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Elon Musk is putting his plans in motion after acquiring Twitter for $44 billion. In order to secure money for the acquisition, Tesla CEO Elon Musk told banks that he wants to cut salaries for board members and executives. According to insiders, Musk also presented ideas for monetizing tweets.
Musk made the case to the bankers just days after presenting his offer on Twitter on April 14, according to Reuters. The fact that he submitted bank commitments on April 21 influenced the Twitter Board’s decision to accept his offer.
Musk had previously stated that if the offer was successful, board members’ wages will be cut to zero, saving Twitter $3 million per year. Musk’s plans to lay off people to save money were also reported by Bloomberg on Thursday.
According to Reuters:
Musk’s pitch to the banks was more about his vision than it was about specific commitments… And it’s unclear what cost-cutting measures he’ll take once he buys Twitter.
During the pitch, Musk also mentioned that Twitter has a considerably smaller gross margin than similar platforms like Meta’s Facebook and Pinterest. He claimed that this freed up a lot of room for the corporation to run more cost-effectively.
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Musk also detailed his ambitions to create features that will help his company generate more cash, such as from tweets that contain essential information or become viral. When “a third-party website wishes to quote or incorporate a tweet from verified individuals or organizations,” Musk noted, a fee could be levied.
A Twitter official has yet to comment on the changes.