Twitter’s board of directors has been dismissed by Elon Musk, giving him complete authority over the social media giant, as per a company filing
Twitter’s board of directors has been dismissed by Elon Musk, giving him complete authority over the social media giant, as per a company filing. This move comes only hours after Musk denied a report that said the company would lay off thousands of workers before November 1.
According to documents filed on Monday with the US Securities and Exchange Commission (SEC), the whole board has been sacked and Musk became “sole director” of the world’s largest microblogging site Twitter, after completing his $44 billion buyout of the firm last week.
According to US media reports, Musk is already preparing a firing spree. The company’s top executives, including former CEO Parag Agrawal, the legal and policy director Vijaya Gadde and the CFO Ned Segal, and were fired.
Elon Musk is now both the director and the CEO of Twitter after he announced his appointment as CEO of Twitter in a separate SEC filing
Elon Musk announced his appointment as CEO of Twitter in a separate SEC filing. Musk is now both the director and the CEO of Twitter as a result of this decision. According to the document, Musk has allegedly offered to buy back all of Twitter’s outstanding bonds.
The Tesla CEO has also reportedly directed a team to redesign the site’s verification process by November 7, or they will be fired.
However, on Monday the Tesla CEO Elon Musk, without elaborating, tweeted that the arrangement would be temporary.
Musk already runs a rocket and space travel company-SpaceX, a brain-chip startup, and the Boring Company -Neuralink which builds tunnels. Elon Musk‘s most recognizable brand is still Tesla, a firm that manufactures electric vehicles.
According to a new Washington Post report, Musk intends to eliminate roughly 25% of Twitter’s entire workforce.
According to a new Washington Post report, Musk intends to eliminate roughly 25% of Twitter‘s entire workforce. Musk has publicly expressed his dissatisfaction with the company’s administration, alleging that there are around ten managers for every single coder in the organization. According to several stories in the US media, Musk has directed corporate executives to begin compiling lists of staff to terminate.
Although the billionaire has denied this, talk regarding layoffs continues to be one-sided, since outlets such as The Washington Post, The New York Times, and The Verge reported on the topic based on internal documents and firsthand information from Twitter employees.
Elon Musk has also indicated that Twitter will revamp its entire verification structure. According to The Verge, the verification would be linked with a Twitter Blue membership. Twitter Blue is likely to cost $20 which is roughly Rs 1,600 a month.
Musk has emphasized the necessity for a “common digital town square” where various viewpoints can be shared and discussed.
Elon Musk, the world’s richest person, bought the company with bank loans, investment funds, and his own money. Besides, a separate SEC filing has shown that Prince of Saudi Alwaleed bin Talal became Twitter’s second-largest shareholder.
Connecticut Democratic Senator Chris Murphy said he will ask the Committee on Foreign Involvement to look into the platform’s investment by Saudi Arabia since it has national security implications.
An intensive discussion about how to strike a balance between free speech rights and safeguarding vulnerable groups from internet abuse has been sparked by Musk’s acquisition of the influential social media platform.
Elon Musk has emphasized the necessity for a “common digital town square” where various viewpoints can be shared and discussed, while also noting that Twitter cannot be a “free-for-all hellscape.”
