Elon Musk Reportedly Wants to Relaunch Vine Video App

Elon Musk has hit the bottom sprinting after his Twitter takeover, in search of main modifications to the platform solely days after finalizing his controversial $44 billion (roughly Rs. 3,64,000 crore) buy. 

Documents filed Monday with the US Securities and Exchange Commission (SEC) confirmed that Musk has turn into Twitter’s sole director after finalising the deal final week and dissolving its company board.

The paperwork state that the “consummation of the Merger” occurred on October 27, at which level “Mr. Musk became the sole director of Twitter,” whereas all the board, together with CEO Parag Agrawal, had been let go.

When he made his preliminary buyout supply in April, Musk – additionally the CEO of Tesla and SpaceX – said that he meant to take away Twitter from the general public market, after which fewer public disclosures can be required.

When the unpredictable billionaire tried to stroll away from the deal, Twitter sued Musk in a Delaware courtroom.

But with an October trial date looming, Musk revived the deal in early October, in the end sealing the takeover at $54.20 (roughly Rs. 4,500) per share final week.

After altering his Twitter bio to “Chief Twit,” Musk reportedly labored over the weekend with software program engineers from Tesla to look below the hood of the one-to-many messaging platform, and on planning huge layoffs.

The group has reportedly been trying to monetise Twitter’s id verification characteristic, which provides sure customers a prized blue test mark subsequent to their profile.

One possibility, The Verge reports, can be to require verified customers to enroll in the platform’s paid subscription service, Twitter Blue, which at present prices slightly below 5 {dollars} a month.

That value would enhance to round $20 (roughly Rs. 1,650) a month, and if unpaid, verified customers would lose their blue test mark.

“The whole verification process is being revamped right now,” tweeted Musk on Sunday.

The new boss has additionally requested groups to relaunch Vine by the top of the yr, newsite Axios reported.

Twitter purchased the ultra-short video app in 2012, lengthy earlier than TikTok grew to become the format’s dominant participant, however shuttered it 4 years later.

The Washington Post has reported that the multi-billionaire plans to fire some 75 % of his new firm’s 7,500 staff.

Musk’s earlier feedback condemning Twitter’s content material moderation insurance policies as heavy-handed – in addition to his frequent posts of boundary-testing memes – has given pause to some advertisers, the corporate’s fundamental income.

He tried to calm the nerves by reassuring that the positioning wouldn’t turn into a “free-for-all hellscape,” and introduced the formation of a content material moderation council.

On Monday, he traveled to New York, the place his group met with a number of advertisers to attempt to reassure them, based on The Information.

The new Musk-led entity shaped below the merger settlement has additionally provided to purchase again all of Twitter’s excellent bonds, based on the SEC submitting.

Musk, the wealthiest particular person on the earth, financed the huge deal by a mix of his personal funds, cash from different funding teams and loans from banks which must be reimbursed.

According to a different Twitter doc filed with the SEC, Saudi Prince Al-Waleed Bin Talal has turn into the positioning’s second largest shareholder. 

The businessman, who had initially rejected Musk’s supply as too low in comparison with Twitter’s “intrinsic value,” ultimately contributed the practically 35 million shares he already owned.

“Dear friend ‘Chief Twit’ @elonmusk,” wrote Al-Waleed on Twitter final Friday with a press release asserting the rollover of his shares.

“Together all the way,” he added, with an emoji of two palms shaking.