Elon Musk has cemented his influence over the social media site by dissolving Twitter’s board of directors.
After purchasing the business this week, the multi-billionaire will serve as its CEO, putting an end to months of negotiations over the $44 billion (£38.3 billion) acquisition.
He has taken swift action to leave his stamp on the company, which is utilized by journalists and politicians all over the world.
He is thinking about making adjustments to Twitter’s verification process and eliminating positions.
According to The Washington Post, a first round of layoffs is being discussed and may effect 25% of the company’s workforce.
A request for comment on the report from the BBC was not answered by Twitter.
Top managers have already been fired as Mr. Musk brings in well-known allies for the business.
According to a filing with the US Securities and Exchange Commission on Monday, Twitter co-founder Jack Dorsey has transferred his entire ownership in the firm, consisting of 18 million shares, worth close to $978 million at the buyout price of $54.20.
Mr. Dorsey, who resigned from Twitter’s board in May, backed Mr. Musk’s decision to buy the company.
“Elon is the only option in which I have faith. I believe in his mission to spread consciousness, he wrote in a tweet following the former management team of the company’s approval of the takeover.
Technology investor Jason Calacanis said he was “hanging out at Twitter a little… throughout the transition” and updated his Twitter bio to “chief meme officer”.
He used the social media platform to ask for thoughts on a variety of subjects, including video and advertising.
While there have been rumors that Twitter may charge users $20 per month to maintain the blue ticks that signify verified accounts, Mr. Calacanis also inquired about how much individuals would pay to become verified.
Later on Tuesday, Mr. Musk responded “absolutely” to a Twitter user who demanded that the service delete accounts that had been inactive for more than a year.
After the takeover, Mr. Musk, who also serves as the CEO of electric vehicle manufacturer Tesla, changed his online identity to “Chief Twit.” “Twitter Complaint Hotline Operator” has since been added.
He is now Twitter’s lone director, according to another filing made on Monday.
Former board chairman Bret Taylor and former CEO Parag Agrawal are two of the nine disqualified directors.
Baroness When contacted by the BBC, Martha Lane Fox, the current president of the British Chambers of Commerce and one of the board members who will be ousted as part of the merger agreement, declined to comment.
Issue of national security
As Mr. Musk announces ambitions to change how Twitter has controlled the dissemination of information on its platform, particularly from sources like state media, politicians, and celebrities, his acquisition has received considerable attention.
Mr. Musk stated that no changes will be made just yet and that the business would elect a new council to make those decisions.
Democratic Senator Chris Murphy stated on Monday that he had requested the government to evaluate the deal’s effects on national security due to the significant stake that Saudi Arabian-affiliated companies hold in the company and the country’s strained relationship with the US.
The fact that Saudi Arabia is now the second-largest owner of a significant social media site should worry us because it has a clear interest in suppressing political discourse and having an impact on US politics, Mr. Murphy said on Twitter.
Mr. Musk declared that no changes would be made just yet and that the business will elect a new council to make those decisions.
Democratic Senator Chris Murphy stated on Monday that he had requested the government to evaluate the deal’s national security ramifications due to the substantial ownership owned in the company by Saudi Arabian-affiliated companies, which has a hostile relationship with the US.
We should be concerned that Saudi Arabia is now the second-largest owner of a significant social media platform, Mr. Murphy said on Twitter, adding that they have a “obvious interest in limiting political speech and influence US politics.”
According to a filing with the US government, Prince Alwaleed bin Talal bin Abdulaziz Al Saud and the Kingdom Holding Company are the newly private company’s second-largest investors collectively.
Prior to the Musk sale, Prince Alwaleed was a significant Twitter investor. He tweeted that the position fits with Kingdom Holding Company’s “long-term investment plan.”