Elon Musk becomes the sole chairman of the company after dissolving the board of directors

Elon Musk becomes the sole chairman of the company after dissolving the board of directors

The US markets authority, the SEC, has obtained documents that prompt the dissolution of Twitter’s board of directors by its new boss Elon Musk, making him the company’s sole director.

Elon Musk has dissolved Twitter’s board of directors and has become the sole chairman of the social network he just acquired, according to official documents filed by the California group with the US Securities and Exchange Commission on Monday.

“On October 27, 2022, following the completion of the acquisition, Elon Musk will become the sole director of Twitter,” one of the documents says, adding that nine members of the board of directors, including former director general Barak Agarwal, have been ousted.

When he made his takeover offer in April, the Tesla and SpaceX boss immediately made it clear that he wanted to delist Twitter and therefore no longer have the same accounts to offer as listed companies. After several U-turns by Elon Musk, heated exchanges with Barak Aggarwal and other executives, and lawsuits launched on Twitter, the operation took six months to complete.

Formation of “Content Evaluation Committee”.

The world’s richest man wasted no time in controlling his fan base of over 112 million people. The eccentric leader — who renamed himself “Chief Twit” on his profile (“twit” means “moran”) — brought in Tesla engineers to inspect the work of Twitter employees and fired them.

He sought to reassure advertisers, the group’s main source of income, by assuring them that Twitter would not become “hell” and by announcing the creation of an upcoming “Content Moderation Council”. At the same time, he assured users that those “suspended for minor or questionable reasons” would be “released from Twitter jail.”

The repurchase of all securities issued by Twitter is still pending

According to an SEC filing, his new venture has offered to buy back all outstanding bonds issued by Twitter. Elon Musk financed the transaction with his personal wealth, contributions from investment funds and other large fortunes, and bank loans that Bluebird had to repay.

According to another document submitted to the SEC, Saudi prince Al-Waleed bin Talal became the platform’s second largest shareholder. The businessman, who initially turned down Elon Musk’s offer, deeming it too little compared to “Twitter’s intrinsic value,” eventually brought him the nearly 35 million shares he already owned. “Dear friend ‘Chief Twit’ @elonmusk. Together until the end @Twitter,” Al-Waleed bin Talal tweeted Friday with a “handshake” emoji, in response to Elon’s “bird released” tweet. Musk.

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