ELON MUSK, THE NEW SOLE OWNER OF TWITTER, DISSOLVED ITS BOARD OF DIRECTORS

Elon Musk, the new owner of Twitter, desires total control over the social media platform. He disbanded the board of directors of the microblogging website shortly after taking control of the business, which made it clear.

Elon Musk, the Tesla CEO and control freak, has previously let go of the company's policy chief Vijaya Gadde, chief financial officer Ned Segal, and CEO Agrawal, who is of Indian descent. He is thinking about making adjustments to Twitter's verification process and eliminating positions. According to The Washington Post, a first round of layoffs is being discussed and may affect 25% of the company's workforce.

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

According to a filing with the US Securities and Exchange Commission on Monday, Twitter co-founder Jack Dorsey has transferred his entire ownership in the firm, consisting of 18 million shares, worth close to $978 million at the buyout price of $54.20. In a filing on Monday, Musk declared his intention to lead Twitter as its CEO. Wall Street analysts believe that his decision might make the billionaire overextended.

"The following persons, who were directors of Twitter before 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," Musk said in the filing.

Since the acquisition, Musk has worked swiftly to impose his personality on Twitter, which he had long derided for its slowness in implementing product improvements or removing spam accounts. 

According to media sources, Musk has brought in well-known friends for the business. As he indicates plans to change how Twitter has controlled the dissemination of information on its platform, especially from sources like state media, politicians, and celebrities, Musk's decision has received considerable attention. 

The technocrat had earlier stated that no changes will be made just yet and that the corporation would form a new committee to oversee those choices.