Elon Musk Dissolves Twitter Board: Twitter’s next chief executive officer has been named, and Chief Twit Elon Musk has made the announcement. Following Parag Agrawal’s departure, the wealthy CEO declared that he would be taking on the role previously held by Agrawal, who is of Indian descent. In addition to this, Musk has taken a crucial step toward joining the board of the microblogging site.
Exactly Who Did Musk Oust?
BBC.com claims that Elon Musk has removed the board of directors from the social media platform Twitter that he just purchased. This means that the billionaire will be taking on more responsibilities as Twitter’s CEO.
Reuters says that Musk also wrote in a filing that “Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou, who were all directors of Twitter before the merger went into effect, are no longer directors of Twitter.”
The $44 billion Twitter transaction has been in the news for several reasons. Even though the whole story of the acquisition turned into a fight right away, Musk’s changes to the microblogging site also got a lot of attention.
Just one day before Elon Musk’s appointment as Twitter CEO was made public, rumors began circulating that the billionaire was planning a radical overhaul of Twitter Blue, which may include the introduction of a fee for verifying user accounts. This suggests that Twitter verification could start costing money in the future.
Twitter’s current lords & peasants system for who has or doesn’t have a blue checkmark is bullshit.
Power to the people! Blue for $8/month.
— Elon Musk (@elonmusk) November 1, 2022
Before the end of the week, Elon Musk finished buying Twitter and fired the company’s top employees, including the previous CEO, Parag Agrawal.
What New Changes Are Happening On Twitter?
Since the buyout was finished last week, Musk hasn’t wasted much time putting his mark on Twitter. For months, he made fun of Twitter for being slow to add new features or get rid of spam accounts.
According to two people with knowledge of the situation, he had his teams meet with some employees to begin investigating Twitter’s code and learning how the platform functioned.
Musk has also recommended modifying the platform’s formerly free user authentication process. Author Stephen King tweeted that he was unwilling to pay the $20 (€20.15) monthly fee required to maintain his verified badge on Twitter. Musk responded, “How about $8?”
The billionaire claimed that putting a price on Twitter would be the only way to stop trolls and bots and that the social media company could not survive only on advertising revenue.
Some employees told Reuters they were left in the dark about what was going on at the company and were left to piece together rumors and news reports instead of getting updates from Musk or other officials.
Since Musk’s offer to acquire Twitter in April, Tesla stock has lost roughly a third of its value, compared to a fall of 12% in the S&P 500 index.