Twitter is in the middle of a massive transition following the $44 billion purchase by Elon Musk. The new boss has already fired top executives from the company, including CEO Parag Agrawal. Turns out Musk has replaced Agrawal as the new CEO. He has also dissolved Twitter’s board of directors to become the sole director.
Shortly after Musk completed the high-profile privatization of Twitter and fired the current CEO, he was asked if he plans to become the new CEO. The billionaire responded by saying he is the “Chief Twit” but doesn’t know who the CEO is. However, he wasn’t saying the truth. In a regulatory filing a couple of days before this conversation happened, Musk addressed himself as the Chief Executive Officer, i. e. CEO, of the “post-Merger Company”.
Musk isn’t just the CEO of Twitter, though. He is the only director as well. He has dissolved the existing board of directors after taking over the company’s ownership. The same has been confirmed by a separate regulatory filing. “The following persons, who were directors of Twitter prior to the effective time of the Merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou,” Musk said in the filing.
Elon Musk is the only person deciding on the future of Twitter
As things stand, Elon Musk is the only person deciding on how Twitter should move forward. It’s all about his vision now. For example, he plans to make the “blue tick” verification badge a perk of the Twitter Blue subscription. And this isn’t surprising. Musk had hinted at a massive shuffling of the company’s leadership. When he was asked about what is the most messed up thing at Twitter right now, he said: There seem to be 10 people “managing” for every one person coding. No wonder he is cutting down on those “managerial” roles.
However, this may not be a permanent change. The new CEO hasn’t shared many details but said the decision to dissolve Twitter’s board of directors is “just temporary”. He likely plans to form a new board with new faces. Thankfully, Musk has been very open about his ideas and future plans regarding Twitter. So we might hear more from him about how he plans to shape up the social media app. We will keep you posted with all the latest information as this transition of Twitter progresses.
2022-11-01 15:11:29