Home / Companies / People /  Elon Musk plans to take Twitter CEO role, reverse life bans
Back

Elon Musk plans to assume the role of chief executive officer at Twitter Inc. after completing his $44 billion acquisition, taking the helm of the social media giant on top of leading Tesla Inc. and SpaceX.

Elon Musk intends to replace Parag Agrawal, who was fired along with other major executives upon completion of the takeover, a person familiar with the matter said, asking not to be identified discussing internal deliberations. The billionaire is expected to remain CEO in the interim but may eventually cede the role in the longer term, the person added. Twitter representatives declined to comment. 

Musk’s acquisition puts the world’s richest man in charge of a struggling social network after six months of public and legal wrangling. Among Musk’s first moves: changing the leadership. Departures include Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012. Edgett was escorted out of the building, Bloomberg News reported.

Musk also intends to do away with permanent bans on users because he doesn’t believe in lifelong prohibitions, the person said. That means people previously booted off the platform may be allowed to return, though it was unclear if that included former president Donald Trump, the person said. 

Read more: Musk Closes $44 Billion Twitter Deal, Fires Top Executives

The takeover caps a convoluted saga that began in January with the billionaire’s quiet accumulation of a major stake in the company, his growing exasperation with how it’s run and an eventual merger accord that he later spent months trying to unravel. 

The billionaire will bring immediate disruption to Twitter’s operations, in part because many of his ideas for how to change the company are at odds with how it has been run for years. He’s said he wants to ensure “free speech" on the social network, which is likely to mean looser content moderation standards, and plans to restore some high-profile accounts that were kicked off Twitter for breaking rules -- such as Trump’s. 

Twitter banned Trump days after the 2021 Capitol insurrection, citing the “risk of further incitement of violence." With the former president widely expected to make another run for the White House in 2024, a return to Twitter could grant him an opportunity to turbocharge his message.

More broadly, Musk’s initiatives threaten to undo years of Twitter’s efforts to reduce bullying and abuse on the platform.

As the Oct. 28 deadline neared, Musk began putting his stamp on the company, posting a video of himself walking into the headquarters and changing his profile descriptor on the platform he now owns to “Chief Twit."

He arranged meetings between Tesla engineers and product leadership at Twitter, and he planned to address the staff on Friday, people familiar with the matter said. Twitter’s engineers could no longer make changes to code as of noon Thursday in San Francisco, part of an effort to ensure that nothing about the product changes ahead of the deal closing, the people said.

Twitter employees have been bracing for layoffs since the transaction was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal. Some potential investors were told Musk plans to cut 75% of Twitter’s workforce, which now numbers about 7,500, and expects to double revenue within three years, a person familiar with the matter said earlier this month.

While visiting Twitter headquarters on Wednesday, Musk told employees that he doesn’t plan to cut 75% of the staff when he takes over the company, according to people familiar with the matter.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less

Recommended For You

Trending Stocks

×
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout