Musk lines up a new CEO for Twitter

It is said that Elon Musk has decided on who he plans to appoint as the new Chief Executive of Twitter. Musk told banks that he plans to develop more ways to make money from tweets. He said that he plans to create a way to monetize tweets that go viral or include important information.

Musk also brought up the idea of paying influencers to create content for the platform, which is a business model that has proven to be successful for TikTok. Musk is also said to be interested in the idea of subscription services that the company could offer.

Musk had also told the banks he could crack down on executive and board pay at Twitter to slash costs. In his pitch to the banks, Musk said Twitter’s gross margin is much lower than other social media services, such as Facebook and Pinterest, and argued that there are ways to run the company in a more cost-effective way.

Musk spoke to bankers about job cuts as part of his pitch to the lenders. Musk reportedly will have to pay Twitter a $1 billion termination fee if he doesn’t go through with his acquisition of the social network.

Twitter’s current CEO Parag Agrawal is expected to remain as CEO until the deal is completed. Twitter says the transaction will likely close this year following shareholder and regulatory approval and “the satisfaction of other customary closing conditions.”