Elon Musk has now cemented his control over Twitter—he has dissolved the board of directors and will now be the CEO of the powerful social media platform.
Musk is now the 'sole member' of the board, according to documents filed with the US Securities and Exchange Commission, the Guardian reported.
As Musk moves ahead with his plans, Twitter employees are bracing for massive layoffs. According to a Washington Post report, 25 per cent of employees of the social media giant may be asked to leave soon. Twitter, however, hasn't responded to reports of imminent job cuts in the company. The company had over 7,000 employees at the end of 2021. Musk has also offered to buy back all of Twitter’s outstanding bonds, according to the SEC filing.
An NYT report said that the layoffs at Twitter would take place before the November 1 date when employees were scheduled to receive stock grants as part of their compensation. Such grants typically represent a significant portion of employees' pay. By laying off workers before that date, Musk may avoid paying the grants. Musk has told investors that he would take Twitter private, reduce its work force, roll back its content moderation rules and find new revenue streams.
Soon after he acquired the social media platforms, the tech billionaire seized control by firing top chief executives including CEO Parag Agrawal and legal and policy affairs chief Vijaya Gadde.
Musk has also announced that he will be forming a 'content moderation council', amid reports that users might now be charged for the Twitter blue tick. "The whole verification process is being revamped right now," tweeted Musk.
According to reports, Twitter is considering charging users for the blue tick verifying the account holder. Users would have to subscribe to Twitter Blue at $4.99 a month or lose their 'verified' badges if the project moves forward, reported Reuters.
