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- 🚀 ETH jumped to $4,600 this morning, up 8.69% in 24h!
Just shy of the $4,891 ATH—think it breaks through?
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Musk becomes the sole director of Twitter, with a 25% staff reduction imminent.
Latest news shows that Elon Musk has become the sole director of Twitter Inc. This change stems from disclosure documents from the SEC, indicating that the original board has been dissolved. In response, Musk stated on social media that this is just a temporary arrangement. He mentioned plans to form a new board, with members chosen by him who he believes will better represent the company's interests and drive its growth.
At the same time, industry insiders revealed that Musk's long-time lawyer Alex Spiro is actively involved in the management of multiple teams at Twitter. It is reported that Spiro organized an important meeting over the weekend to discuss key topics such as content moderation, spam handling methods, and layoff plans with the remaining executives of the company. The scale of layoffs is expected to reach 25%, affecting almost all departments, with areas such as sales, product, engineering, legal, trust, and safety likely to be significantly impacted. These changes are expected to be gradually implemented in the near future.
These changes come shortly after Musk's acquisition of Twitter. Earlier, media reports indicated that the original board would officially dissolve on Thursday, and it now appears that this news has been confirmed. This marks the beginning of significant organizational restructuring for Twitter under new ownership.