Elon Musk Has Owned Twitter for Only a Few Days. The Drama Hasn’t Ended.

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Elon Musk fired Twitter CEO Parag Agarwal and other executives within a day of closing the deal to buy the company.

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Weather Museum / Getty Images for Vogue

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Elon Musk hasn’t even been in charge of Twitter for a week, but the social media company’s growth is getting thick and fast — and the drama apparently didn’t end with the acquisition.

The billionaire entrepreneur fired Twitter CEO Parag Agarwal and other senior executives on the very first day. He quickly dissolved the board of directors and became the sole director of the company. Now the real work is starting.

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report from bloomberg And financial Times Tesla’s chief executive officer (ticker: TSLA), Musk said, was planning to cut about 3,700 jobs, or about half the company’s workforce, to cut costs. A Bloomberg report said the social media company’s work-from-anywhere policy could also be scrapped, as employees need to return to the office.

Musk has also unveiled plans to charge $8 per month to verify users with BlueCheck. He initially considered a $20 fee before a Twitter feud with horror fiction writer Stephen King turned into a conversation of sorts.

Musk’s $44 billion acquisition is forcing companies to make decisions about their ad spending on Twitter. General Motors (GM) on Friday said it is halting its paid advertising on the social media platform, seeking more information about the direction of the site under its new owner.

Cosmetics giant L’Oréal may be the next company to consider such a move financial Times It has already suspended ad spending, reporting Thursday. However, the company denied the report, saying it “has not made any decision to suspend ad spending on Twitter,” Reuters reported.

Twitter and L’Oréal did not immediately respond to Barron’s requests for comment.

Don’t expect the drama to end soon.

Write to Callum Keown at [email protected]

Credit: www.marketwatch.com /

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