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Are major changes coming to Twitter after Elon Musk’s takeover?
As he takes the helm of the social media company, Musk is cleaning house and proposing big changes in his first week as the new chief executive.
He started out by firing the company’s board of directors and making himself the only member of the board.
The company filing with the U.S. Securities and Exchange Commission names Bret Taylor, former chairman of the board, and Parag Agrawal, former chief executive, as two of the nine board members who lost their positions.
“On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter,” the company stated in the regulatory filing.
“In accordance with the terms of the merger agreement, effective as of the effective time of the merger, 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.”
The world’s richest man bought Twitter for $44 billion after months of back and forth over issues like the number of bots on the platform.
Speculation has surfaced that Musk is thinking about charging $20 per month for a “blue check mark.” This symbol verifies accounts of people like politicians, celebrities, business owners, and journalists.
The venture capitalist, Jason Calacanis, who is working with Musk, added a poll to his Twitter account asking users how much they would be willing to pay for the blue check mark.
The blue check mark may be seen by some as an elitist symbol, but it serves to make sure followers know they are not following fake accounts that aim to impersonate people.
It is also useful for people who find themselves in the news because of an event or viral video for example or for small-publication journalists to boost their credibility.
On Sunday, Musk responded to the speculation by tweeting, “The whole verification process is being revamped right now.”
In addition to the board of directors and policy changes, it’s been reported that Musk plans to cut a large portion of the company’s employees.
According to interviews and documents acquired by the Washington Post, he plans to cut back the workforce by at least 25%.
Who will be in the first round of layoffs? People from almost all departments are bracing themselves for the unemployment line.
The layoffs may affect more than 7,000 employees from sales, legal, product, engineers, and trust and safety.
These plans have not been confirmed by Musk but he has made his feelings known about there being too many people in management positions.
The new Twitter owner has reassured his Twitter followers that “all moderation on Twitter would continue to function without any changes for the time being.”