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Elon Musk has dissolved Twitter‘s board of directors, cementing his control over the company.
The billionaire took over the social media company last week, ending months of back-and-forth generated by the purchase deal, valued at $44 billion.
Musk has moved quickly to put his brand on the service, used by politicians and journalists around the world.
Among the reforms, Musk contemplates are changes to the way Twitter verifies accounts, as well as job cuts.
The Washington Post newspaper reported on the first round of job cuts that could affect 25% of the company’s workforce.
changes, changes
Musk has already fired top executives at the company because he brings in high-profile allies.
Included in his team is tech investor Jason Calacanis, who changed his Twitter bio to read “meme director” and that he was “hanging out on Twitter… during the transition.”
He also asked his followers for opinions on a variety of topics, from advertising to videos.
He also asked how much people would pay to have their accounts verified, at a time when Twitter reportedly could charge users $20 per month to maintain blue ticks indicating verified accounts.
Musk, who also owns electric car maker Tesla, changed his bio on the social networking site to “Chief Twit.”
He is now the sole director of Twitter, according to a document filed Monday with the US Securities and Exchange Commission.
The nine fired directors include former board chairman Bret Taylor and former CEO Parag Agrawal.
Baroness Martha Lane Fox, the current president of the British Chambers of Commerce, who is among the board members to be removed under the purchase agreement, declined to comment when approached by the BBC.
“National security issue”
Musk’s inauguration has drawn widespread scrutiny, as he has announced that he has plans to review how Twitter has moderated the spread of information on its platform, including from sources such as state media, politicians, and celebrities.
Musk said the company would create a new council to govern those decisions, and no changes would be forthcoming for now.
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On Monday, Democratic Senator Chris Murphy said he had asked the administration to review the deal’s national security implications, given the large stake in the company held by firms linked to Saudi Arabia, with whom the US government has increasingly had dealings. more tense.
“We should be concerned that the Saudis, who have a clear interest in suppressing political speech and impacting US politics, are now the second largest owner of a major social media platform,” Murphy wrote on Twitter.
“There is a clear national security issue at stake and the Cfius [Committee on Foreign Investment in the United States] should do a review.”
Musk financed his takeover of Twitter using his own resources, those of an investor group, and approximately US$13 billion in debt financing.
Analysts say rising debt is likely to limit the company, which has struggled to expand its user base and hasn’t turned a profit for years.
Together, Prince Alwaleed bin Talal bin Abdulaziz al Saud and Kingdom Holding Company (the investment fund of the kingdom of Saudi Arabia), are the second largest investor in the new private company, according to a document filed with the US government.
Prince Alwaleed, who was a major Twitter investor before the Musk deal, tweeted that the stake aligns with Kingdom Holding Company’s “long-term investment strategy.”
