On Monday, billionaire and investor Elon Musk said that he will hold the office of Chief executive for Twitter, the social media company he recently acquired for $44 billion. Although the Wall Street analysts have questioned whether the Tesla- SpaceX owner has taken up more than he can handle?
According to a source, the billionaire entrepreneur who also runs a tunneling firm, the Boring company, and brain-chip startup Neuralink, is likely to become the Interim Chief of Twitter, after he fired several top officials last week, including company CEO Parag Agarwal. Musk has proposed to revise the platform’s user verification process, which was free of cost until now.
According to Musk, monetisation of accounts is the only way to keep bots and trolls at bay. He also mentioned that Twitter can’t depend completely on advertisers to pay its bills. Twitter has also hinted a small monthly fees for verified accounts to keep their blue badges intact.
In a securities filing, Musk declared himself as the Twitter CEO. In another filing, which was on Monday, Musk disclosed that he became the sole director of the company as a consequence of acquisition. Although Twitter on Monday denied to comment for how long Musk might be the CEO or if he would appoint anyone else. Previously, Musk had altered his Twitter bio to “Chief Twit” in order to signify his forthcoming step.
In the filing, Musk said, ”The following persons, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agarwal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Ego Durban, Fei-Fei Li and Mimi Alemayehou.” Soon afterward, Musk tweeted and clarified that the move to dissolve the board “is just temporary”.
Nick Caldwell, a general manager at Twitter’s Core Technologies on Monday specified on his Twitter bio that he is no longer a part of the company.
Ever since the acquisition of Twitter last week, Musk’s teams have begun engaging with former employees to probe into Twitter’s software code and understand how the platform worked. The Twitter staff has only received few directions related to the matter and are solely relying on news reports to figure out what is happening in the company.
Following Musk’s offer to buy Twitter in April this year, Tesla’s stock has lost a third of its value, contrasted against the 12 per cent decline in the benchmark S&P 500 Index during the same period.
