Elon Musk who dissolved Twitter’s board of directors last week and became the "sole director of Twitter" on Monday called the move “temporary”. In response to a post by a journalist for Tesmanian.com Eva Fox, Musk tweeted, “This is just temporary”. According to the securities filing, all previous members of Twitter's board, including former CEO Parag Agrawal and former chairman Bret Taylor, are no longer directors "in accordance with the terms of the merger agreement". Last week, after Musk completed his $44-billion deal to acquire the microblogging site, he fired CEO Agrawal, legal executive Vijaya Gadde, Chief Financial Officer Ned Segal, and General Counsel Sean Edgett. He had earlier accused them of misleading him about the number of fake accounts on the platform.
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Earlier in the day, Musk denied a report by New York Times about laying off Twitter employees at a date earlier than November 1 to avoid stock grants due on the day. Such grants typically represent a significant portion of employees' pay. In response to a Twitter user asking about the layoffs, Musk tweeted: "This is false."
The New York Times on Saturday said that Musk has ordered job cuts across the company, with some teams to be trimmed more than others and that layoffs would take place before November 1 date, when employees were scheduled to receive stock grants as part of their compensation.
A separate report also pointed out that Musk might fire 75 percent of Twitter's staff, bringing the headcount down from 7,500 to 2,000. The billionaire has also denied this.
The Tesla CEO has promised to transform Twitter by loosening the service’s content moderation rules, making its algorithm more transparent, and nurturing subscription businesses.