Skip to main content

Advertisement

Advertisement

Elon Musk, who runs four other companies, will now be Twitter CEO

SAN FRANCISCO — Tesla boss Elon Musk said in a filing on Monday (Oct 31) he will serve as chief executive of Twitter, the social media company he just bought for US$44 billion (S$62 billion), a move that Wall Street analysts have said could stretch the billionaire thin.

Mr Elon Musk has become Twitter's sole director after finalizing his US$44 billion purchase of the social media site and dissolving its corporate board.
Mr Elon Musk has become Twitter's sole director after finalizing his US$44 billion purchase of the social media site and dissolving its corporate board.

SAN FRANCISCO — Tesla boss Elon Musk said in a filing on Monday (Oct 31) he will serve as chief executive of Twitter, the social media company he just bought for US$44 billion (S$62 billion), a move that Wall Street analysts have said could stretch the billionaire thin.

Mr Musk, who also runs rocket company SpaceX, brain-chip start-up Neuralink and tunnelling firm the Boring Company, fired Twitter's previous chief, Mr Parag Agrawal, and other top company officials last week.

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

Mr Musk had previously changed his Twitter bio to "Chief Twit" in an allusion to his planned move.

Twitter on Monday declined comment on how long Mr Musk might remain CEO or appoint someone else.

In another filing on Monday, Mr 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," Mr Musk said in the filing.

Shortly afterward, Mr Musk tweeted that the move to dissolve the board "is just temporary," without elaborating.

Last week, Mr Musk's takeover of the social media company for US$44 billion concluded a months-long saga.

Since the takeover Mr Musk has moved quickly to put his stamp on Twitter, which he had ridiculed for months for being slow to introduce product changes or take down spam accounts.

His teams began meeting with some employees to investigate Twitter's software code and understand how aspects of the platform worked, according to two sources familiar with the matter.

Some staff who spoke with Reuters said they had received little communication from Mr Musk or other leaders and were using news reports to piece together what was happening at the company. REUTERS

Related topics

twitter Elon Musk CEO

Read more of the latest in

Advertisement

Popular

Advertisement

Stay in the know. Anytime. Anywhere.

Subscribe to get daily news updates, insights and must reads delivered straight to your inbox.

By clicking subscribe, I agree for my personal data to be used to send me TODAY newsletters, promotional offers and for research and analysis.