Following the termination of Twitter’s nine-member board of directors, Elon Musk is now the company’s sole director.
Musk sacked Twitter’s CEO Parag Agrawal, CFO Ned Segal, and director of legal policy, trust, and safety Vijaya Gadde as soon as he assumed control of the social media network on Thursday evening. This action validated the fears of many users regarding the disruption Musk’s regulation would bring to the social media network.
“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.”
Musk tweeted Thursday that he was buying Twitter “because it is fundamental to the future of civilisation to have a shared digital town square, where a wide range of beliefs can be debated in a healthy manner.”
Elon Musk’s disclosure in April that he owned 9.2 percent of Twitter’s shares sparked the rumor that he was the platform’s largest owner and that he was acquiring the company for $44 billion.
New Changes Already
This is likely not the final change to come about as a result of Elon Musk Takeover, as the billionaire also plans to alter Twitter’s verification system by charging verified users to keep their blue checks. Skeptical users have voiced their concerns about the plan, which would enable verified users 90 days to pay $19.99 for access to the Twitter Blue platform. Date of release is set for November 7.