Twitter: Elon Musk has dissolved the board and assumed the role of CEO
His absolute dominance
Elon Musk has dissolved Twitter’s board of directors, consolidating his hold on the social media giant. Twitter’s takeover adventure has officially come to an end with the tycoon taking on the role of CEO of the company. Elon Musk is now the CEO of three companies, including Tesla and SpaceX. However, experts in the field believe that his position as CEO of Twitter will be temporary, until the situation in the company stabilizes.
Top executives of the company have already been fired, while according to the Washington Post layoffs are expected soon for 25% of Twitter’s staff. In fact, Musk’s opinion is that there are too many managers in the company and too few developers.
It is worth noting that the Kingdom Holding Company of Saudi Arabia’s Prince Alwaleed bin Talal bin Abdulaziz Al Saud was Twitter’s second largest investor before Musk’s acquisition took place.
Musk’s engineering teams began meeting with Twitter employees to dig into the platform’s code and understand how it works. Meanwhile Tesla’s stock has lost 1/3 of its value since Musk made the first offer to buy Twitter in April.
