Elon Musk, who runs four other companies, will now be Twitter CEO
Elon Musk has fired Twitter’s board of directors, giving himself unfettered control over the social media giant, according to a company filing. Musk became “sole director” of Twitter after finalising his $44bn takeover of the company last week, according to documents filed with the US Securities and Exchange Commission (SEC) on Monday.
Elon Musk, the CEO of Tesla Inc., said in a filing on Monday that he will lead Twitter, the social media firm he just acquired for $44 billion, a move that Wall Street experts have warned might wear the billionaire thin.
The previous CEO of Twitter, Parag Agrawal, and other senior corporate executives were sacked last week by Elon Musk, who also owns the rocket company SpaceX, brain-chip startup Neuralink, and the tunnelling company the Boring Company.
Since Musk announced a bid to acquire Twitter in April, Tesla's stock has lost a third of its value, compared to a 12% fall in the benchmark S&P 500 index (.SPX) during the same time period.
Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou, who served as Twitter directors prior to the merger's effective time, are no longer serving in that capacity," Musk stated in the document.
Shortly afterward, Musk tweeted that the move to dissolve the board “is just temporary," without elaborating. A lengthy saga came to an end last week with Musk's $44 billion acquisition of the social networking firm. Since the acquisition, Musk has worked swiftly to impose his personality on Twitter, which he had long derided for its slowness in implementing product improvements or removing spam accounts.
His teams began meeting with some employees to investigate Twitter’s software code and understand how aspects of the platform worked, according to two sources familiar with the matter.