Elon Musk dissolved Twitter’s nine-person board on Monday, naming himself the only director of the social media firm that he formally acquired final week.
Later within the day, the billionaire responded to a Tweet which linked to a report concerning the dissolution of the Board saying that call to take action was solely “short-term.”
It stays unclear whether or not or not he meant that he deliberate to deliver again ousted members or create a brand new Board with candidates of his selecting.
Nonetheless, he is been doubling down on the opposite contentious choices he is made since his $44 billion acquistion of the social media firm, together with the idea of charging verified customers a month-to-month charge to maintain their blue checkmark.
Creator Stephen King, an avid Twitter person with 6.9 million followers, was not amused.
“$20 a month to maintain my blue verify? F*ck that, they need to pay me,” he mentioned. “If that will get instituted, I am gone like Enron.”
Musk swiftly responded to King, explaining that he had a bigger plan for charging the month-to-month charge and the way it might finally assist him in his overarching mission to rid the positioning of spam and bot accounts.
I’ll clarify the rationale in longer type earlier than that is carried out. It’s the solely method to defeat the bots & trolls.
— Elon Musk (@elonmusk) November 1, 2022
Musk has reportedly been ousting high executives, although he denied by way of Twitter that any form of mass layoffs have been on the way in which for workers. Nonetheless, additionally on Monday, the Washington Submit cited sources that claimed that the plan for layoffs was in actual fact in movement, focusing on 25% of Twitter’s workforce.
Musk’s takeover of the corporate has been stuffed with controversy, prompting a slew of celebrities (notably Shonda Rhimes and Toni Braxton) and executives resembling NBC govt producer Ken Olin to go away the platform. Basic Motors went as far as to droop promoting on Twitter, citing Musk’s takeover as the first purpose.
“We’re participating with Twitter to know the route of the platform beneath their new possession,” the corporate mentioned. “As is regular course of enterprise with a big change in a media platform, we’ve got quickly paused our paid promoting. Our buyer care interactions on Twitter will proceed.”
Musk has continued to stay energetic on the social media platform following his takeover.
Authentic story beneath.
“Let the nice occasions roll.”
That appears to be the vibe of the reportedly new Twitter CEO, Elon Musk, as he begins his first day as proprietor of the social media platform.
let the nice occasions roll
— Elon Musk (@elonmusk) October 28, 2022
Elon Musk’s long-awaited acquisition of Twitter lastly closed on Thursday night, securing his $44 billion buy of the social media platform.
On Wednesday, Musk walked into Twitter HQ in Silicon Valley, whereas carrying a sink.
“Getting into Twitter HQ – let that sink in!” he wrote in an try to be punny.
Getting into Twitter HQ – let that sink in! pic.twitter.com/D68z4K2wq7
— Elon Musk (@elonmusk) October 26, 2022
The billionaire has wasted no time making huge choices and pledging additional adjustments within the wake of his takeover, even taking to the platform himself to declare “The chicken is freed,” in reference to Twitter’s emblem which has helped the platform earn the moniker, “the chicken app.”
On Friday morning, it was reported that Musk had formally taken the title of CEO. If confirmed, Musk is now CEO of Tesla, SpaceX, and Twitter.
This is what we all know thus far about Elon Musk’s Twitter takeover.
Musk Fires Prime Execs
Musk reportedly fired Twitter CEO Parag Agrawal and Twitter’s Chief of Coverage and Authorized Affairs Vijaya Gadde virtually instantly upon the finalization of the deal.
Twitter CFO Ned Segal confirmed that he was fired by way of a prolonged Twitter thread on Friday morning.
Thursday concluded 5 years @twitter. I am grateful for the chance to have labored with such an unimaginable group of individuals constructing the world’s city sq. for all of our stakeholders. The work is not full, however we made significant progress.
— Ned Segal (@nedsegal) October 28, 2022
Segal didn’t straight point out Musk or the acquisition in his submit.
Per Reuters, Agrawal and Segal have been at Twitter HQ in Silicon Valley when the deal was inked — with Musk additionally inside within the constructing — and upon dismissal from their roles, have been escorted out of the constructing.
The aggressive transfer is no surprise as Musk and Agrawal have had a contentious relationship for the reason that early days of Musk’s curiosity in buying the corporate.
Musk challenged Agrawal to a “public debate” in August about how the corporate was sourcing its info on what number of spam and bot accounts are on the platform.
I hereby problem @paraga to a public debate concerning the Twitter bot proportion.
Let him show to the general public that Twitter has <5% pretend or spam day by day customers!
— Elon Musk (@elonmusk) August 6, 2022
Nonetheless, Twitter execs aren’t strolling away empty-handed. Agrawal is reportedly set to obtain a payout of $38.7 million, adopted by Segal who is ready to obtain $25.4 million. Gadde may also obtain a payout of $12.5 million.
Are Twitter Layoffs on the Horizon?
A report earlier this week by the Washington Submit claimed that Musk had plans to put off a staggering 75% of Twitter staff, roughly 5,600 staff, which might deliver the full variety of Twitter staff to round 2,000 individuals by the top of the yr. There are presently round 7,500 Twitter staff.
The report cited paperwork and interviews with individuals near the matter, noting that even earlier than Musk’s reported resolution to incite mass layoffs, Agrawal and different high management had already set in movement plans to chop firm payroll by round $800 million by the top of the yr. This may value Twitter an estimated 25% of its complete workforce.
Nonetheless, upon Musk’s entrance into Twitter HQ on Wednesday, he reportedly advised staff that the 75% determine was mistaken and denied his plans to launch such an enormous variety of staff.
The sources add that the data has not but been made public and selected to stay nameless.
A Extra Personalised, Much less-Censored Atmosphere
In an open letter to advertisers on Thursday, Musk shared his motivations for buying Twitter and his plans for the way forward for the platform.
“It is very important the way forward for civilization to have a standard digital city sq., the place a variety of beliefs may be debated in a wholesome method, with out resorting to violence,” Musk wrote. “There may be presently nice hazard that social media will splinter into far proper wing and much left wing echo chambers that generate extra hate and divide our society.”
He did make clear that the platform wouldn’t turn into a ruleless “free-for-all hellscape.”
Musk went on to inform potential and present advertisers that he goals to make the Twitter person expertise extra personalised, by permitting customers to decide on their very own preferences as to what content material is surfaced together with commercials which might be related to their pursuits and desires.
A Conflict on Spam
The billionaire has been vocal since day one about his distaste for the alleged excessive variety of spam and bot accounts on Twitter, which was his authentic purpose for eager to again out of the deal in Could.
Musk has maintained that Twitter and high execs (together with Agrawal) have been dishonest concerning the variety of these pretend accounts on the web site, one thing Twitter whistleblower and former head of safety Peiter Zatko confirmed in testimony towards the corporate.
Zatko claimed that Twitter didn’t have a strong safety plan in place to guard the platform from spam and bot accounts whereas additionally noting that the corporate was extra targeted on person progress than eradicating doubtlessly dangerous accounts.
Throughout an interview on the crimson carpet on the Met Gala in Could, Musk doubled down on his distaste for these accounts and his plans to take away them as swiftly as potential.
“I’ve additionally vowed this publicly that we’ve got to do away with the bots and trolls and the scams and all the pieces, as a result of that is clearly diminishing the person expertise, and we do not need individuals getting tricked out of their cash and that sort of factor,” Musk advised reporters. “I am undoubtedly on the warpath, so if any person’s working a bot or troll on me then I am undoubtedly their enemy.”
Musk has not clearly laid out a plan for what precisely he plans to do to be able to clear the home of those accounts however the billionaire has made it clear that this will probably be a precedence for him shifting ahead in his possession of the corporate.
Twitter shares have been frozen on Friday because the deal between Twitter and Musk closed.
Will Banned Accounts Be Coming Again?
A supply based on Bloomberg additionally mentioned that Musk has plans to take away life bans from customers who had been faraway from the platform, one thing that might deliver essentially the most contentious of previous Twitter customers again.
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