- BBC News World
Elon Musk dissolved Twitter’s board of directors, cementing his control over the company.
The billionaire acquired the social media company last week, months expire from come and go Resulting from the purchase agreement, valued at $44 billion.
Musk moved quickly to put his trademark on the service he uses Politicians and journalists from all over the world.
Among the reforms Musk is considering is Changes to the way Twitter verifies accountsAs well as job cuts.
Newspaper Washington Post mentioned in First round of discounts From Job positions It can affect 25% of a company’s workforce.
Twitter did not respond to the BBC’s request for comment on the report.
Changes and changes
Musk has already fired the company’s top executives because he’s bringing in high-profile allies with him.
His team includes tech firm investor Jason Calacanis, who changed his Twitter bio to read “meme manager” and was “hung on Twitter… on the move.”
He also asked his followers to give their opinions on various topics, from advertising to videos.
He also asked how much people will pay to verify their accounts, at a time when it is said that Twitter can charge users $20 a month to maintain blue ticks indicating verified accounts.
Musk, who is also the owner of electric car maker Tesla, changed his bio on the social media site to “Chief Twit.”
He is now the sole director of Twitter, according to a document released Monday with the US Securities and Exchange Commission.
Among the nine dismissed directors are ex-chairman Brett Taylor and ex-CEO Parag Agrawal.
Baroness Martha Lynn Fox, current chair of the British Chambers of Commerce, who is among the board members to be removed under the purchase agreement, declined to comment when contacted by the BBC.
‘national security issue’
Musk’s inauguration drew widespread scrutiny as he announced plans to review how Twitter is adjusting the spread of information on its platform, including from sources such as state media, politicians and celebrities.
Musk said the company will create a new board to govern those decisions, and no changes are imminent for now.
Democratic Senator Chris Murphy said Monday that he has asked the administration to review the deal’s national security implications, given the large stake in the company owned by Saudi-linked companies, which the US government increasingly deals with.
“We should be concerned that the Saudis, who have a clear interest in suppressing political discourse and influencing American policy, now have The second largest owner of a major social media platformMurphy wrote on Twitter.
“There is a clear national security issue at stake and the Economic and Social Council,” he said [Comité de Inversión Extranjera en Estados Unidos] I have to review.”
Musk funded his Twitter takeover using his own resources, the resources of an investor group and about $13 billion in debt financing.
Analysts say rising debt is likely to limit the company, which has struggled to expand its user base and has not turned a profit for years.
Prince Alwaleed bin Talal bin Abdulaziz Al Saud and Kingdom Holding Company (the investment fund of Saudi Arabia) are the second largest investor in the new private company, according to a document submitted to the US government.
Prince Alwaleed, who was a major investor on Twitter before the Musk deal, tweeted that the stake aligns with Long term investment strategy Kingdom Holding Company.
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“Social media evangelist. Student. Reader. Troublemaker. Typical introvert.”