Now that Elon Musk owns Twitter, he is formally taking the reins as CEO — for the second, anyway. Twitter has made an amended filing with the Securities and Exchange Commission indicating that Musk is “the Chief Executive Officer” of the social community. This comes alongside the entrepreneur’s strikes to dissolve the corporate board, grow to be sole director and hearth lots of the firm’s veteran executives, together with former CEO Parag Agrawal. He’s clearing home, in different phrases.
It’s not clear how lengthy Musk will stay within the CEO place. He states that his sole director standing is “just temporary,” however hasn’t elaborated. Musk already runs Tesla, SpaceX, The Boring Company 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 prime of the management overhaul, he has reportedly ordered layoffs and unveiled plans for a “moderation council” that may make key content material selections. The new CEO has additionally floated quite a few 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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