Following the elimination of Twitter’s nine-member board of directors, Elon Musk is now the only director of the social media company.
Musk’s First Day At Twitter
Musk immediately fired Twitter’s CEO Parag Agrawal, CFO Ned Segal, and head of legal policy, trust, and safety Vijaya Gadde after assuming control of the social media platform on Thursday night. This action confirmed many users’ fears about the turmoil Musk’s rule would bring about for the social media platform.
“On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter,” the company published it on Monday as per their writing to the SEC.
“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.”
On Thursday, Musk had tweeted that he was acquiring Twitter “because it is important to the future of civilisation to have a common digital town square, where a wide range of beliefs can be debated in a healthy manner.”
The $44 billion acquisition of Twitter was first reported in April of this year, when Elon Musk revealed that he was the platform’s largest stakeholder with a 9.2 percent stake.
New Changes Already
The billionaire also aims to implement a reform to Twitter’s verification system that would make verified users pay to maintain their blue checks, so this move is by no means the last to result from Musk’s takeover. Users who are dubious of the scheme have criticised the proposed plan, which would give verified users 90 days to subscribe to the Twitter Blue platform for $19.99. It is scheduled to launch on November 7.
In related news, most recently, Shonda Rhimes — an American television screenwriter, producer, and author tweeted her departure from Twitter by saying,
“Not hanging around for whatever Elon has planned. Bye,” to her 1.9 million followers on Saturday morning.
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Source: https://coingape.com/elon-musk-dissolves-twitters-9-board-of-directors-become-the-sole-director/