Twitter’s new anti-woke owner Elon Musk is planning to fire several of the company’s top executives and take over as CEO, according to reports.
Last week, the social media giant’s board announced it had reached a deal with Musk.
The Tesla and Space X CEO bought the company in a deal that represented a 38 percent premium from Twitter’s closing price on 1 April, the day before the world’s richest man made his move for the company by announcing his nine percent stake.
According to a new CNBC report, citing “sources,” Musk is also planning to take leadership of the social network when his purchase of the company is completed in October.
It gave no indication of whether the information had come from Musk or Twitter’s side of the deal.
Musk has been critical of the current Twitter management and has suggested that disagreements with its current leadership about how the social network is run are at least part of the reason for him to buy the company.
In his initial letter making an offer for the company, sent to its chairman of the board Bret Taylor, Musk said that he does not “have confidence in management.”
That lack of confidence would lead him to “reconsider his position as a shareholder” if he is not able to buy the company, he said then.
Parag Agrawal recently took over as Twitter’s CEO after Musk’s friend, and the company’s founder, Jack Dorsey stepped down in November last year.
Some of Twitter’s other high-paid top executives are now fearing they will also be axed by Musk.
As Slay News first reported earlier this week, Musk has hinted that he is planning to fire Twitter’s “censorship chief,” who earns $17 million per year at the company.
Twitter’s top lawyer Vijaya Gadde is seen as the leading advocate for censoring conservatives at the social media giant.
Gadde, who earned $17M last year as Twitter’s top legal counsel, has been put on notice that she is among the highly paid executives who stand to lose their job.
The 48-year-old Gadde, who played a key role in banning President Donald Trump from the platform, reportedly broke down in tears when addressing colleagues about the future of Twitter.
“Three people familiar with the meeting,” told Politico that Gadde became emotional and cried at times during the meeting.
Musk also implicitly criticized Gadde by calling Twitter’s decision to block reports on Hunter Biden’s laptop “obviously incredibly inappropriate.”
In Exhibit B of Musk’s April 13 Schedule 13D filing with the SEC, he stated: “If the deal doesn’t work, given that I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
Sources told Bloomberg last week that Musk “featured job cuts” in his pitches to potential lenders for the deal.
Bloomberg reported that “Musk told bankers that he would be focused on the social-media company’s bottom line and floated the idea of cutting both costs and jobs, according to people familiar with the matter.”
Additionally, on Friday, Reuters reported that “three people familiar with the matter” said Musk told bankers he intended to reduce executive salaries as part of his cost-cutting plans.