Tesla and SpaceX CEO and now sole director of Twitter, Elon Musk has dissolved Twitter’s entire board of directors following his $44 billion takeover of the social media giant.
Musk is further planning to cut the company’s workforce by as much as 25% which could see over 7,000 workers from different departments of the company relieved of their jobs. Some analysts fear this could be destabilizing for the company.
Although Musk has not confirmed the plans for layoffs, he complained in a reply to a tweet about the bloated workforce he found at Twitter. “Messed up thing at Twitter…10 people ‘managing’ for every one person coding”, he tweeted.
Musk’s board sack was sweeping. He is currently the sole director in the company but clarified he expected the situation to be temporary.
Prior to her appointment as Directo General of the World Trade Organisation, WTO, Mrs Okonjo Iweala was also a board member of Twitter.
Musk finalized his purchase of Twitter for $44 billion last week following a tumultuous buyout process lasting about six months.
The billionaire owner has stated that he wants Twitter to be the new public town square and stressed under his watch the platform will not have partisan censorship. Musk insists he did not purchase Twitter to “make more money,” but to “help humanity.”
Yet, the new boss tasked his workers to work out plans to begin charging verified accounts a whopping $20 per month for their blue check-mark badges. He later hinted in another tweet at his willingness to review the fee after a huge outcry on the platform by users.
In response to a tweet by one Stephen King who called the bluff of the new charge in a tweet, Musk replied, “We need to pay the bills somehow! Twitter cannot rely entirely on advertisers. How about $8?“
The billionaire explained that he is now forming a content moderation council and noted that any changes to Twitter’s content policies and account reinstatements would only take place after this council had convened.
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