Elon Musk, the new owner of Twitter, has dissolved the company’’s board of directors which makes him the ‘sole director’ of the social media giant after completing his $44 billion acquisition.
On Monday, filings with the Security and Exchange Commission show that all previous board members are no longer directors ‘in accordance with the terms of the merger agreement’.
“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 the SEC filings.
“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,” the company added.
Martha Lane Fox, Omid Kordestani, David Rosenblatt, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou were removed.
Last week, Mr. Musk fired former Chief Executive Officer Parag Agrawal and several other top executives following his $44 billion acquisition of the social media giant.
The Twitter executives fired on Thursday include Parag Agrawal, the chief executive; Ned Segal, the chief financial officer; Vijaya Gadde, the top legal and policy executive; and Sean Edgett, who has been general counsel at Twitter since 2012.
An exclusive report by The Washington Post cited interviews and documents said that Mr Musk had told prospective investors that as part of his deal to buy Twitter, he would get rid of nearly 75 percent of the company’s 7,500 workers. Twitter clarified afterwards to its staff that there were no plans for company-wide layoffs
