Tesla Inc master Elon Musk said in a form on Monday he’ll serve as principal superintendent of Twitter, the social media company he just bought for $44 billion, a move that Wall Street judges have said could stretch the billionaire thin.
Musk, who also runs rocket company SpaceX, brain-chip incipiency Neuralink, and tunneling establishment the Boring Company, fired Twitter’s former chief, Parag Agrawal, and other top company officers 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 standard S&P 500 indicator in the same period.
Musk had preliminarily changed his Twitter memoir 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 differently.
In another form on Monday, Musk revealed that he came to the sole director of Twitter as a result of the preemption.
“The following persons, who were directors of Twitter previous to the effective time of the junction, 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 form.
Shortly subsequently, Musk twittered that the move to dissolve the board “is just temporary”, without evolving.
Last week, Musk’s preemption of the social media company for $44bn concluded a months-long saga.
Since the preemption Musk has moved snappily to put his stamp on Twitter, which he’d scouted for months for being slow to introduce product changes or take down spam accounts.
His brigades began meeting with some workers to probe Twitter’s software law 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 entered little communication from Musk or other leaders and were using news reports to piece together what was passing at the company.