Elon Musk is the new owner of twitter, and arrived arriving. This Friday (28), his first day in charge of the social network, several changes are being announced, prepared or speculated: the return of Donald Trump and others banned from the platform, a moderation board, Musk in the position of CEO, concerns with security and much more.
Tesla and SpaceX CEO and richest person in the world, Elon Musk didn’t buy Twitter just to expand his business. The billionaire, who already used the microblog frequently, said from the first moment that he saw the platform as essential for public debates and wanted to guarantee more freedom of expression.
From now on, let’s see how he understands this.
Executives leave Twitter
According to Bloomberg, Musk has already put himself in the position of CEO of Twitter. The change hasn’t been officially announced — he just put “Chief Twit” in his account bio — but it looks real.
The company’s leadership page is down; in its last update, around 3 pm on Friday (28), Parag Agrawal was no longer listed as CEO.
In May, Musk and Agrawal were on a collision course in disagreements over the number of automated accounts – the famous “bots” – on Twitter. The head of Tesla and SpaceX even sent a poop emoji for the then CEO of Twitter.
Agrawal was not the only one. Other executives began to be laid off. on Thursday (27).
according to New York TimesNed Segal (Chief Finance Director), Vijaya Gadde (Political and Legal Affairs Executive) and Sean Edgett (General Counsel) have left the company.
Bret Taylor, who was president of the company, has already removed the post from his social networks.
Musk promises diverse moderation advice
One of Musk’s first announcements was that Twitter will have a content moderation board with “widely diverse points of view.”
The platform’s new owner says no major content decisions or account re-establishments will happen before the board meets.
This last point is especially important. One of the first news that emerged after Musk took over was that he could allow the return of people who were permanently banned from the platform.
Among them would be Donald Trump, former US president, banned after the capitol raid on January 6, 2021.
Musk had said during an event in May that the decision to ban Trump had been “morally wrong and completely stupid”.
in your network Truth SocialTrump said he was overjoyed that Twitter is now “in the hands of someone sane” but didn’t talk about a possible comeback.
Per Musk’s latest message, this can only happen after forming a moderation board.
Twitter is now a privately held company
An important aspect of the Twitter purchase is that Elon Musk hasn’t just taken control of the company — he’s bought all the shares and will take it off the list of the New York Stock Exchange, taking it private.
This gives Musk much more flexibility when it comes to running the platform. Public companies are required to publish quarterly financial statements and have to comply with other regulations – in addition to, of course, being subject to shareholder reactions. The billionaire is free of all that.
On the other hand, he may face pressure from banks that lent US$ 12.5 billion so that the deal could be completed.
Privately held, Musk doesn’t need to satisfy investors. How do you explain the NYT, the board of directors will be dissolved. The new owner will form another, as the law requires. Most likely, the directors will be people close to him.
“My expectation is that Musk will run the company like a friendly dictatorship,” says Eric Talley, a professor at Columbia Law School, when NYT.