Monday, October 31, 2022
Elon Musk has dissolved Twitter's 9-person board of directors and become its sole director
Elon Musk is now Twitter's sole director after scrapping the social-media company's nine-person board of directors.
Musk's purchase of Twitter went through on Thursday evening. When first outlining his plans for his ownership of Twitter, Musk said he would need to take the company private to make his desired changes.
"On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter," the company wrote in an SEC filing published 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 moves was to fire Agrawal, who had been the company's CEO for close to a year. The same evening, Musk also ousted CFO Ned Segal, chief legal officer Vijaya Gadde, and general counsel Sean Edgett, sources told Insider.
Musk had himself been set to join Twitter's board before he offered to buy the company, but u-turned after clashing with Agrawal over text.
Though he has not commented on any possible plans to do so, it is likely that Musk will appoint a new board of directors in the coming weeks, per the New York Times.
Musk first offered to buy the company in April at $54.20 a share, shortly after becoming the company's largest shareholder, but said in July he would pull out of the deal over concerns about the number of bots on the platform.
Twitter sued the tech mogul in an attempt to force him to go through with the deal, and Musk ultimately renewed his original offer in early October.
Musk has changed his Twitter bio to "Chief Twit" and his job title is listed as CEO on some company profiles, including on Slack and in a company directory.
The Vatican name and the Etruscan goddess Vatika of the underworld - what is the connection?
The Vatican name and the Etruscan goddess Vatika of the underworld - what is the connection?
