Elon Musk may soon appoint a new Twitter CEO: Report | technology news

New Delhi: Elon Musk has lined up a new CEO for Twitter and has informed banks about his plans to monetize Tweets, agreeing to help with a $44 billion takeover offer, A new report from Reuters shows. A source told Reuters that Musk has decided who he will pick as Twitter’s new CEO, but the source did not name the person. Parag Agarwal, who took over as CEO after Jack Dorsey stepped down in November, is expected to stay on till the deal is finalised.

According to Reuters, Musk told Twitter chairman Brett Taylor that he had no confidence in the company’s management, a stance he also expressed in an SEC filing. According to the company’s latest proxy filing, if the transaction closes and Musk appoints new management, Agarwal will receive $38.7 million as a result of a stipulation in his contract.

According to Reuters, Musk told Banks that he intended to devise more ways to profit from the tweets. For example, he said he intended to develop a means to monetize tweets that go viral or contain important information. He also proposed charging fees for quoting or embedding tweets from verified users by third-party websites.

According to the Washington Post, Musk also mentioned paying influencers to create content for the platform, which has proven to be a successful revenue model for TikTok. Musk is also believed to have been influenced by the concept of offering subscription services through the company.

Musk hinted at major changes to Twitter Blue, the social media giant’s subscription service, in tweets he deleted earlier this month. Twitter Blue currently costs $2.99 ​​per month. Musk proposed lowering the price, adding a Dogecoin payment option, and banning advertising. In another now-deleted tweet, Musk said he wants to move Twitter away from its reliance on advertising for a large portion of its revenue.

Musk also warned banks that he could cut executive and board salaries on Twitter to cut costs. According to Reuters, Musk claimed in his pitch to Banks that Twitter’s gross margin is significantly lower than other social media platforms like Facebook and Pinterest, and there are ways to manage the firm more cost-effectively.

The transaction, which was authorized unanimously by the board, is expected to be finalized this year after shareholder and regulatory approval as well as “the satisfaction of other normal closing conditions,” according to Twitter. According to a recent SEC filing, if Musk doesn’t complete his acquisition of Twitter, he will have to pay a $1 billion termination fee. Twitter will have to pay the same price under certain conditions, according to the document, which details the terms of the agreement.

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