Elon Musk, the CEO of Tesla Inc., announced in a filing on Monday that he will head Twitter, the social media firm he recently acquired for $44 billion, a move that Wall Street analysts have warned could wear the billionaire thin.
The previous CEO of Twitter, Parag Agrawal, and other senior corporate executives were sacked last week by Elon Musk, who also owns the rocket company SpaceX, brain-chip startup Neuralink, and the tunnelling company the Boring Company.
In comparison to the 12 per cent fall in the benchmark S&P 500 index during the same period, Tesla's stock has lost a third of its value since Musk made an offer to purchase Twitter in April.
In a previous reference to his intended action, Musk altered his Twitter bio to read "Chief Twit."CEO of
Also read: https://www.dnaindia.com/world/report-elon-musk-denies-allegations-of-firing-twitter-employees-to-avoid-payouts-2997430CEO of
On Monday, Twitter declined to comment on whether Musk will appoint a replacement or how long he may serve as CEO. Musk announced that as a result of the takeover, he is now the only director of Twitter in another filing he made on Monday.CEO of
"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," Musk stated in the filing.CEO of
Musk quickly tweeted that the decision to abolish the board "is just temporary" without going into further detail.CEO of
Also read: https://www.dnaindia.com/world/video-britain-s-prime-minister-rishi-sunak-reveals-his-morning-routine-diet-and-fitness-regime-2997656CEO of
A long saga came to an end last week with Musk's $44 billion acquisition of the social networking firm. Since the takeover, Musk has worked swiftly to impose his personality on Twitter, which he had long derided for its slowness in implementing product changes or removing spam accounts.CEO of
According to two people with knowledge of the situation, his teams started having meetings with some employees to look at the software code of Twitter and learn how various components of the site operated.CEO of
Some employees who talked with Reuters claimed they had minimal contact with Musk or other executives and were making sense of the business through news stories.CEO of
(With inputs from Reuters)CEO of