Musk installs himself as Twitter CEO, dissolves board, becomes sole director of company
Musk is Twitter CEO
Elon Musk is all set to serve as the Chief Executive Officer (CEO) of Twitter after completing the takeover last week, as per a regulatory filing on Monday. He bought the social media platform for $44 billion and Wall Street analysts have cast doubts over his latest buy. Musk already runs automobile giant Tesla, rocket company SpaceX, brain-chip startup Neuralink and tunneling firm the Boring Company.
After buying Twitter, he had immediately fired Parag Agrawal from the post of CEO, besides other top executives. Prior to that, he had changed his Twitter bio to "Chief Twit". The company hasn't yet said for how long will Musk remain in the top spot. Bloomberg had earlier reported that Musk will become CEO for the interim before appointing someone else.
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Musk has also dissolved the board of directors. In another filing on Monday, Musk revealed that he is now the sole director of Twitter as a result of the takeover.
"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 Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou," Musk said in the filing.
Musk later tweeted that the move to dissolve the board "is just temporary," without giving any further details.
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Musk has started meeting with some employees to understand Twitter's software code and how aspects of the platform worked, Reuters reported.
There are reports doing the rounds in the market after Musk took hold of the reins on how he would run Twitter. He is reportedly planning to charge $20 per month for the Twitter Blue Badge subscription, which also includes verification of users. According to the Verge, Musk told the staff on Sunday that they need to roll out the feature by November 7 or else they would be fired.
He had also denied all reports stating that he is planning to fire employees before November 1 to avoid giving them their year-end compensation.
This is false, he said after a user tagged him referring to the report. The New York Times on Saturday (October 29), cited that after acquiring the microblogging platform, the owner has asked managers to name the employees to be laid off.
(With inputs from agencies)
