Elon Musk is now officially taking over as CEO of Twitter because he now owns the company, at least temporarily. Musk is listed as “the Chief Executive Officer” of Twitter in an amended filing the company issued with the Securities and Exchange Commission. In addition, the businessman has fired many of the organization’s seasoned professionals, including former CEO Parag Agrawal, and disbanded the firm board. He is, in other terms, a clearinghouse.

How long Musk will hold the CEO role is unknown. He says that his role as the only director is “only temporary,” but he doesn’t go into any detail. There isn’t much time left for Musk to lead another another company as he currently oversees Tesla, SpaceX, The Boring Company, and Neuralink. Jack Dorsey, a co-founder of Twitter, has rolled over his shares to the new business, demonstrating his support for Musk.

Within the first week of owning Twitter, Musk has already proposed or implemented significant modifications. In addition to changing up the leadership, he reportedly ordered layoffs and outlined plans for a “moderation committee” that will decide on important content matters. In addition, the new CEO has floated a variety of prospective adjustments, such as adding verification fees to Blue subscriptions and possibly bringing Vine back. According to The Guardian, the management reorganisation might result in “golden parachute” retirement compensation worth at least $120 million. However, it is a pittance compared to the price Musk originally spent for Twitter.