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Elon Musk has dissolved Twitter’s 9-person board of directors and become its sole director & More Latest News

 

Elon Musk (NTB/Carina Johansen by way of Rueters)

  • Elon Musk has scrapped Twitter’s board of directors. He is now its sole director.
  • Musk’s buy of Twitter went via on Thursday night, and he took the corporate personal.
  • Musk had himself tried to affix Twitter’s board within the spring earlier than clashing with then-CEO Parag Agrawal.
  • For extra tales go to Business Insider.

Elon Musk is now Twitter’s sole director after scrapping the social-media firm’s nine-person board of directors.

Musk’s buy of Twitter went via on Thursday night. When first outlining his plans for his possession of Twitter, Musk stated he would want to take the corporate personal to make his desired modifications.

“On October 27, 2022, and as a result of the consummation of the Merger, Mr Musk became the sole director of Twitter,” the corporate wrote in an SEC submitting revealed Monday.

“In accordance with the terms of the Merger Agreement, effective as of the effective time of the Merger, the following persons, who were directors of Twitter prior to the effective time of the Merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou.”

One of the tech mogul’s first strikes was to fireside Agrawal, who had been the corporate’s CEO for near a 12 months. The identical night, Musk additionally ousted CFO Ned Segal, chief authorized officer Vijaya Gadde, and normal counsel Sean Edgett, sources advised Insider.

Musk had himself been set to affix Twitter’s board earlier than he provided to purchase the corporate, however u-turned after clashing with Agrawal over textual content.

Though he has not commented on any doable plans to take action, it’s doubtless that Musk will appoint a brand new board of directors within the coming weeks, per the New York Times.

Musk first provided to purchase the corporate in April at $54.20 a share, shortly after turning into the corporate’s largest shareholder, however stated in July he would pull out of the deal over considerations in regards to the quantity of bots on the platform.

Twitter sued the tech mogul in an try to pressure him to undergo with the deal, and Musk finally renewed his authentic supply in early October.

Musk has modified his Twitter bio to “Chief Twit” and his job title is listed as CEO on some firm profiles, together with on Slack and in an organization listing.

Elon Musk has dissolved Twitter’s 9-person board of directors and become its sole director

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