Elon Musk has dismissed Twitter’s board of directors, effectively ceding control of the social media platform to him.
The multibillionaire will lead the company after purchasing it last week, putting an end to months of wrangling over the $44 billion (£38.3 billion) acquisition.
He has made an immediate impact on the firm, which is used by politicians and journalists all across the world.
Changes to how Twitter verifies accounts, as well as job cuts, are among the improvements he is considering.
According to the Washington Post, a first round of layoffs might effect 25% of the company’s workforce.
Top executives have already been fired as Mr Musk brings in high-profile loyalists.
With this recent move, he will be the CEO of three organizations. Mr Musk, in addition to being the CEO of Twitter, is also the CEO of Tesla and SpaceX, both electric automobile companies.
He has, however, stated that his job at the social media firm may be transitory.
According to a filing with the US Securities and Exchange Commission on Monday, Twitter co-founder Jack Dorsey has rolled his entire holding of 18 million shares, worth about $978 million at the buyout price of $54.20, into the new private firm.
Mr. Dorsey, who left Twitter’s board in May, backed Mr. Musk’s acquisition of the company.
“Elon is the singular solution I trust. I trust his mission to extend the light of consciousness,” he said in a tweet after the takeover was approved by the company’s former management team.
Meanwhile, technology investor Jason Calacanis who changed his Twitter bio to “chief meme officer”, said he was “hanging out at Twitter a bit … during the transition”.
He used the social media site to collect feedback on a variety of themes ranging from advertising to video.
Mr. Calacanis also inquired as to how much people would pay to be verified, following claims that Twitter may charge users $20 per month to maintain the blue ticks that signal verified accounts.
Later that day, in response to a Twitter user’s request that the network delete accounts that had been inactive for more than a year, Mr Musk answered, “definitely.”
Mr Musk, who also runs the electric vehicle company Tesla, altered his Twitter handle to “Chief Twit” following the takeover. It was afterwards changed to “Twitter Complaint Hotline Operator.”
According to another filing on Monday, he is now the only director of Twitter.
Former chairman of the board Bret Taylor and former CEO Parag Agrawal are among the nine directors who have been fired.
Mr Musk’s takeover has sparked considerable concern, as he indicates plans to restructure how Twitter moderates the distribution of information on its platform, including from sources such as state media, politicians, and celebrities.
Mr Musk stated that the business will form a new council to control those decisions and that no modifications would be made at this time.
Senator Chris Murphy, a Democrat, said on Monday that he had requested the government to look into the deal’s national security implications, citing the huge stake in the company held by firms linked to Saudi Arabia, which has an increasingly hostile relationship with the US.
Mr. Musk tweeted: “We should be concerned that the Saudis, who have a clear interest in repressing political speech and impacting US politics, are now the second-largest owner of a major social media platform.”
“There is a clear national-security issue at stake and CFIUS [the Committee on Foreign Investment in the United States] should do a review.”
Mr Musk funded his buyout with his own money, the money of other investors, and approximately $13 billion in borrowed financing.
Analysts believe that the increased debt will hamper the company, which has struggled to build its user base and has not produced a profit in years.
According to a filing with the US government, Prince Alwaleed bin Talal bin Abdulaziz Al Saud and the Kingdom Holding Firm are the second largest investors in the newly private company.
Prior to the Musk deal, Prince Alwaleed was a large Twitter investor, and the holding fits with Kingdom Holding Company’s “long-term investment strategy.”
