Elon Musk Dissolves Twitter’s Board And Makes Himself Sole Director

Tesla and SpaceX CEO, Elon Musk has dissolved Twitter’s board of directors which makes him the sole director of the bird app as he plans to fire 25% of the staffs.

A securities filing lodged on Monday states that all previous members of the board are no longer directors ‘in accordance with the terms of the merger agreement’.

The Tesla CEO, who has given himself the title of Chief Twit, fired four executives shortly after taking over, who had been owed millions under the merger agreement.

Former CEO Parag Agrawal had been set to received up to $60million alone, but Musk sacked them all ‘for cause’ though it is unclear his reasons behind the move.

It is possible the firings could void the payout agreement, but the executives are ‘deliberating’ their next steps.

Agrawal and chairman Bret Taylor are no longer on the board of directors after Musk’s $44bn takeover.
Martha Lane Fox, Omid Kordestani, David Rosenblatt, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou have also been ousted from their positions after the SpaceX chief’s overhaul.

As well as sacking Agrawal, Musk also fired  CFO Ned Segal, Chief Legal Officer Vijaya Gadde and General Counsel Sean Edgett.

It comes as the new Twitter CEO allegedly issued an ultimatum to the social media platform’s engineers, telling them to revamp Twitter’s verification system in less than a fortnight or face the sack.

Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, according to the Washington Post.

The Tesla and SpaceX chief immediately fired the social media company’s CEO, chief financial officer, head of legal, and general counsel when he assumed command on Thursday.