Elon Musk told banks that agreed to help fund his US$44 billion acquisition of Twitter that he could crack down on executive and board pay at the social media company in a push to slash costs, and would develop new ways to monetise tweets, three people familiar with the matter said.
Musk's pitch to the banks constituted his vision rather than firm commitments, the sources said, and the exact cost cuts he will pursue once he owns Twitter remain unclear. The plan he outlined to banks was thin on detail, the sources added. The sources requested anonymity because the matter is confidential. A Musk representative declined to comment.
Ideas he brought up included charging a fee when a third-party website wants to quote or embed a tweet from verified individuals or organisations. Musk, whose net worth is pegged by Forbes at $246 billion, has indicated he will support the banks in marketing the syndicated debt to investors, and that he may unveil more details of his business plan for Twitter then, the sources said.
Source: News Formal (newsformal.com)
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