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Thursday, April 18 2024

Elon Musk dissolves Twitter’s board, is the sole director now

Elon Musk dissolves Twitter's board, is the sole director now
Photo Credit : IANS

San Francisco: Chief Twit Elon Musk has dissolved Twitter’s board of directors after his takeover of the company, according to a US Securities and Exchange Commission (SEC) filing on Monday.

Musk, according to the filing, became “the sole director of Twitter”, reports CNN.

It confirms that instead of joining Twitter’s board of directors, Elon Musk is now their sole replacement.

“On October 27, 2022, and as a result of the consummation of the Merger, Musk became the sole director of Twitter,” read the filing.

“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,” according to the SEC filing.

The company filing said that all previous members of Twitter’s board, including recently ousted CEO Agrawal and Chairman Taylor, are no longer directors “in accordance with the terms of the merger agreement.”

Musk took over as Twitter boss and his first job was to reportedly fire Indian-origin CEO Agrawal, Chief Financial Officer Ned Segal, the company’s policy chief Vijaya Gadde and others.

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