03.07.2022
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Musk intends to slash Twitter employee benefits and monetize tweets By Investing.com

Tesla (NASDAQ:TSLA) CEO Elon Musk plans to cut payouts to Twitter (NYSE:TWTR) executives and board members and find a way to monetize the social network beyond ads. The billionaire told about this to the banks that provided funding for the purchase of the platform, Reuters writes, citing three sources familiar with the situation.

They noted that the ideas outlined were more of Musk’s vision than a firm commitment, and the plan he presented was sparse in detail. Nevertheless, the businessman received $13 billion in loans secured by Twitter and a $12.5 billion margin loan secured by Tesla shares, the agency notes. The rest of the amount (the deal will be $44 billion) Musk decided to pay from his own funds.

Musk has previously said he intends to get rid of compensation for members of the board of directors of Twitter, which, according to him, will save about $ 3 million, writes Reuters. During meetings with banks, the billionaire stated that the margin of the social network is noticeably lower than that of competitors like Pinterest (NYSE: PINS) and Meta (owner of Facebook (NASDAQ: FB) and Instagram, recognized as an extremist organization in Russia and banned), and this leaves the possibility for more cost-effective management of the company.

According to Reuters sources, the entrepreneur also offered non-advertising monetization options for the social network. Musk intends to profit from viral tweets or posts containing important information, for example, charging third-party sites that link to the publications of verified accounts, the agency writes.

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Text prepared by Timur Aliev

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