Elon Musk lined up a new Twitter CEO, may appoint soon: Report
Musk informed Twitter chairman Bret Taylor that he had lost trust in the company's management, a position he has previously articulated in SEC filings. According to the company's most recent proxy filing, if the purchase is completed and Musk employs new management, Agrawal will get $38.7 million as a consequence of a contract condition.
FollowElon Musk has lined up a new CEO for Twitter and notified banks that agreed to help fund his $44 billion acquisition offer about his intentions to monetize tweets, according to a recent Reuters story. Musk has decided on who he would appoint as Twitter's new CEO, a source told Reuters, but the source did not name the individual. Parag Agrawal, who took over as CEO when Jack Dorsey stepped down in November, is expected to continue on until the transaction is completed.
Musk informed Twitter chairman Bret Taylor that he had lost trust in the company's management, a position he has previously articulated in SEC filings. According to the company's most recent proxy filing, if the purchase is completed and Musk employs new management, Agrawal will get $38.7 million as a consequence of a contract condition.
Also Read | Twitter’s new boss Elon Musk targets Coca-Cola, says he’ll buy it ‘to put cocaine back in’
He has informed banks that he expects to create new methods to earn from tweets. He indicated, for example, that he aims to create a method to monetize tweets that become viral or include important information. He also recommended a charge for third-party websites that quote or embed verified users' tweets.
The Tesla CEO also discussed paying influencers to generate content for the network, which has proved to be a lucrative business strategy for TikTok, according to the Washington Post. Musk is also said to be interested in the idea of delivering subscription services through the firm.
Also Read | Elon Musk Twitter Takeover: 'Laws of India do not change depending upon who is the owner'
In deleted tweets from earlier this month, the social media behemoth hinted at major changes to Twitter Blue, its subscription programme. Twitter Blue is now $2.99 per month. Musk recommended decreasing the price, introducing a dogecoin payment option, and banning advertising. Musk also stated in another now-deleted tweet that he wants Twitter to wean itself off of its reliance on advertising for a big chunk of its revenue.
According to a recent SEC filing, Musk will be compelled to pay a $1 billion termination fee if his acquisition of Twitter is not completed. According to the paper outlining the terms of the agreement, Twitter would be obligated to pay the same fee under certain scenarios.
Also Read | Twitter adds more users than expected amid Elon Musk’s takeover
