Elon Musk is officially the only Director on the board of Twitter after the dissolution of the current board. The billionaire made this known in a SEC filing on Monday. This is as detailed below:
Item 5.02: Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter. 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
A couple of days ago, he officially took over the social media company after months of drama by paying $54.20 per share, equal to about $44 billion and let of some of the top executives including the Chief Executive Officer Parag Agrawal; Vijaya Gadde, the head of legal, policy and trust; Chief Financial Officer Ned Segal.
The same day he paid for the company, he changed his Twitter bio to show that he was now the “Chief Twit”. So it was really expected that he would the CEO.
It is not quite clear if and when Elon Musk will appoint any other person to join him on the board of Twitter. For now, he is the CEO, the “El Capitano” of the social media company
Updated……
Musk has now commented on this, saying it is temporary. Hmmm… Wonder who will join him on the board..
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