Elon Musk self-appointed CEO, fires board of directors

Just days after acquiring Twitter, Elon Musk has already begun “cutting to the bone” the company’s former leadership. The previous CEO and CFO have been fired since day one, and now Elon has put more “casualties” on the list. The billionaire announced that he is the new CEO of Twitter, he also has similar positions at his other companies, Tesla and SpaceX. Not only that, but he seems determined to let go of his old leadership completely. The board of directors didn’t stay in place either.

Elon Musk has taken full control of Twitter

Former board directors were fired en masse, with Musk remaining the only director on the board. This will give him full control of the company, allowing him to make decisions on his own without resistance from others. Besides, being a private company now, he can create his own organisational chart, regardless of the opinions of stock market investors.

Musk isn’t the only Twitter owner, however. Apparently Jack Dorsey, former CEO and founder of Twitter, still owns a stake in the company, as does Prince Alwaleed Bin Talal. Musk also obtained the funds to buy Twitter through various loans to banks and investment funds, making them lenders.

Among the ideas Musk has for Twitter, such as charging a verification “badge” for users with many followers, Musk is considering resurrecting the Vine social network. This one, owned by Twitter, was shut down years ago, and offered a similar experience to what TikTok now offers: short clips. So it could create both a Western alternative to WeChat, as it has already announced it wants to do with Twitter’s help, and an alternative to TikTok. These are the two largest social networks of Chinese origin, which are also used in the West.

sources: The Verge, 2, Slashgear