Elon Musk disbands Twitter board, becomes ‘sole director’
All board directors were removed on October 27 after Musk took over the company, the social media platform said in a securities filing.
Twitter’s board of directors has been disbanded after billionaire Elon Musk took over, the social media company said in a regulatory filing to the US Securities and Exchange Commission on Monday.
According to the filing, all previous members of Twitter’s board, including recently ousted Chief Executive Officer Parag Agrawal and Chairman Bret Taylor, were removed from their position as board directors on October 27.
“As a result of the consummation of the merger, Musk became the sole director of Twitter,” it said.
Musk had completed his $44 billion (over Rs 3,36,910 crore) takeover of Twitter on Friday.
Soon after taking over the social platform, Musk had removed Agrawal, Chief Financial Officer Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde, Reuters reported, citing persons familiar with the matter. Musk had earlier accused them of having misled him about the number of fake accounts on the platform.
The takeover took place shortly before a deadline set by a United States judge in response to a lawsuit by Twitter demanding that Musk complete the merger agreement. The court had told the chief executive officer of electric car firm Tesla to close the deal by October 28, failing which it would schedule a trial in November.
Musk previously had said that he acquired Twitter because it was “important to the future of human civilisation to have a common digital town square”, where a wide range of beliefs could be debated in a healthy manner.
“I didn’t do it [buying Twitter] to make more money,” he had said. “I did it to try to help humanity, whom I love.”
The Tesla chief executive officer had also said that there was a great danger that social media will “splinter into far right wing and far left-wing echo chambers that generate more hate and divide our society”.
Musk had first proposed to buy Twitter on April 26, but on July 9 announced he was terminating the deal. He had claimed that the microblogging platform had breached the buyout agreement on multiple counts.