Elon Musk has officially become the owner of Twitter, and is the company's "sole director.".
Mr. Musk is the only director remaining on the board, according to a new filing. All other members have been ousted from positions . Mr. Musk’s $44 billion acquisition of the company on Thursday resulted in the changes, according to a filing with the Securities and Exchange Commission made public on Monday.
Twitter's board of directors included Bret Taylor as chairman and recently ousted CEO Parag Agrawal, along with seven other directors.
See also: Elon Musk: He wants to bring back the Vine app that belonged to Twitter
This is not an unprecedented move in a takeover . The board of directors represented the former shareholders, and now those shares belong to someone else. It is not uncommon for a board of directors to change in this way.
How Musk intends to shape leadership at Twitter is still a mystery.
Elon Musk has been at the helm of Twitter for less than a week, but he has already made significant changes. The removal of several executives from their positions and from the board of directors are some of the most significant.
Other changes include the creation of a board to review content moderation decisions, the firing of a significant number of employees , and the return of users who were previously banned from the platform.
See also: Elon Musk entered the Twitter offices with a sink in his hands
Additionally, Twitter Blue, which currently costs $5 per month in the US , may increase the subscription to $20 per month, and users with a verified account will have to pay $20 per month to maintain their verified badge.
Twitter has not publicly commented on the matter, but Elon Musk responded to user questions about verification: “The entire verification process is being revamped right now.”
The verification system is currently designed to help users identify authentic and influential users on the platform, such as:
-Government figures
-Personalities in the sports industry
-Entertainment Personalities
-Journalists
-Big brands and organizations
Twitter Blue is available in a limited number of countries and provides registered users with additional Twitter features, such as the ability to edit tweets after they are posted
See also: Twitter: Testing a way to limit mentions
Mr. Musk has said in the past that he would consider subscription options as a way to increase Twitter's revenue, which currently relies on advertising.
Elon Musk also conducted a poll on Twitter to ask its users whether the company should bring back Vine, a video that Twitter shut down in 2016. Musk hopes that the revamped Vine could become a direct competitor to TikTok, which is one of the most important players in the social media space.
Source: www.independent.co.uk
