Elon Musk dissolved Twitter’s board of directors, solidifying his controlling power over the social platform.
The company announced on Monday in a Securities and Exchanges Commission filing that all previous members of Twitter’s board, including former CEO Parag Agrawal and board director Bret Taylor, are no longer directors as agreed upon in the merger agreement. The dissolution arrived days after Musk took over the company and began making massive changes to products and staffing.
This agreement leaves Musk the “sole director of Twitter,” the filing states.
TWITTER BRACES FOR LAYOFFS AND HUGE CHANGES UNDER MUSK
The filing arrives after a tumultuous weekend with Musk settling into his role as Twitter’s CEO. The billionaire called for an assortment of product changes, including changes to the front page and an increase in price for the company’s premium service, Twitter Blue.
Musk has also been in the process of considering whether to lay off the company’s staff. The company is reportedly considering laying off up to 25% of the team shortly, although Musk denies these claims.
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The billionaire’s first day owning the platform was quite eventful. While many users were expecting significant changes to Twitter’s content moderation policies in the near term, Musk said he would not make any notable changes until the company formed a council to review such decisions. Former President Donald Trump also confirmed that he would not rejoin the platform.
