Elon Musk is officially the CEO of Twitter (for now)

J. Fingas@jonfingasNovember 1, 2022 10:15 AMIn this posting: news, equipment, Twitter, internet, Elon Musk, social media, social networkingNikolas Kokovlis/NurPhoto by using Getty Pictures

Now that Elon Musk owns Twitter, he is officially using the reins as CEO — for the second, anyway. Twitter has made an amended filing with the Securities and Trade Commission indicating that Musk is “the Main Government Officer” of the social network. This arrives along with the entrepreneur’s moves to dissolve the organization board, become sole director and fireplace several of the firm’s veteran executives, which include former CEO Parag Agrawal. He is clearing house, in other words.

It is not clear how prolonged Musk will remain in the CEO place. He states that his sole director standing is “just momentary,” but hasn’t elaborated. Musk now operates Tesla, SpaceX, The Dull Corporation and Neuralink, so there is only a restricted total of time to helm nonetheless one more business. Twitter co-founder Jack Dorsey has rolled in excess of his shares (that is, transferred them to the new enterprise), indicating his support for Musk.

Musk has previously built or proposed sweeping adjustments in the very first week of proudly owning Twitter. On leading of the management overhaul, he has reportedly requested layoffs and unveiled plans for a “moderation council” that will make essential material choices. The new CEO has also floated a number of potential modifications, like charging for verification as portion of a Blue membership and even resurrecting Vine.

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The administration shakeup is poised to be pricey, with The Guardian reporting that it could lead to a minimal $120 million in “golden parachute” exit payments. The determine pales in comparison to what Musk paid out to acquire Twitter in the first area, though.

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