Advertisers — which provide about 90% of Twitter’s revenue — are increasingly grappling with Musk’s ownership of the platform.
Musk’s advisers have also assigned a team of Twitter’s engineers to work on its “verification” program, the system that doles out badges to high-profile or notable users to confirm their profiles’ authenticity.
The Bloomberg Billionaires Index estimates the value of the stakes rolled over from Twitter stock declined by about 40% since Musk made his offer in April, based on a drop in an index of social-media company shares.
Musk, who also runs rocket company SpaceX, brain-chip startup Neuralink and tunneling firm the Boring Company, fired Twitter's previous chief, Parag Agrawal, and other top company officials last week.
Elon Musk said in a tweet on Sunday that Twitter will revise its verification process, just days after he took over one of the world's most influential social media platforms
Elon Musk has taken ownership of Twitter with brutal efficiency, firing top executives but providing little clarity over how he will achieve the ambitions he has outlined for the social media platform
Fired legal policy head Vijaya Gadde will walk away with nearly $74 million, CEO Parag Agrawal $65 million and CFO Ned Segal will get $66 million, a report has said
Musk has completed his USD 44 billion (one billion=100 crore) takeover of Twitter and fired the social media company's four top executives, including CEO Parag Agrawal and legal executive Vijaya Gadde, according to the New York Times.
Less than a year into his job as CEO, India-born Agrawal was ousted from the company by its new owner billionaire Elon Musk who on Thursday closed the 44 billion dollar deal to acquire the social media behemoth.
Twitter in July asked an Indian court to overturn some government orders to remove content from the platform.
While plenty of billionaire executives like to tweet their two cents on world affairs, none can come close to Musk’s influence and ability to cause trouble
Unlike the tight ship that Elon Musk runs, Twitter is in shambolic shape
The message reflects concerns among advertisers — Twitters chief source of revenue — that Musks plans to promote free speech by cutting back on moderating content will open the floodgates to more online toxicity and drive away users.
Musk made the latest offer just two weeks before a Twitter lawsuit aimed at forcing Musk to go through with the deal was scheduled to go to trial in Delaware Chancery Court.
The New York Times said in a report that Musk has closed the USD 44-billion deal to buy Twitter on Thursday.
Musk terminated Twitter Chief Executive Parag Agrawal, Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde, according to people familiar with the matter.
Also leaving are Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal, who joined Twitter in 2017; and Sean Edgett, who has been general counsel at Twitter since 2012
Musk's initial moves at Twitter's helm included firing chief executive Parag Agrawal, who went to court to hold the Tesla chief to the terms of a takeover deal he had tried to escape, the Washington Post and CNBC reported citing unnamed sources.
Earlier this month, Delaware Judge Kathaleen McCormick has given the world’s richest man a deadline of 5 pm New York time on October 28 to complete the $44 billion deal to buy Twitter.
Musk made the proposal in a letter to Twitter, Bloomberg reported, citing people who asked not to be identified discussing confidential information.
The former Twitter chief executive, who stepped down last year, had been a strong advocate for Musk's $44 billion acquisition bid.
Disney was contemplating buying Twitter in 2016 because as former CEO Bob Iger said, "It would be an excellent way to distribute Disney’s content around the world."
The issuance of the letter was reported a day after Musk formally subpoenaed Twitter's whistleblower, seeking documents and communications on the company's bots and alleged security vulnerabilities.