Elon Musk is putting his plans in motion after acquiring Twitter for $44 billion. In order to obtain money for the acquisition, Tesla CEO Elon Musk told banks that he wants to decrease salaries for board members and executives. According to insiders, Musk also proposed 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 guarantees 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 each year. Musk’s plans to lay off people to save money were also revealed by Bloomberg on Thursday.
During the pitch, Musk also mentioned that Twitter had a considerably smaller gross margin than similar platforms like Meta’s Facebook and Pinterest. He said that this freed up a lot of room for the corporation to function more cost-effectively.
Musk also detailed his ambitions to create features that would 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 persons or organisations,” Musk noted, a fee might be levied.
A Twitter official has yet to comment on the changes.