Elon Musk to be Twitter CEO

Tesla Inc. chief Elon Musk mentioned in a courtroom submitting on Monday that he’ll take over as CEO of Twitter, the social media firm he just lately purchased for $44 billion. Wall Avenue analysts say the transfer might weaken the billionaire.

Musk, who additionally runs rocket firm SpaceX, mind chip startup Neuralink and tunnelling firm Boring Firm, fired former Twitter chief Parag Agrawal and different prime firm officers final week. Since Musk took over Twitter in April, Tesla’s shares have misplaced a 3rd of their worth, in contrast with 12 p.c for the benchmark S&P 500 over the identical interval.

Musk beforehand modified his Twitter bio to “Chief Twit” in reference to the proposed transfer. Twitter on Monday declined to touch upon how lengthy Musk will stay CEO or whether or not he may appoint another person. In a separate submitting on Monday, Musk introduced that he grew to become the only director of Twitter on account of the acquisition.

Shortly thereafter, Musk tweeted that the transfer to dissolve the board was “solely momentary,” with out giving particulars. Final week, Musk’s $44 billion acquisition of his social media firm thus ended a narrative that spanned a number of months. For the reason that acquisition, Musk has rapidly stepped onto Twitter, which he had mocked for months for its sluggish product adjustments and removing of spam accounts.

In line with two of his sources acquainted with the matter, Reuters mentioned that his group had began conferences with some staff to check Twitter’s software program and his code to see how completely different points of the platform work. Some staff interviewed by Reuters mentioned that they had acquired little contact from Mr Musk or different executives and used information reviews to seek out out what was taking place on the firm.