BREAKING NEWS: Elon Musk to cut salaries of senior staff of Twitter

Elon Musk, the CEO of Tesla, who recently purchased Twitter, is considering lowering pay for staff in high positions at the firm, according to Reuters.

He denounced to banks which agreed to finance his acquisition of Twitter that he wants to cut the salaries of the top management of the social network. The source of the publication claims that Musk also found a new applicant for the post of CEO of Twitter. However, there are no details about the nomination.

Musk has previously said he plans to get rid of Twitter’s board of directors compensation, which would save about $3 million. In addition, the businessman plans to create additional ways to monetize some messages on Twitter.

On April 25, the entrepreneur bought Twitter for $44 billion. Morgan Stanley bank agreed to provide him with a $12.5 billion margin loan secured by Tesla shares. Musk also planned to pay $21 billion in personal funds. At the same time, the largest private investment groups refused to give money to the billionaire to buy out the social network.