Elon Musk has disbanded Twitter’s Board of Directors, paving the way for him to become the company’s new CEO.
The dissolution of the Board came after the dismissal of former Twitter CEO Parag Agrawal and other key executives from the firm last week.
Musk, who closed the $44 billion Twitter acquisition last week, had already altered his Twitter bio to “Chief Twit” to allude to his impending departure.
Musk announced his Twitter CEO role in a securities filing. In another filing on Monday, he revealed that he became the sole director of Twitter as a result of the takeover. In the regulatory filing announcing the Board’s dissolution, he said:
- “The following persons, who were directors of Twitter before 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.”
How long will Musk remain CEO of Twitter: Twitter declined to comment on how long Musk might remain CEO. The company also kept quiet on whether Musk would appoint someone to oversee the affairs of the company.
What to expect from Musk as Twitter CEO: As Twitter CEO, Elon Musk will be running the company alongside his other companies which include Tesla, SpaceX, brain-chip startup Neuralink, and tunnelling firm the Boring Company.
- Since the takeover last week, Musk already announced that Twitter would set up a Content Moderation Council to govern decisions on content to be allowed on the platform and accounts that have been banned.
- Musk was also reported to have mandated Twitter employees to work out modalities that will ensure Twitter users pay $20 per month to retain their blue badge.
- Musk financed his takeover with his own money, a group of other investors, and roughly $13bn in debt financing.
- Prince Alwaleed bin Talal bin Abdulaziz Al Saud and the Kingdom Holding Company are the second largest investor in the newly private company, according to a filing with the US government.
- Prince Alwaleed, who was a major Twitter investor before the Musk deal, has tweeted the stake aligns with Kingdom Holding Company’s “long-term investment strategy”.