Elon Musk has cemented his control over the social media platform by dissolving Twitter’s board of directors.
After buying the company last week, the multi-billionaire will serve as its CEO, putting an end to months of negotiations over the $44 billion (£38.3 billion) deal.
He has taken swift action to leave his mark on the company, which is used by journalists and politicians all over the world.
He is thinking about making changes to Twitter’s verification process and eliminating positions.
According to The Washington Post, the first round of layoffs is being discussed and could affect 25% of the company’s workforce.
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 stake in the company, 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 solution I believe in, and 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 bit… during the transition” and changed his Twitter bio to “chief meme officer”.
He used the social media platform to ask for opinions on a variety of subjects, including video and advertising.
While there have been rumours that Twitter may charge users $20 per month to maintain the blue ticks that signify verified accounts, Mr. Calacanis also inquired about how much people would pay to become verified.
Musk reportedly partnered with Tesla software engineers over the weekend to examine the inner workings of the social media juggernaut after changing his Twitter bio to “Chief Twit” and planning significant layoffs.
He announced the creation of a content moderation council in an effort to assuage the fears of advertisers, Twitter’s primary source of income, by assuring them that the site would not turn into a “free-for-all hellscape.”
According to the SEC filing, the new Musk-led company created as a result of the merger agreement has also offered to buy back all of Twitter’s outstanding bonds.
Another Twitter document submitted to the SEC indicates that Saudi Prince Al-Waleed Bin Talal has moved up to the position of second-largest shareholder.
