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'Chief Twit' Elon Musk named sole director of Twitter, dissolves board: Report

Tesla CEO purged the top executives of the company which Twitter CEO Parag Agrawal and finance chief Ned Segal left the company's San Francisco headquarters. (Image: Reuters))Premium
Tesla CEO purged the top executives of the company which Twitter CEO Parag Agrawal and finance chief Ned Segal left the company's San Francisco headquarters. (Image: Reuters))

  • Out of the many changes that Elon Musk made to the social media platform, the dissolution of the board of directors is a major step as Twitter's board members which included Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou will now no longer serve on the board.

Tesla CEO Elon Musk who closed the $44 billion twitter acquisition deal last week has dissolved the board and become the sole director of Twitter, the social media platform said in a securities filing on Monday as reported by the Hill.

Out of the many changes that Musk made to the social media platform, the dissolution of the board of directors is a major step.

Twitter's board members included Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou who will now no longer serve on the board, according to the company's statement.

Elon 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, The Hill reported.

Also Read: Hate posts go up post Elon Musk takeover, Twitter says policies haven't changed

After closing the expected Twitter deal, the Tesla CEO purged the top executives of the company which Twitter CEO Parag Agrawal and finance chief Ned Segal left the company's San Francisco headquarters.

Regarding the changes in content moderation policies, Musk wrote in a tweet that "Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes."

As per media reports, Elon Musk is also planning to start charging USD 20 per month for users to have a verified account. The Tesla CEO also instilled suspicion amongst social media users when he tweeted on his Twitter "Let the good times roll" shortly after he acquired the social media platform and closed the deal.

Some media reports also says that Twitter plans to fire a quarter of its workforce in its first round of layoffs. Currently, the social media platform has around 7,000 employees and a quarter of the headcount amounts to nearly 2,000 employees. Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, Washington Post cited. Twitter employees have been bracing for layoffs since the deal was announced in April, and Musk floated the idea of cost cuts to banking partners when he was initially fundraising for the deal. The previous reporting suggested that he’d planned to cut 75% of staff, although other reports later suggested that Musk assured Twitter staff last week that’s not the case.

Also Read: Who is Sriram Krishnan who is ‘helping’ Elon Musk with Twitter

Musk arrived at the Twitter headquarters earlier this week carrying a sink, and documented the event on Twitter, saying "Entering Twitter HQ - let that sink in!" and also updated his Twitter description to "Chief Twit." He tweeted a video of him and described his visit as an experience that he was trying to "sink in" as the Tesla CEO has until the end of the week to either close the Twitter deal or face a trial.

In April, Twitter accepted Musk's proposal to buy and take the social media service private. However, Musk soon began sowing doubt about his intentions to follow through with the agreement, alleging that the company failed to adequately disclose the number of spam and fake accounts on the service.

In July, in a surprising turn of events, Elon Musk who had long been showing his interest to buy Twitter terminated the deal. The Tesla CEO did so by alleging that Twitter violated their mutual purchase agreement by misrepresenting the number of spam and fake bot accounts on its platform.

The previous week, Musk confirmed that he will move forward with the Twitter buyout at the originally agreed price of USD 54.20 per share after which the legal proceedings had been put on hold.

(With inputs from ANI)

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