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HomeNewsMusk dissolves Twitter's board of directors, becomes 'sole director'

Musk dissolves Twitter’s board of directors, becomes ‘sole director’

Elon Musk will be its chief executive after buying the company last week, ending months of back and forth over the $44bn (£38.3bn) deal.

Elon Musk has dissolved Twitter’s board of directors, cementing his control over the social media platform as the ‘sole director.’ After buying the company last week, the multi-billionaire will be its chief executive, ending months of back and forth over the $44bn (£38.3bn) deal.

The nine ousted directors include Bret Taylor, Parag Agrawal, Mimi Alemayehou, Omid Kordestani, Patrick Pichette, Egon Durban, Fei-Fei Li, David Rosenblatt, Martha Lane Fox, according to the SEC filing.

Musk has moved quickly to put his mark on the firm. The reforms he is contemplating include changes to how Twitter verifies accounts and job cuts. The Washington Post reported that the first round of cuts is still under discussion that could affect 25% of the company’s staff.

Read More: General Motors Suspends Advertising On Twitter After Elon Musk Takeover

Top executives have already been removed, as Musk brings in high-profile allies to the company. Twitter co-founder Jack Dorsey has rolled his entire stake of 18m shares, worth almost $978m at the buyout price of $54.20, into the new private company.

Musk’s takeover has faced widespread scrutiny as he executes plans to overhaul how Twitter has moderated the information spread on its platform, including from sources such as state politicians, celebrities, and media. Musk said the company would create a new council to make those decisions and that no changes will occur just yet

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Sahil Pawar
Sahil Pawar
I am a graduate with a bachelor's degree in statistics, mathematics, and physics. I have been working as a content writer for almost 3 years and have written for a plethora of domains. Besides, I have a vested interest in fashion and music.

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