On Monday, April 25, US Eastern time, Twitter Twitter announced that it accepted Musk's offer of $54.20 per share, valuing the company at about $44 billion. When the deal is completed, Twitter will become a privately held company.

In the meantime, there is a problem.

Who will lead Twitter?

One of the biggest questions facing Twitter is who Musk will appoint as the new CEO.

Parag Agrawal, who became Twitter's current CEO in November, took over from former CEO Dorsey for only five months. CEO met Musk before his position became hot. He bought shares in Twitter9% and at one point agreed to join the board of directors, but then suddenly changed his mind.

It is reported that Agrawal currently has a total compensation of $30.4 million, most of which is in stock. If CEO is fired within 12 months of a change in Twitter control, Agrawal will receive about $42 million.

According to Equilar's estimates, if he is fired within a year after the change of control, Agrawal could get about $42 million based on his annual salary and pre-cashed stock options, based on Musk's asking price of $54.20 a share, combined with Twitter's recent power of attorney assessment.

According to an earlier article on Wall Street, Musk's good friend and Twitter founder Jack Dorsey, who is the founder of Twitter, owns only a small stake and has weak control over Twitter. Elliott Management, an American hedge fund giant, launched an offensive in March 2020 to oust Dorsey. Paul Singer, founder of Elliott, called on Dorsey to resign as CEO of Twitter or Square, INC. before reaching an agreement with Twitter management before stepping down in November.

Earlier, a Bloomberg article pointed out that Musk was not happy when Dorsey left Twitter, and then he took a 9.2% stake and bought Twitter to avenge his friends.

Media analysts said that at present, Musk and Agrawal are unlikely to cooperate, as to who is the new leader is indeed a suspense.

Who will be a member of the board?

Earlier, the board, led by Bret Taylor, co-chief executive of Salesforce.com Inc, approved a "poison pill" in an attempt to fend off a potentially hostile takeover from Mr Musk after Mr Musk violated his agreement to join the board.

Twitter will adopt an one-year shareholder rights plan, which will trigger a clause if someone buys at least 15 per cent of the company without the board's approval, and the remaining shareholders have the right to increase their holdings at half the market price at that time. According to the media, in addition to Goldman Sachs Group, Twitter also hired JPMorgan Chase, who has a problem with Musk, as an adviser; there are also private equity firms that want to buy Twitter.

Therefore, the media speculated that, as the new boss of Twitter, Musk has the opportunity to "clean" the board of directors, and the potential list of possible directors in the future is also very long. Teaming up with his good friend Dorsey to reshuffle the board is also a current problem.

In addition, Musk once said harshly that if the acquisition was successful, the salary of Twitter board members would be reduced to 0. Twitter directors earn between $250000 and $300000 a year, and Musk said that a successful acquisition of Twitter would eliminate the need for a board of directors and save $3 million a year.

How much control will Musk exert?

Twitter said in a statement that it would be acquired by an entity owned by Musk, but the statement did not disclose how Musk would control Twitter in the future.

At present, Musk is the CEO of Tesla, Inc. with a market capitalization of more than $1 trillion, and Musk is also the CEO of SpaceX, a private US space company. SpaceX is not yet listed and the offline market is valued at $100 billion. Musk also owns other startups, such as Neuralink, a "neural chain" that studies connections between the human brain and computers, and Boring Company, a "tunnel company" that develops and builds urban underground transportation systems.

For Twitter, will Musk learn from Bezos and let an independent management team run the privately acquired Washington Post? Will he be a boss who doesn't care?

What is the future of Twitter?

On the function of Twitter, Musk has posted several posts in the past, using "crowdsourcing" to collect opinions, such as asking his 83 million fans if they want post edit buttons. Will he make Twitter decisions based on the opinions of his fans in the future?

On the evening of April 14, a 13D document disclosed a letter from Mr Musk to Bret Taylor, the current chairman of Twitter. In the letter, Musk lashed out at the status quo of Twitter, arguing that the social media giant could not meet the needs of society for "freedom of expression" and would not flourish. As a result, Mr Musk offered to buy a 100 per cent stake in Twitter at $54.20 a share, worth a total of $43 billion, to help Twitter become a "global platform for freedom of expression".

Musk issued a statement after the two sides agreed to buy. He said that freedom of expression is the cornerstone of a functioning democratic society and that Twitter is a digital municipal square where all topics vital to the future of mankind can be discussed.

As for the degree of "freedom of speech" and whether it includes the development of new features to enhance products, make background algorithms open source, increase external trust, while cracking down on spam robots, authenticating all users and other measures will be how to create Twitter, is also to be continued.

Will Trump come back?

Former President Trump Donald Trump was banned last year for violating Twitter rules, a move that sparked outrage from Trump and many conservative politicians. Mr Musk has made it clear that he does not like what he thinks is the company's censorship policy. So, will Trump come back? Will users leave because of this?

Recently, a photo of Trump thanking Musk for allowing him to return to Twitter was circulated on the local social platform, with the picture "Trump" writing, "I'm glad to be back, thank you, Elon!" The post received thousands of responses in five days. But then local media reported that Trump's Twitter account had been "permanently suspended" since January 2021 and was still suspended by Twitter after verifying that the news was fabricated.

Trump told CNBC on Monday that even if Musk lifted the previous ban, he would not return to Twitter, saying he would use his service Truth Social "within a week." According to Trump:

When I was in the White House, we did a lot of things for Twitter, and I was disappointed with the way Twitter treated me. I won't be on Twitter anymore.

Will the workforce have an impact?

After becoming a delisted private company, Mr Musk needs to restructure the salary system for Twitter employees. The current stock incentive scheme no longer makes sense. Will the past stock awards be replaced by equity in the new Twitter? In this way, if Twitter goes public for a second time, employees will still have a chance to get rich.

It has not been a day or two since the technology industry launched a heated competition for talent. Which employees will Musk retain? If he abolishes the content watchdog, a large number of employees may seem redundant. In addition, Musk's huge fan base, whether some of them will become Twitter employees?

On Monday, Twitter closed up 5.66% at $51.7, up 19.6% year-to-date.