the worst mess on Twitter,” Musk tweeted on Sunday that “it seems like 10 people” code for “everyone.”

On Monday, Nick Caldwell, general manager of Twitter’s core technologies, indicated in his Twitter bio that he was no longer with the company.

Changes to Twitter’s verification process

Since the acquisition, which closed last week, Musk has taken swift action to make his mark on Twitter, which he spent months ridiculing for being slow to make product changes or remove spam accounts.

Also read  Elon Musk says his companies will be fine in 2023 as he brushes off Twitter bankruptcies

His teams began by meeting with some employees to examine Twitter’s software code and understand how aspects of the platform worked, according to two sources familiar with the matter.

Musk has also proposed changes to the platform’s user verification process, which has been free until now. In response to a tweet from author Stephen King that he wouldn’t be willing to pay $20 a month to have a verified badge on Twitter, Musk replied, “How about $8? “

The billionaire said the only way to beat trolls and bots on the platform was to introduce value and that Twitter couldn’t rely on advertisers alone to pay its bills.

Some employees who spoke to Reuters said they received little communication from Musk or other leaders and used news reports to find out what was happening at the company.

Tesla stock has lost a third of its value since Musk made a bid to buy Twitter in April, with the benchmark S&P 500 index falling 12 percent over the same period.

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