Elon Musk disbands Twitter’s board, cementing control over company
Twitter's board of directors was dissolved on October 27 following Elon Musk's takeover of the company. Musk is pictured here in Hawthorne
By Clare Duffy, CNN Business
Twitter’s board of directors was dissolved on Thursday following Elon Musk’s takeover of the company, according to a securities filing on Monday.
The company filing states that all previous members of Twitter’s board, including recently ousted CEO Parag Agrawal and chairman Bret Taylor, are no longer directors “in accordance with the terms of the merger agreement.”
Musk, according to the filing, became “the sole director of Twitter.”
The move, while unsurprising, highlights how the world’s richest man has quickly cemented his control over one of the world’s most influential platforms, with few if any checks on his power over the company.
Almost immediately after Musk completed his $44 billion deal to acquire Twitter on Thursday, Musk terminated at least four of its top executives, including Agrawal.
The new Twitter owner plans to rethink the company’s content moderation policies and permanent bans for users who previously violated the platform’s policies, including former President Donald Trump, although he said over the weekend that no major decisions have been made yet. He also is reported to be planning large layoffs at the company.
While Musk has a reputation as an innovative entrepreneur, he is also known for erratic and controversial behavior. This weekend, Musk was widely criticized for tweeting a link to a fringe conspiracy theory about the violent attack on Paul Pelosi, the husband of House Speaker Nancy Pelosi.
Musk later deleted the tweet.
The-CNN-Wire
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