Musk Plans To , Slash Twitter Board Salaries, Monetize Tweets, Sources Say.
Reuters reports that Elon Musk made the assertions in an effort to secure funding from lenders... ... as part of his $44 billion buyout of the social media platform.
Reportedly, Musk stated he will significantly cut executive and board pay.
And committed to developing new systems for the monetization of tweets on the platform.
A spokesperson for Twitter has yet to respond to news of the development.
Musk has reportedly secured $13 billion in lending in order to buy Twitter.
He acquired an additional $12.5 billion margin loan that is hitched to his own stock in Tesla.
Musk will reportedly use personal cash for the remaining $18.5 billion.
The entrepreneur is reportedly worth $246 billion.
Sources say that Musk's pitch to banks about slashing salaries and monetizing tweets does not represent binding commitments.
In a recently-deleted tweet, Musk hinted that he intended to shift Twitter's business model away from ad-generated revenue.
Musk recently announced his offload of nearly $8.5 billion worth of Tesla shares.
It is widely assumed that selling Tesla stock will help to pay the $44 billion Twitter price tag.
Bank officials are reportedly cautious due to fear that lead Twitter talent will leave in the company once Musk's acquisition of the platform has been finalized
