Elon Musk has dissolved the Twitter board and has been named sole director of Twitter.
BREAKING: Elon Musk dissolves Twitter board, named sole director.
— DailyNoah.com (@DailyNoahNews) October 31, 2022
Elon Musk has dissolved Twitter’s board and made himself the “sole director” of the company https://t.co/V0Xc0tPV4J
— philip lewis (@Phil_Lewis_) October 31, 2022
— The Hill (@thehill) October 31, 2022
From The Hill:
Elon Musk has been named sole director of Twitter, dissolving the board in place before he completed his $44 billion acquisition of the company, the social media platform said in a securities filing on Monday.
Musk became the sole director of the company “in accordance with the terms of the Merger Agreement,” the company told the Securities and Exchange Commission.
Twitter’s board members Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou will no longer serve on the board, the company said.
The disbanding of the board is among the string of changes the billionaire Tesla and SpaceX CEO put in place after assuming ownership of the company last week, concluding a six-month process.
After the acquisition, Musk also reportedly let go of some of the company’s top executives, including Chief Executive Officer Agrawal, Chief Financial Officer Ned Segal and Vijaya Gadde, the head of legal policy.
The Washington Examiner added:
The filing arrives after a tumultuous weekend with Musk settling into his role as Twitter’s CEO. The billionaire called for an assortment of product changes, including changes to the front page and an increase in price for the company’s premium service, Twitter Blue.
Musk has also been in the process of considering whether to lay off the company’s staff. The company is reportedly considering laying off up to 25% of the team shortly, although Musk denies these claims.
Musk reportedly will charge $20 per month for Twitter verification.