Elon Musk Says He Will Be Twitter CEO

Reuters
By Reuters
November 1Businessshare
Elon Musk Says He Will Be Twitter CEO
Tesla and SpaceX CEO Elon Musk in a meeting during the Offshore Northern Seas conference on energy in Stavanger, Norway, on Aug. 29 , 2022. (Handout Cabinet Belgian Prime Minister/Belga Mag/AFP via Getty Images)

Tesla Inc. boss Elon Musk said on Monday he will serve as chief executive of Twitter, the social media company he just bought for $44 billion.

Musk, who also runs rocket company SpaceX, brain-chip startup Neuralink, and tunneling firm the Boring Company, fired Twitter’s previous chief, Parag Agrawal, and other top company officials last week.

Tesla’s stock has lost a third of its value since Musk made an offer to buy Twitter in April, compared with a 12 percent decline in the benchmark S&P 500 index in the same period.

Musk had previously changed his Twitter bio to “Chief Twit” in an allusion to his planned move. Twitter on Monday declined to comment on how long Musk might remain CEO or appoint someone else.

Musk announced his Twitter CEO role in a securities filing. In another filing on Monday, Musk revealed that he became the sole director of Twitter as a result of the takeover.

“The following persons, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou,” Musk said in the filing.

Shortly afterward, Musk wrote on Twitter that the move to dissolve the board “is just temporary,” without elaborating.

Replying to a tweeted question on what was “most messed up at Twitter”, Musk wrote on Twitter on Sunday that “there seem to be 10 people “managing” for every one person coding.”

On Monday, Nick Caldwell, a general manager at Twitter’s Core Technologies indicated on his Twitter bio that he was no longer with the company. Caldwell and Twitter did not immediately respond to Reuters’ request for comment.

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