As Twitter employees prepare for significant layoffs as part of a new restructuring that could affect up to a quarter of staff, Elon Musk has appointed himself CEO of the company and disbanded its board of directors, according to information revealed in a company filing on Monday.
In the first round of layoffs, 25% of the company’s employees may be let go, according to a report in the Washington Post on Monday.
The tech billionaire is reportedly cutting jobs as he revamps the business after last week’s $44 billion acquisition. The conversations about the impending job cuts were allegedly led by celebrity attorney Alex Spiro, a longtime Musk legal representative.
After purchasing Twitter last week, Musk acted swiftly to seize control, dismissing key employees like Vijaya Gadde, Ned Segal, and Parag Agrawal, the company’s CEO and the head of finance and legal affairs.
Additionally, Musk has resigned from Twitter’s board of directors and replaced them with himself, according to a company filing with the Securities and Exchange Commission on Monday. Later, Musk claimed in a tweet that the board’s dissolution was “just temporary.”
In an apparent reference to his new position, Musk previously changed his Twitter bio to “Chief Twit.”