5 Key Steps for Elon Musk in the First Week of Twitter Ownership
Less than a week after officially Closing the $44 billion acquisition To make Twitter private at $54.20 per share, Elon Musk has already revealed major changes to the social media platform.
Twitter’s stock, which was suspended from trading on October 28, is set to be delisted from the New York Stock Exchange on November 8.
Here is a FOX Business summary of the top five moves the world’s richest man announced or made in his first week as a new Twitter owner.
1. Dissolution of Twitter’s board of directors
According to an 8-K filing on Thursday, Elon Musk became the sole director of Twitter after its board of directors was dissolved. The board included Chairman Brett Taylor, former Twitter CEO Parag Agrawal, members Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou.
In a tweet on Monday, Musk said the change was “only temporary.”
Individuals helping Musk reshape the company in the transitional period include Jared Birchall, head of the Musk family office, his attorney Alex Spiro, angel investor Jason Calacanis, founding COO of PayPal and venture capitalist David Sachs, and Twitter’s head of safety and integrity, Yoel. Ruth, and . Sriram Krishnan, a former Twitter CEO and general partner at Andreessen Horowitz.
2. Dismissal of senior executives
After the acquisition is over, mask Unleash AgrawalCFO Ned Segal and Vijaya Jade, Twitter’s Head of Legal, Policy and Trust. General Counsel Sean Edget also confirmed on Twitter that he is no longer with the company after several outlets reported that he was included in the dismissals.
In addition, the Chief Customer Officer, Sarah Personnet, and Chief Officer and Diversity, Dalana Brand, have resigned.
Twitter employees have been uneasy for months about the possibility of laying off a large number of workers at the company under Musk’s ownership.
The Washington Post reported last month that Musk was planning this 75% of Twitter workforce will be laid off, a move that would cut its number of employees from about 7,500 to about 2,000. However, Bloomberg reported that Musk denied the 75% figure. A separate report published Monday suggested that the first round of layoffs will target 25% of Twitter’s workforce.
Musk Viewer A The New York Times report is a ‘false’. That Twitter layoffs will take place before November 1 in order to avoid paying employees stock grants.
In May, Musk said Twitter would “focus heavily on software engineering and design, information technology, and server hardware” after completing the acquisition. In response to a user’s question on Sunday about “the most messed up thing” on Twitter, Musk answered that “It looks like there are 10 people ‘managing’ for each person coding.”
3. Bring in Tesla engineers to review Twitter code
Bloomberg News reported last week that Twitter engineers were unable to make changes to the platform’s code after Musk brought in a team of engineers from Tesla to review it and explain what the company needed.
According to CNBC, the team consists of more than 50 software engineers. Notable Tesla employees brought in include:
– Software Development Manager Ashok Allswami
– Director of Autopilot Engineering and Tesla Bot Milan Covich
– Software Engineering Director Maha Verduhagiri
Senior Technical Program Manager Pete Schutzhu
Jake Nokon, Senior Director of Security Intelligence
In addition, two employees from Musk’s tunneling company The Boring Company and one from neurotech company Neuralink have reportedly been allowed to work on Twitter.
4. Launching the Content Board and renewing Twitter Verification
Musk announced plans to form a Content Editing Board with “widely divergent views”. The group will include representatives from the civil rights community and groups confronting violence that fuels hate.
“Twitter will not allow anyone whose platform has been taken down for violating the Twitter Rules to return to the platform until we have a clear process for doing so, which will take at least a few more weeks,” he wrote on Twitter on Wednesday.
He also revealed new details on Tuesday of his plans for Twitter User Verification Renew. Twitter Blue subscribers in the US will receive a blue check mark on their profile for $8 per month. Musk added that prices “will be adjusted by country in proportion to purchasing power parity.”
In addition to the blue check mark, Twitter Blue will give users priority in replies, mentions, and search, the ability to post long videos and audio, half the number of ads, and a “paywall bypass” for publishers willing to work with the company.
The move will give Twitter a revenue stream to reward content creators and help the company in its efforts to combat spam and fake accounts.
“If a paid Blue account engages in spam/scam, that account will be suspended,” Musk warned. “Basically, this raises the cost of crime on Twitter by several orders of magnitude.”
5. Revival of Karma?
On Sunday, Musk conducted a poll of his followers asking if they wanted the short video platform Vine to come back. Of the more than 4.9 million users who voted, more than 69% supported the move, compared to about 30% who voted against it.
Sources told Axios that a Vine can be restarted It could be ready as early as the end of the year.
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