Musk to Reduce Twitter Board, Executive Pay and Monetize Platform
Tesla and SpaceX CEO Elon Musk told financiers that he would improve Twitter’s bottom line by reducing compensation for board members and executives and by monetizing tweets.
To get banks on board with his deal to buy Twitter, Musk promised to make the company more profitable, according to a DailyMail report.
Musk to Clean House
Musk had previously hinted that he intended to eliminate board pay and indicated that he would replace several executives.
Musk has reportedly chosen a replacement for CEO Parag Agrawal. Agrawal will receive up to $30 million this year including stock options he was given in November. Reports say that Musk will serve as interim CEO upon finalization of the sale, but that he will likely only hold that position temporarily.
Vijaya Gadde, Twitter’s chief legal officer and ‘moral authority’ of the firm, has been criticized by Musk for her handling of the Hunter Biden laptop story. Twitter suspended the New York Post for its completely true story and then started handing out suspensions to anyone that dared tweet or retweet the story. Gadde is likely to face a cut in salary or termination.
Making Twitter More Profitable
Musk told financiers that he planned to make Twitter more profitable by reducing headcount, increasing the monthly fee of the company’s Premium Blue service, and finding a way to monetize tweets.
Twitter’s monthly subscription service is of questionable value even at $2.99 per month. Subscribers get custom colors for the app, add-free news, and an “undo” function which is not much different than the “delete tweet” function everyone gets for free. Perhaps an edit button, which Musk previously hinted at adding, would make the service worth paying for.
Another idea he discussed with the banks is to charge when anyone wants to quote or embed a tweet from a verified account. As Musk also indicated that he wanted to “verify all humans” almost all tweets would require payment if anyone, anywhere wanted to quote them or put them in a post on another platform. The paraphrasing skills of social media aficionados will get tested if this feature gets implemented.
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