Now Twitter is completely controlled by Elon Musk himself, CEO, board of directors removed
Elon Musk Twitter: Elon Musk has fired Twitter’s board of directors and is now in complete control of the tech giant. This information has come out from a filing of the company. According to documents filed with the US Securities and Exchange Commission (SEC) on Monday, Musk bought Twitter last week for $44 billion and has now become the “sole director” of Twitter. However, the new Tesla CEO tweeted later on Monday that the arrangement would be “temporary” without elaboration.
Musk, who also runs spaceflight company SpaceX and neurotechnology startup Neuralink, began his tenure at the company on Thursday by ousting top leadership, including Twitter CEO Parag Agarwal and chief financial officer Ned Segal. According to an SEC filing, Musk has also offered to buy back all of Twitter’s outstanding bonds.
Large stake in Saudi Prince’s company
Elon Musk, the world’s richest man, completed the purchase of the company through a combination of his own funds, investment funds and bank loans. A separate SEC filing revealed that Saudi Prince Alwaleed bin Talal has become Twitter’s second largest shareholder. Democratic Senator Chris Murphy of Connecticut said he would ask the Committee on Foreign Investment to examine the national security implications of Saudi Arabia’s investment.
Elon Musk criticized Twitter’s moderation policies and accused the company of being biased towards leftist views. Although Musk has yet to make his plans for the social media platform public, he is widely expected to ease moderation rules and cut a significant portion of the company’s workforce.
Musk will start laying off employees at Twitter
According to the news of ‘The New York Times’, Musk plans to start laying off employees from Twitter soon. Quoting sources with knowledge of the situation, it has been said in the news that some managers have been asked to make a list of such employees who can be fired. Even before Musk’s acquisition of Twitter, there was talk that he would cut the number of employees at the social media company. In some reports, it has even been said that he will reduce the number of employees by 75 percent. At the same time, ‘Washington Post’ has reported that the first round of cuts is in discussion, which may affect 25% of the company’s employees.
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