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☆ Twitter’s C-suite clears out as Musk cements power over the company
  + stars: | 2022-11-02 | by ( Clare Duffy | ) edition.cnn.com   time to read: +4 min
In less than a week since Musk acquired Twitter, the company’s C-suite appears to have almost entirely cleared out, through a mix of firings and resignations. Musk has also dissolved Twitter’s former board of directors. At the same time, Musk is also running several other companies, including as CEO of Tesla and SpaceX. Musk immediately fired four of Twitter’s top executives — CEO Parag Agrawal, CFO Ned Segal, General Counsel Sean Edgett and Policy Head Vijaya Gadde. It’s unclear whether VP of Operations Lindsey Iannucci, the other two members of Twitter’s top leadership team, will remain with the company.
☆ Twitter ad sales chief leaves company as Musk team woos skittish advertisers
  + stars: | 2022-11-01 | by ( Sheila Dang Katie Paul | Sheila Dang | Katie Paul | ) www.reuters.com   time to read: +3 min
Personette, who was chief customer officer, follows executives including former Twitter Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal, whom Musk fired last week. Chief People and Diversity Officer Dalana Brand announced on Tuesday in a LinkedIn post that she had resigned last week as well. General manager for core technologies Nick Caldwell confirmed his departure on Twitter, changing his profile bio to "former Twitter exec" by Monday night. Jason Calacanis, an angel investor and Musk confidant working on Twitter, on Monday said Twitter was having "a very productive day" meeting with marketers and advertisers. Experts have said hateful content has skyrocketed since Musk closed his acquisition of Twitter last week.
☆ Twitter ad sales chief Personette says in tweet she quit the company
  + stars: | 2022-11-01 | by ( Sheila Dang | ) www.reuters.com   time to read: 1 min
Nov 1 (Reuters) - Twitter's advertising chief Sarah Personette tweeted on Tuesday that she had resigned her post last week, adding further uncertainty for advertisers wondering how the social media company will change under Elon Musk. Personette, who was chief customer officer, follows other executives out the door, including former Twitter Chief Executive Parag Agrawal and Chief Financial Officer Ned Segal, whom Musk fired last week. read morePersonette did not immediately respond to request for comment. Reporting by Sheila Dang in Dallas; Editing by Chizu NomiyamaOur Standards: The Thomson Reuters Trust Principles.
☆ Elon Musk, who runs four other companies, will now be Twitter CEO
  + stars: | 2022-11-01 | by ( ) www.reuters.com   time to read: +2 min
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. Musk had previously changed his Twitter bio to "Chief Twit" in an allusion to his planned move. Twitter on Monday declined comment on how long Musk might remain CEO or appoint someone else. In another filing on Monday, Musk revealed that he became the sole director of Twitter as a result of the takeover. Last week, Musk's takeover of the social media company for $44 billion concluded a months-long saga.
☆ Elon Musk enlists more than 50 Tesla workers, 2 Boring Company staff, and one Neuralink employee to work at Twitter post-takeover, report says
  + stars: | 2022-11-01 | by ( Kate Duffy | ) www.businessinsider.com   time to read: +3 min
Elon Musk has authorized Tesla, Boring Company, and Neuralink staff to work at Twitter, per CNBC. Some Tesla directors were also enlisted to work at Twitter, CNBC reported, citing documents. More than 50 employees at Tesla have been authorized to work at Twitter, according to internal documents seen by CNBC. As well as Tesla workers, the world's richest man has also enlisted two staff members from his tunnelling venture, The Boring Company, and one employee from his brain-chip business, Neuralink, CNBC reported, citing the documents. CNBC's report follows the firing of some top executives at Twitter, as well as CEO Parag Agrawal, hours after Musk took over the site.
☆ Elon Musk says paying Twitter $8 per month will get you a blue verified checkmark, fewer ads, and priority in tweet replies and search
  + stars: | 2022-11-01 | by ( Travis Clark | ) www.businessinsider.com   time to read: +3 min
Elon Musk said on Tuesday that Twitter's new verification system would be $8 per month. Musk is referring to Twitter Blue, the platform's subscription model that gets members exclusive benefits. Musk aims to completely overhaul it, and make the verification system that gets people their blue check marks a part of the subscription. Musk said in follow up tweets that the new Twitter Blue would also get subscribers:"Priority in replies, mentions and search," which he said is "essential to defeat spam/scam." The Washington Post reported that Musk is planning to layoff 25% of Twitter's workforce.
☆ One of Twitter's top execs quit the day after tweeting that she had a 'great discussion' with Elon Musk about the company's future
  + stars: | 2022-11-01 | by ( Grace Dean | ) www.businessinsider.com   time to read: +3 min
Twitter's CCO said she quit her job just hours after Elon Musk completed his $44 billion takeover. On Thursday, Personette tweeted that she'd had a "great discussion" with Musk. "Remember that we create the organization we want to be a part of," Personette tweeted. Personette tweeted on Thursday, just hours before the deal went through, that she'd had a "great discussion" with Musk the prior evening. Personette resigned the day after posting the tweet.
☆ Elon Musk has already cut a number of high-ranking Twitter managers, as employees await word on layoffs
  + stars: | 2022-11-01 | by ( Kali Hays | ) www.businessinsider.com   time to read: +4 min
As Elon Musk and his transition team at Twitter have compiled lists of which employees should be let go en masse, a trickle of cuts has begun, Twitter employees tell Insider. Another characterized the silence Twitter workers have been met with since Musk took over as "bullshit." Among them are Nick Caldwell, general manager of Twitter, who two employees told Insider was away from work dealing with the sudden death of his wife. At least two mid-managers in product and engineering were also let go late on Sunday and did not receive severance, the employees told Insider. Are you a Twitter employee or someone with insight to share?
☆ Elon Musk says he will be Twitter CEO
  + stars: | 2022-10-31 | by ( ) www.reuters.com   time to read: 1 min
Oct 31 (Reuters) - Billionaire Elon Musk said on Monday he would be the chief executive officer of Twitter, the social media company he recently acquired for $44 billion. The move comes after Musk, who also runs Tesla (TSLA.O) and SpaceX, fired Twitter CEO Parag Agrawal and other top company officials last week. Musk had also changed his Twitter bio to "Chief Twit" in a sign alluding to this move. Last week, Musk's takeover of the social media company for $44 billion concluded a months-long saga. read moreReporting by Chavi Mehta in Bengaluru; Editing by Anil D'Silva and Devika SyamnathOur Standards: The Thomson Reuters Trust Principles.
☆ Twitter to lay off 25% of workforce in first round of job cuts - Washington Post
  + stars: | 2022-10-31 | by ( ) www.reuters.com   time to read: +1 min
Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, according to the report. Twitter had over 7,000 employees at the end of 2021, according to a regulatory filing and a quarter of the headcount amounts to nearly 2,000 employees. Musk denied a New York Times report about laying off Twitter employees at a date earlier than Nov. 1 to avoid stock grants due on the day. Musk fired Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde on completion of a six-month $44 billion buyout saga of the social media platform on Thursday, sources told Reuters. Reporting by Akash Sriram in Bengaluru; Editing by Shounak DasguptaOur Standards: The Thomson Reuters Trust Principles.
☆ Premarket stocks: A spooky forecast for the future of interest rates
  + stars: | 2022-10-31 | by ( Nicole Goodkind | ) edition.cnn.com   time to read: +8 min
New York CNN Business —When will central banks stop raising interest rates? This week, the Federal Reserve is expected to increase rates by 75 basis points for the fourth time in a row. For some time, it was thought that 2023 would bring lower interest rates and a return to dovish monetary policy. Even the Federal Reserve appears confused about when it will stop rate hikes. A possible answer: Wall Street tends to favor big events, but the future of central bank policy may be more nuanced.
☆ Twitter employees expect layoffs as Elon Musk preps 'aggressive' cuts
  + stars: | 2022-10-31 | by ( Jordan Parker Erb | ) www.businessinsider.com   time to read: +5 min
And that's not to mention that employees are preparing for layoffs after Twitter leaders and VPs made lists of who to keep. Twitter employees expect layoffs to begin very soon. By Saturday afternoon, they handed Elon Musk lists of employees "to keep," two people said. Elon Musk fired Twitter execs "for cause" in a bid to avoid paying out tens of millions in severance. Among this year's biggest losers are those who've invested heavily in the metaverse (Meta CEO Mark Zuckerberg) and crypto (Binance CEO Changpeng Zhao).
☆ Stephen King says he'll quit Twitter if Elon Musk makes him pay $20 a month to be verified: 'they should pay me'
  + stars: | 2022-10-31 | by ( Travis Clark | ) www.businessinsider.com   time to read: +3 min
Elon Musk is reportedly considering making people pay $20 per month to stay verified on Twitter. Author Stephen King tweeted that he'll quit the site if that idea is implemented. King tweeted on Monday that he would leave Twitter if the plan is implemented. "$20 a month to keep my blue check? Musk's first few days as Twitter owner have been messy, beyond public figures saying they would leave the site.
☆ Elon Musk has dissolved Twitter's 9-person board of directors and become its sole director
  + stars: | 2022-10-31 | by ( Grace Dean | ) www.businessinsider.com   time to read: +2 min
Elon Musk has scrapped Twitter's board of directors. Musk had himself tried to join Twitter's board in the spring before clashing with then-CEO Parag Agrawal. When first outlining his plans for his ownership of Twitter, Musk said he would need to take the company private to make his desired changes. The same evening, Musk also ousted CFO Ned Segal, chief legal officer Vijaya Gadde, and general counsel Sean Edgett, sources told Insider. Musk had himself been set to join Twitter's board before he offered to buy the company, but u-turned after clashing with Agrawal over text.
☆ Elon Musk disbands Twitter’s board, cementing control over company
  + stars: | 2022-10-31 | by ( Clare Duffy | ) edition.cnn.com   time to read: +1 min
CNN —Twitter’s board of directors was dissolved on Thursday following Elon Musk’s takeover of the company, according to a securities filing on Monday. Almost immediately after Musk completed his $44 billion deal to acquire Twitter on Thursday, Musk terminated at least four of its top executives, including Agrawal. He also is reported to be planning large layoffs at the company. While Musk has a reputation as an innovative entrepreneur, he is also known for erratic and controversial behavior. This weekend, Musk was widely criticized for tweeting a link to a fringe conspiracy theory about the violent attack on Paul Pelosi, the husband of House Speaker Nancy Pelosi.
☆ Elon Musk spent the weekend creating plans with his inner circle to lay off 25% of Twitter's staff, report says
  + stars: | 2022-10-31 | by ( Grace Dean | ) www.businessinsider.com   time to read: +4 min
Elon Musk plans to lay off around a quarter of Twitter's staff, The Washington Post reported. His team, led by Alex Spiro, and remaining Twitter senior execs spent the weekend crafting plans, per The Post. Musk's team also assigned some of Twitter's engineers projects to work on over the weekend. Insider reported that there was a sense among workers that some of their recent tasks were a test by Musk's team to see who works hard. A person familiar with the deal told The Post that Musk is more likely to lay off around half of Twitter's staff.
☆ Elon Musk denied reports that he's speeding up Twitter layoffs to avoid paying out hefty stock grants to workers
  + stars: | 2022-10-31 | by ( Grace Dean | ) www.businessinsider.com   time to read: +3 min
Elon Musk said reports he's speeding up layoffs to avoid paying out stock grants are false. Musk is set to lay off workers before Tuesday, when they're scheduled to receive stock grants, per the NYT. Media reports suggest that Musk may also avoid giving fired execs their expected multi-million-dollar payouts. The Times reported that Musk could therefore avoid paying the grants. The Information reported that the "for cause" terminations were an attempt to avoid paying out severance pay and unvested stock awards.
☆ Elon Musk's biographer, who was shadowing him, 'wouldn't be surprised' to see future lawsuits following 'contentious' conversations on the night the Twitter deal closed
  + stars: | 2022-10-31 | by ( Grace Kay | ) www.businessinsider.com   time to read: +3 min
Walter Isaacson said he "would not be surprised" if Elon Musk faced more lawsuits over Twitter. The biographer said the day the deal closed it was "quite contentious" in Twitter's headquarters. The biographer shadowed Musk over the past week as the billionaire followed through with his plans to buy Twitter. Within moments of taking over Twitter, Musk fired four top executives at the company, including former Twitter CEO Parag Agrawal and CFO Ned Segal. "It's not as if the Twitter executives are bringing down bottles of champagne, and it became through the evening quite contentious."
☆ Musk denies reports he is firing Twitter employees in attempt to avoid payouts
  + stars: | 2022-10-30 | by ( ) www.reuters.com   time to read: +2 min
In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false." Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday. According to media reports on Saturday, Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to contact the fired executives.
☆ Musk fired Twitter execs in attempt to avoid payouts, layoffs planned - reports
  + stars: | 2022-10-30 | by ( ) www.reuters.com   time to read: +2 min
Oct 29 (Reuters) - Twitter's (TWTR.N) new owner Elon Musk fired top executives in an effort to avoid hefty severance payouts, while lining up other layoffs as soon as Saturday to avoid stock grants due on Nov. 1, according to media reports on Saturday. He had accused them of misleading him and Twitter investors over the number of fake accounts on the platform. In a tweet on Saturday LightShed analyst Rich Greenfield said Musk fired top Twitter execs "for cause," preventing their unvested stock from vesting as part of a change of control. Reuters wasn't immediately able to make contact with the fired executives. Citing unidentified people familiar with the matter, the Times reported the cuts could begin as soon as Saturday.
☆ Elon Musk fired Twitter execs including CEO Parag Agrawal 'for cause' in a bid to avoid paying out tens of millions in severance, report says
  + stars: | 2022-10-30 | by ( Ryan Hogg | ) www.businessinsider.com   time to read: +3 min
Elon Musk fired top Twitter execs "for cause" to avoid severance payments, The Information reported. He fired CEO Parag Agrawal and three other executives on Thursday as he completed his takeover. The execs are in line to receive up to $122 million in payouts, researchers Equilar told Reuters. Musk removed Twitter CEO Parag Agrawal, chief financial officer Ned Segal, legal chief Vijaya Gadde, and general counsel Sean Edgett on Thursday after closing his $44 billion deal. His relationship with Agrawal in particular quickly soured, with the pair trading blows on Twitter and over text messages.
☆ Elon Musk says he has 'no idea who the CEO' of Twitter is after being sent an auto-email telling him 'it's time to start managing'
  + stars: | 2022-10-30 | by ( Sam Tabahriti | ) www.businessinsider.com   time to read: +2 min
He was sent an email from the company telling him to start a "managing @Twitter 101" training course. Musk tweeted that he has idea who the CEO is yet, despite calling himself "Chief Twit." Elon Musk was sent an email from Twitter telling him "it's time to start managing @Twitter 101," in reference to a training course about "what it means to be a good manager at Twitter." Musk tweeted on Sunday: "Just received this email from Twitter. Musk responded: "My title is Chief Twit right there in the bio.
☆ As Elon Musk finalized his Twitter deal, company founder Jack Dorsey launched a beta for his new social media company
  + stars: | 2022-10-30 | by ( Sarah Jackson | ) www.businessinsider.com   time to read: +2 min
Jack Dorsey's decentralized social media platform, Bluesky Social, is accepting beta users. The news coincides with Elon Musk's takeover of Twitter, which Dorsey founded and ran for several years. Dorsey left Twitter in 2021 and named Parag Agrawal as his successor, whom Musk fired shortly after taking over this week. Dorsey's blockchain-based Bluesky Social announced last Tuesday that it's launching soon and is currently enlisting users for beta testing. Dorsey had said in 2019 that Twitter was funding work into developing "an open and decentralized standard for social media."
☆ Elon Musk manages free speech versus 'hellscape' at Twitter
  + stars: | 2022-10-29 | by ( Sheila Dang | ) www.reuters.com   time to read: +6 min
The pressure is mounting on Musk and Twitter as he is set to address the Twitter staff on Friday after closing the deal. Fewer than 10% of 266 Twitter employees who participated in a poll on messaging app Blind expected to still have their jobs in three months. Musk fired 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. Twitter, Musk and the executives did not immediately respond to requests for comment. As news of the deal spread, some Twitter users were quick to flag their willingness to walk away.
☆ Elon Musk has fired Twitter CEO Parag Agrawal. From blunt text messages and clashes over bots to lawsuits and a poop emoji, here's a history of their relationship.
  + stars: | 2022-10-29 | by ( Grace Dean | ) www.businessinsider.com   time to read: 1 min
Musk & Agrawal appeared to first talk in MarchElon Musk. Susan Walsh/APTesla and SpaceX CEO Elon Musk started buying Twitter stock on an almost-daily basis in January. Messages between Musk and Agrawal were released in September as part of a lawsuit Twitter filed against Musk. Musk, Agrawal, and Twitter chair Bret Taylor met for a meal near San Jose on March 31. "Memorable for multiple reasons," Agrawal texted.
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