Elon Musk also plans to ask Twitter users for $8 to stay verified.
After months of going back and forth, Elon Musk has finally bought the social media giant Twitter for a staggering $44 billion ($54.20 per share). The Tesla owner had previously backed out of the deal after claiming the social media company has failed to count the spam accounts on the platform accurately.
The Twitter board, pressed by shareholders and economic difficulties, decided to pursue the deal. The board took matters to court and managed to reach an agreement with Mr. Musk to complete the deal. Moving forward, Musk is expected to make numerous changes to the platform. He has previously promised to make the platform free of strict content moderation.
According to Bloomberg, Musk plans to cut twitters’ working force by 75%. Twitter currently has about 7500 workers. Musk also promised to introduce a new monthly subscription plan to Twitter Blue for $8. This will make verified accounts lose their blue checks if they are not subscribed. In a tweet, musk has also implied anyone who subscribes for $8 will be verified.
As his first executive decision, the 51-year-old billionaire has fired the chief executive officer (CEO) Parag Agrawal, the chief financial officer (CFO) Ned Segal, and other board members including Mimi Alemayehou who joined the board in June 2021.
Mimi, who worked as an Independent Director to Twitter’s Board of Directors, took it to twitter to announce her leaving the company. The 53 year old has previously worked with various American and international organizations, including the former President of the United State, Barack Obama.
After a leaked call between some former western diplomats she worked with and a TPLF representative surfaced in November of last year, Mimi had to come out with a disclaimer statement to show her support to Ethiopia. Her brother Addis Alemayehou, entrepreneur and chairman of Kazana group, took it to twitter to show his support for her. Addis, named in 100 Global Tech’s Changemakers list by Rest of the World , is currently trying to introduce Ethiopia to electric vehicles.