Now that Elon Musk owns Twitter, he is formally taking the reins as CEO — for the second, anyway. Twitter has made an amended submitting with the Securities and Change Fee indicating that Musk is “the Chief Government Officer” of the social community. This comes alongside the entrepreneur’s strikes to dissolve the corporate board, develop into sole director and fireplace most of the firm’s veteran executives, together with former CEO Parag Agrawal. He is clearing home, in different phrases.
It isn’t clear how lengthy Musk will stay within the CEO place. He states that his sole director standing is “simply non permanent,” however hasn’t elaborated. Musk already runs Tesla, SpaceX, The Boring Firm and Neuralink, so there’s solely a restricted period of time to helm yet one more agency. Twitter co-founder Jack Dorsey has rolled over his shares (that’s, transferred them to the brand new firm), indicating his assist for Musk.
Musk has already made or proposed sweeping adjustments within the first week of proudly owning Twitter. On high of the management overhaul, he has reportedly ordered layoffs and unveiled plans for a “moderation council” that can make key content material choices. The brand new CEO has additionally floated plenty of potential adjustments, together with charging for verification as a part of a Blue subscription and even resurrecting Vine.
The administration shakeup is poised to be costly, with The Guardian reporting that it may result in a minimal $120 million in “golden parachute” exit funds. The determine pales compared to what Musk paid to purchase Twitter within the first place, although.
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