Elon Musk has appointed a new CEO of Twitter and has told the banks that have agreed to help fund his $44 billion acquisition bid of his plans to monetize tweets. new report from Reuters. A source told Reuters that Musk has decided who he plans to appoint as the new chief executive of Twitter, but the source did not name the person. The current CEO of Twitter is Parag Agrawal, who took over the position after Jack Dorsey retired he is expected to remain CEO in November until the deal closes.
Reuters reports that Musk told Twitter chairman Bret Taylor that he did not trust the company’s management, which he also said in a SEC filings. Agrawal will be set to significant compensation package if the deal closes and Musk brings in new management, as he will receive $38.7 million due to a clause in his contract, according to the company. last serving proxy.
Reuters reports that Musk has told banks that he plans to develop additional ways to make money from tweets. For example, he said he plans to create a way to monetize tweets that go viral or contain important information. He also suggested the idea of charging when third-party websites quote or embed tweets from verified accounts.
It is reported by the Washington Post. that Musk also pushed the idea of paying influencers to create content for the platform, which is a business model that has proved successful for TikTok. Musk is also reportedly interested in the idea of a subscription service the company could offer.
In deleted tweets posted earlier this month, Musk proposed major changes to Twitter Blue, the social media giant’s subscription service, which currently costs $2.99 a month. Musk suggested lowering the price, adding a dogecoin payment method, and banning ads. In another now-deleted tweet, Musk said he wants to rid Twitter of its reliance on ads, which generates most of its revenue.
Musk also told banks he could crack down on the pay of executives and Twitter board members to cut costs. Reuters also reports that in his address to banks, Musk said that Twitter’s gross margins are much lower than those of other social networks such as Facebook and Pinterest and argued that there are ways to run the company in a more cost-effective way.
Bloomberg News It was reported this week that Musk spoke to bankers about job cuts as part of his appeal to creditors. Musk will reportedly not make decisions about job cuts until he takes ownership of the company.
Twitter says the deal, which has been unanimously approved by the board of directors, is likely to close this year after shareholder and regulatory approval and “other normal closing conditions are met.” The mask will have to pay Twitter a $1 billion termination fee if he does not make the acquisition of the social network, according to recent SEC filing. The document, which details the terms of the agreement, indicates that Twitter will be required to pay the same fee under certain circumstances.
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