Elon Musk has elected a new Twitter CEO to succeed Parag Agrawal, according to sources
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Twitter claims it is working on a feature that would allow users to edit messages, but the initiative has nothing to do with the fact that edit-button fans are upset. Musk was just discovered to be Twitter's top shareholder.
Elon Musk has queued up a new CEO for Twitter, according to news agencies quoting an anonymous source, just a week after purchasing the social media company for a record $44 billion. This calls into doubt the company's present CEO, Parag Agrawal, future, according to Reuters, citing an anonymous source.
Musk told Twitter's chairman, Bret Taylor, last month that he did not trust the company's administration in San Francisco. Twitter CEO Parag Agrawal, who was appointed in November, is anticipated to continue in his position until the firm is sold to Mr. Musk. The individual who alerted Reuters about Musk's plans declined to identify the successor, according to the news agency.
According to research firm Equilar, Agrawal would collect $42 million if he were fired within 12 months of a change in management at the social media giant.
Agrawal has looked secure in his future at the firm, despite increasing speculation about what is next for him following the hostile takeover by the Tesla and SpaceX CEO.
The CEO, on the other hand, attempted to calm employee rage on Friday during a company-wide meeting in which staff demanded answers on how managers intended to handle an expected mass departure triggered by Elon Musk.
Musk convened the meeting after frequently criticising Twitter's content moderation processes and a key employee in charge of setting speech and safety policy. During the internal town hall meeting, which Reuters attended, officials stated that the business will track worker attrition on a daily basis, but that it was too early to determine how the buyout deal with Musk would effect staff retention.
According to people familiar with the subject, Musk has lobbied financiers on reducing board and executive compensation, but the specific cost cutbacks remain unknown. According to Reuters, Musk will not make job-cut decisions until he takes control of Twitter.
"I'm sick of hearing about shareholder value and fiduciary responsibility. What are your honest feelings concerning the extremely high possibility that many staff will be out of work if the sale is completed?" In a question read aloud at the meeting, one Twitter employee questioned Agrawal.
Agrawal said that Twitter has always cared for its employees and would continue to do so in the future.
"I hope the next Twitter organisation will continue to care about the world and its consumers," he stated.
During the discussion, Agrawal advised employees to expect change in the future under new leadership, and he admitted that the firm should have done better throughout the years.
"Yes, we could have done things differently and more effectively. I had the option of doing things differently. That's something I think about a lot "He stated.
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Twitter said in an SEC filing on Tuesday that Elon Musk has been appointed to the Company's Board of Directors as a Class II director, with a term terminating at the Company's 2024 Annual Meeting of Stockholders. It further said that throughout the duration of Musk's tenure on the Board and for the next 90 days, he will not, either alone or as part of a group, become the beneficial owner of more than 14.9 percent of the company's ordinary stock outstanding at the time, including economic exposure for these reasons.
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Musk had already initiated a Twitter poll on Tuesday morning, asking followers if they wanted the microblogging network to have an edit button. In response to the poll, Agrawal asked users to vote carefully since the results will be significant.
Actually, the excitement started on Twitter on April 1st, when Twitter reacted to a long-standing user demand for a "edit" function by claiming it was working on it. When asked if the platform was pranking users on April Fools' Day, the corporation stated it couldn't confirm or reject the rumour, and that it could change its stance later.
"Having a real position in the firm will keep them on their toes, because that passive stake may very rapidly become an active stake," said Thomas Hayes, managing member at Great Hill Capital LLC.
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Musk's motivation for purchasing 73.5 million shares is unclear, but many believe that under his leadership, Twitter will face significant changes. He is also recognized for his large and dedicated Twitter following, which might help the social media network's opponent.
The 50-year-old billionaire, who is an enthusiastic Twitter user and is renowned for engaging with his 80.3 million followers, chose to take the poll immediately after revealing his almost $3 billion stakes in the network, making him the platform's largest shareholder.
Although it is unknown when Musk purchased the interest, a US Securities and Exchange Commission statement made public on Monday said that the action that triggered the filing occurred on March 14. Last Friday, the platform's official handle hinted at an edit button. What was thought to be an April Fool's joke turned out to be a genuine announcement.
Netizens were moved by the prospect of an edit button. Some of its 61.2 million followers were delighted, while others were not, and yet others just refused to fall for the joke.
Late in March, the world's wealthiest man questioned his followers if Twitter is hurting democracy and free expression. His caption stated, "A functional democracy requires free expression. Do you feel Twitter strictly follows this principle?"
People began debating the timeframe and what prompted Musk to purchase a controlling interest in Twitter. His twitter thread post was identical to Agrawal's statement "The results of this poll will be significant. Please vote with caution." The Twitterati were enthralled by Agrawal and Musk's latest tweet.
The final vote total was 2,035,924 votes. The Nos won with a 70.4 percent majority, while the Yes received just 29.6 percent of the vote.