Eccentric billionaire Elon Musk plans to strip Twitter’s board of directors of their pay, cut executive stipends, and make money off ordinary tweets, according to Reuters. Musk made the promises to banks before they helped back his $44 billion acquisition of the social media platform on April 21. Reuters sources say the promises are more visionary than solid, but it was enough to secure $13 billion and $12.5 billion in loans. The rest of the hefty price tag for Twitter will come out of his own pocket. Musk previously tweeted that cutting board pay would save the company around $3 million a year. Musk will assume ownership of Twitter in late 2022 if the deal is completed.
Read it at Reuters
Elon Musk to Slash Twitter Executive Pay, Monetize Tweets – The Daily Beast