The South African-born entrepreneur and the world’s richest man started making changes at Twitter shortly after he became the owner of the social media company late last month.
He got rid of some of the previous big bosses, including the chief executive, chief financial officer and top lawyer. Firing them cost him about $187 million – he needed to buy their shares in the company, pay them for shares they would be entitled to in the future if they’d kept their jobs and give them compensation packages for the salaries they would lose.
Musk also dissolved the company’s board in order to appoint a new one and, at the time of going to print, plans were underway for him to lay off – or get rid of – about a quarter of Twitter’s employees.
$44 billion
How much Musk paid for Twitter – that’s almost R800 billion.
THE BLUE CHECK MARK
Before his takeover, Musk said one of the Twitter features he might change was the
