When Elon Musk was courting banks to contribute to his $44 billion Twitter acquisition, he told them he had someone in mind to lead the social media platform. Back then, Musk told potential investor partners that he didn’t particularly like Twitter’s now-former CEO, Parag Agrawal, whom Musk abruptly fired shortly after the deal was finalized.
However, the identity of Twitter’s new CEO remained unknown until now. Experts and market observers speculated that Musk would eventually take over as CEO of Twitter, but there was no concrete information available about the new Twitter power structure. Until yesterday, Musk had publicly stated that he had “no idea who the CEO is.”
The mystery has finally been solved: Musk is now the CEO of Twitter. Musk is the Chief Executive Officer of the new Twitter (via SEC), a soon-to-be fully private company that will be officially de-listed from the New York Stock Exchange beginning the second week of November, according to the Scheduled 13D amendment request filed before the United States Securities and Exchange Commission. According to the SEC filing, Musk — who is referred to in the documents as the Reporting Person — initiated a “rollover and contribution” agreement with the parent company regarding the transfer of shares in exchange for an equity-based stake spanning ownership and direct control over a majority of the company.
What lies ahead for Musk?
The SEC document states that “the Reporting Person is the Chief Executive Officer of the Post-Merger Company.” Musk is now the CEO of the world’s largest electric car company, SpaceX, the most valuable private space tech company, and Twitter, the de facto online public town square. Of course, investors in his other ventures are concerned that Twitter and Musk’s lack of experience running a social media platform will divert Musk’s attention away from his duties at Tesla, the company that accounts for the majority of his fortune.
Musk, on the other hand, has stated that Tesla remains his top priority. Musk, in typical Musk fashion, tweeted a meme image assuring everyone that “Tesla is on my mind 24/7,” and he also cleared the entire Twitter board. Interestingly, the billionaire stated a few months ago that he would reduce existing Twitter board member compensation to zero in order to save the company millions of dollars.
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Musk stated earlier today that Twitter’s board table will be empty for only a short time. In terms of the future, he intends to drastically reduce the number of bot accounts, as well as charge verified account holders a fee of up to $20 per month to keep the blue check mark, solve the platform’s free speech issue, and possibly even bring Vine back from the dead.
