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Elon Named Sole Director After Takeover

By LokMarg 1st November 2022

Tesla CEO Elon Musk who closed the USD 44 billion twitter acquisition deal last week and took control of the micro-blogging platform dissolved the board on Monday and was named the sole director of Twitter, the social media platform said in a securities filing on Monday, The Hill reported.

Out of the many changes that Musk made to the social media platform, the dissolution of the board of directors is a major step as Twitter’s board members which included Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou will now no longer serve on the board, according to the company’s statement.
Elon Musk became the sole director of the company “in accordance with the terms of the Merger Agreement,” the company told the Securities and Exchange Commission, The Hill reported.

After closing the expected Twitter deal, the Tesla CEO purged the top executives of the company and Twitter CEO Parag Agrawal and finance chief Ned Segal left the company’s San Francisco headquarters.

Regarding the changes in content moderation policies, Musk wrote in a tweet that “Twitter will be forming a content moderation council with widely diverse viewpoints. No major content decisions or account reinstatements will happen before that council convenes.”

As per media reports, Elon Musk is also planning to start charging USD 20 per month for users to have a verified account. The Tesla CEO also instilled suspicion amongst social media users when he tweeted on his Twitter “Let the good times roll” shortly after he acquired the social media platform and closed the deal.

Musk arrived at the Twitter headquarters earlier this week carrying a sink, and documented the event on Twitter, saying “Entering Twitter HQ – let that sink in!” and also updated his Twitter description to “Chief Twit.”

He tweeted a video of him and described his visit as an experience that he was trying to “sink in” as the Tesla CEO has until the end of the week to either close the Twitter deal or face a trial.

In April, Twitter accepted Musk’s proposal to buy and take the social media service private. However, Musk soon began sowing doubt about his intentions to follow through with the agreement, alleging that the company failed to adequately disclose the number of spam and fake accounts on the service.

In July, in a surprising turn of events, Elon Musk who had long been showing his interest to buy Twitter terminated the deal. The Tesla CEO did so by alleging that Twitter violated their mutual purchase agreement by misrepresenting the number of spam and fake bot accounts on its platform.

The previous week, Musk confirmed that he will move forward with the Twitter buyout at the originally agreed price of USD 54.20 per share. However, the Twitter deal legal proceedings had been put on hold by a judge overseeing the dispute until October 28. (ANI)