Elon Musk dissolves the Twitter board

Elon Musk has dissolved Twitter’s board of directors and has in fact become the only leader of the social network he has just bought, according to official documents submitted Monday to the American market authority, the SEC, by the Californian group.

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“On October 27, 2022, following the completion of the acquisition, Mr. Musk became the sole administrator of Twitter,” reads one of the documents, specifying that the nine members of the board of directors, including the former General Manager Parag Agrawal, they were thanked.

When he made his bid to buy in April, the Tesla and SpaceX boss quickly made it clear that he intended to take Twitter out of the stock market, and therefore no longer have the same accounts to return as listed companies.

The deal took six months to complete, after several U-turns by Elon Musk, bitter exchanges with Mr. Agrawal and other executives, and the initiation of legal action by Twitter that nearly led to a resounding lawsuit in the middle. October.

The richest man in the world wasted no time in taking control of the platform where he is followed by over 112 million people.

The extravagant boss – who dubbed himself “Chief Twit” on his profile (“twit” means “idiot” in English) – took Tesla engineers to review the work of Twitter employees and proceeded with the layoffs.

He tried to reassure advertisers, the group’s main source of income, by assuring them that Twitter would not become “hellish” and by announcing the imminent formation of a “content moderation council”. At the same time, she promised users that people who were “suspended for minor or questionable reasons” would be “released from Twitter jail.”

His new venture has also offered to repurchase all outstanding bonds issued by Twitter, according to the SEC filing.

Elon Musk financed the transaction with his personal fortune, contributions from investment funds and other large fortunes, as well as bank loans that the Blue Bird company will have to repay.

According to another document filed with the SEC, Saudi Prince Al-Waleed Bin Talal became the site’s second largest shareholder.

The entrepreneur, who initially turned down Elon Musk’s offer, deeming it too low for 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 Musk’s” Bird is release “tweet.

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