Elon Musk dissolves Twitter board, becomes new CEO – DW – 11/01/2022

Right after buying Twitter for $44 billion (€44.4 billion), Elon Musk dissolved the company’s board and dominated himself in demand of the social media giant.

In a submitting with the US Securities and Trade Commission (SEC), Musk mentioned that he will provide as chief executive of Twitter. Before, he experienced also adjusted his Twitter bio to “Chief Twit.”

Musk said in the documents that the “consummation of the merger” transpired on October 27, soon after which he “became the sole director of Twitter.”

Who replaced Musk?

Late final week, Musk fired the past Twitter CEO, Parag Agrawal, and other prime enterprise officers. They had been instantly escorted out of Twitter headquarters by enterprise security subsequent Musk’s conclusion.

In his SEC filing using the business private just after just about a 10 years of being publicly traded on the New York Inventory Exchange (NYSE), Musk observed the ouster of Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou from the business board.

With no supplying aspects, nevertheless, Musk reported in a tweet that the board was staying dissolved only temporarily.

What other modifications are getting position at Twitter?

The takeover of Twitter by Musk, who also owns SpaceX and Tesla, took months of negotiations in advance of he finally closed the deal on Thursday.

Underneath the merger agreement, Musk has also supplied to obtain back again all of Twitter’s outstanding bonds, according to the SEC submitting.

Soon just after acquiring Twitter, Musk achieved engineers from Tesla to examine Twitter’s computer software code.

Immediately after Musk shut the offer Thursday, The Washington Submit reported he was also setting up to fire some 75% of Twitter’s 7,500 workers.

Musk purchases Twitter

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The new Twitter manager has also hinted at monetizing Twitter’s identification verification feature by building users pay back for the “blue examine” made use of to confirm well known accounts these kinds of as individuals of journalists, media companies, brand names and far more.

As for every a report posted by The Verge, the membership cost to use the paid out membership support, regarded as Twitter Blue, could maximize from $5 to $20.

On Sunday, Musk tweeted, “The complete verification course of action is remaining revamped correct now.”

mf/ar (Reuters, AFP)

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