Reuters reported on Friday, quoting three people familiar with the matter, that Elon Musk told the banks that facilitated his purchase of Twitter that he might cut executive salaries and turn tweets into cash.

According to reports, Musk informed the banks of his plans a week before submitting the bank commitments to Twitter on April 21. Twitter's board of directors approved Musk's $44 billion offer on Monday after a thorough process.

Musk ended up receiving a marginal loan of $12.5 billion linked to his Tesla shares and $13 billion in loans against Twitter, the latter being seven times Twitter's projected preliminary earnings this year.

This week, Musk revealed that he recently sold $8.5 billion worth of Tesla shares, likely to help pay for the Twitter deal. This amount represents only 5.6 percent of the shares he owned when Twitter's board agreed to the acquisition.

When meeting with lenders, Musk pointed out that Twitter lags behind Facebook and Pinterest in terms of gross profit margin, and thus can make more money. To help achieve this, Musk is considering monetizing tweets that contain important or widely spread information, in addition to charging websites for quoting or embedding tweets from verified accounts. He is also looking for policies that are as free as possible in moderation.

In tweets earlier this month that have since been deleted, Musk also suggested no advertisements on the platform. He wrote: "The power of companies in dictating policy is significantly enhanced if Twitter relies on advertising money to survive." He also added: "Anyone who pays for Twitter Blue should get a blue verification checkmark."

Musk initially acquired a nine percent stake in the company and briefly agreed to join its board after expressing concerns over freedom of speech, but later sought to acquire it outright after realizing that the company would not thrive and serve this societal necessity in its current form.

Reuters reported that Musk already has a new CEO whose identity has not been disclosed.