Now that Elon Musk owns Twitter, he’s officially taking the reins as CEO — for the moment, anyway. Twitter has made an amended filing with the Securities and Exchange Commission indicating that Musk is “the Chief Executive Officer” of the social network. This comes alongside the entrepreneur’s moves to dissolve the company board, become sole director and fire many of the company’s veteran executives, including former CEO Parag Agrawal. He’s clearing house, in other words.
It’s not clear how long Musk will remain in the CEO position. He states that his sole director status is “just temporary,” but hasn’t elaborated. Musk already runs Tesla, SpaceX, The Boring Company and Neuralink, so there’s only a limited amount of time to helm yet another firm. Twitter co-founder Jack Dorsey has rolled over his shares (that is, transferred them to the new company), indicating his support for Musk.
Musk has already made or proposed sweeping changes in the first week of owning Twitter. On top of the leadership overhaul, he has reportedly ordered layoffs and unveiled plans for a “moderation council” that will make key content decisions. The new CEO has also floated a number of potential changes, including charging for verification as part of a Blue subscription and even resurrecting Vine.
The management shakeup is poised to be expensive, with The Guardianreporting that it could lead to a minimum $120 million in “golden parachute” exit payments. The figure pales in comparison to what Musk paid to buy Twitter in the first place, though.