Elon Musk Confirms He Will Be Twitter’s CEO

Tesla boss Elon Musk said in a statement on Monday that he would also be the chief executive of Twitter, which was bought by the billionaire last Thursday for $44 billion.

Musk, who also runs rocket company SpaceX, chip startup Neuralink and infrastructure firm Boring Company, fired former Twitter boss Parag Agrawal and other senior company officials last week.

Tesla shares have lost a third of their value since Musk made the offer to buy Twitter in April, compared with a 12% drop in the benchmark S&P 500 index over the same period.

Musk had previously changed his Twitter bio to “Chief Twit” in an allusion to his planned move.

Twitter declined to comment on how long Musk can remain CEO or appoint someone else to the post.

In another document published on Monday, Musk revealed that he became the sole director of Twitter as a result of the acquisition.

“The following people who were directors of Twitter prior to the effective date of the merger are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou,” Musk said in the document.

Shortly afterward, Musk tweeted that the decision to dissolve the board “is only temporary”, without elaborating.

Last week, Musk’s $44 billion acquisition of the social network ended a months-long saga.

Since the acquisition, Musk has moved quickly to put his brand on Twitter, which has been mocked for months by the billionaire for being slow to introduce product changes or take down spam accounts.

Their teams have started meeting with some employees to investigate Twitter’s software code and understand how the platform works, according to two sources familiar with the matter.

Some employees who spoke to Reuters said they received little communication from Musk or other leaders and were using reporting to understand what was happening at the company.