Guwahati: Tesla CEO Elon Musk disbanded the board of directors and was appointed the only director of Twitter on Monday, according to a statement made in a securities filing by the social media platform on Monday, according to The Hill. Musk completed the USD 44 billion acquisition of Twitter last week and assumed control of the micro-blogging platform.
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.
Twitter CEO Parag Agrawal and finance chief Ned Segal left the company’s San Francisco offices after the expected Twitter deal was closed, and the Tesla CEO fired the company’s top executives.
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.”
According to media reports, Elon Musk also intends to begin charging consumers USD 20 per month for an account that has been confirmed. The Tesla CEO further raised social media users’ suspicions when, soon after acquiring the social networking platform and finalising the acquisition, he wrote on his account, “Let the good times roll.”
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 posted a video of him and said that he was attempting to “dig in” his visit as the Tesla CEO has until the end of the week to either seal the Twitter acquisition or face a trial.
Twitter agreed to accept Musk’s offer to purchase and privatise the social media platform in April. Musk quickly cast doubt on his willingness to uphold the deal, claiming that the business had not fully disclosed the quantity of spam and phoney accounts using the site.
Elon Musk, who had previously expressed interest in purchasing Twitter, abruptly ended the agreement in July. The Tesla CEO said that by exaggerating the quantity of spam and false bot accounts on its network, Twitter had broken the terms of their mutual purchase agreement.
The next week, Musk declared that he would proceed with the purchase of Twitter at the initially set price of USD 54.20 per share. However, the judge presiding over the issue has ordered a pause on the Twitter acquisition legal procedures until October 28.