Elon ‘Iron Man’ Musk Reportedly Told Banks He Plans to Slash Pay of Twitter Executives, Charge for Some Tweets, and Has a New CEO Lined Up
Reports of changes to Twitter that Elon ‘Iron Man’ Musk promised to banks in order to get the loans needed to buy Twitter are surfacing. One of the changes that will not be popular among the executives, who are in all likelihood all liberals is that their pay will be slashed and the salary for board members will be ended. He plans on thinning the herd.
It is expected that the Queen of Mean, Vijaya Gadde, will find herself unemployed. She was the one who censored conservatives. Furthermore, Musk allegedly told the banks that he has an unnamed CEO to replace CEO Parag Agrawal. Those are two changes that Conservatives can get behind. The two of them made almost $50 million combined last year. Agrawal will come out okay as he will collect $38.7 million dollars, mostly from his stock ownership, which he received as part of his compensation.
Board salary will be $0 if my bid succeeds, so that’s ~$3M/year saved right there
— Elon ‘Iron Man’ Musk (@elonmusk) April 18, 2022
Musk is said to be charging for tweets from verified users that are embedded into the stories of third parties. According to three sources, Musk has ideas on how to additionally monetize Twitter. Those ideas have not been revealed as of yet.
Musk has also made it clear that he has no confidence in the current management at Twitter:
“I don’t have confidence in management nor do I believe I can drive the necessary change in the public market, I would need to reconsider my position as a shareholder.”
The Washington Post reported that Musk is toying with the idea of paying influencers to create content for the platform – much like TikTok and YouTube.
In order to secure financing of $44 billion to acquire Twitter, Musk allegedly told banks that Twitter has a much lower gross margin than other successful social media platforms such as Fake-Fact-Checker Facebook and Pinterest, so there is plenty of room to grow.
In tweets that were posted earlier this month and subsequently deleted, Musk proposed lowering the price of the Twitter Blue subscription service. The Tesla CEO also suggested banning advertising on the microblogging platform.
Reuters reported:
“Musk had to convince the banks that Twitter produced enough cash flow to service the debt he sought. In the end, he clinched $13 billion in loans secured against Twitter and a $12.5 billion margin loan tied to his Tesla stock. He agreed to pay for the remainder of the consideration with his own cash.”
“The $13 billion Twitter loan is equivalent to seven times Twitter’s 2022 projected earnings before interest, taxes, depreciation and amortization. This was too risky for some banks who decided to participate only in the margin loan, the sources said.”
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Author: Steven Ahle
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