Elon Musk becomes the sole leader of the company after disbanding the board of directors

The US market authority, the SEC, has received documents evoking the dissolution of Twitter’s board of directors by its new boss, Elon Musk, who thus becomes sole director of the company.

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

“On October 27, 2022, following the completion of the acquisition, Elon Musk became the sole director of Twitter,” reads one of the documents, specifying that the nine members of the board of directors, including the former CEO Parag Agrawal, they were fired.

When he made his takeover bid in April, the Tesla and SpaceX boss immediately made it clear that he intended to take Twitter out of the stock market, and therefore no longer have the same accounts to render as listed companies. The deal took six months to complete, after several U-turns by Elon Musk, acrimonious exchanges with Parag Agrawal and other executives, and the initiation of lawsuits by Twitter that nearly resulted in a sensational lawsuit at half October.

Creation of a “content moderation committee”

The richest man in the world wasted no time in taking control of the platform where he is followed by more than 112 million people. The wacky boss — who dubbed himself “Chief Twit” on his profile (“twit” means “idiot” in English) — brought in Tesla engineers to review the work of Twitter employees and made layoffs.

He tried to reassure advertisers, the group’s main source of income, by assuring them that Twitter would not go “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.”

Repurchase of all outstanding Twitter-issued bonds

His new firm also offered to buy back all outstanding Twitter-issued bonds, according to the SEC filing. Elon Musk financed the transaction with his personal fortune, investment fund contributions and other large fortunes, as well as bank loans that the blue bird company will have to repay.

According to another filing filed with the SEC, Saudi Prince Al-Waleed Bin Talal has become the site’s second largest shareholder. The entrepreneur, who initially rejected Elon Musk’s offer, deeming it too low compared to the “intrinsic value of Twitter”, eventually brought him the nearly 35 million shares he already owned. “Dear friend ‘Chief Twit’ @elonmusk. Together till the end @Twitter,” Al-Waleed Bin Talal tweeted on Friday with a “handshake” emoji, in response to Elon’s tweet “The bird has been released “. Musk.

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