Elon Musk disbands Twitter’s board of directors, gaining complete control of the company.
According to a securities filing on Monday, Twitter’s board of directors was dissolved on Thursday following Elon Musk’s takeover of the company.
According to the filing, all former members of Twitter’s board of directors, including recently ousted CEO Parag Agrawal and chairman Bret Taylor, are no longer directors “in accordance with the terms of the merger agreement.”
According to the filing, Musk is now “the sole director of Twitter.”
Musk is known as an innovative entrepreneur, but he is also known for his erratic and controversial behaviour.
Musk was widely chastised over the weekend for tweeting a link to a fringe conspiracy theory about a violent attack on Paul Pelosi, the husband of House Speaker Nancy Pelosi.
Musk later removed his tweet.
While not surprising, the move demonstrates how the world’s richest man has quickly cemented his control over one of the world’s most influential platforms, with few, if any, checks on his power over the company.
Almost immediately after Musk completed his $44 billion acquisition of Twitter on Thursday, Musk fired at least four of the company’s top executives, including Agrawal.
The new owner of Twitter intends to rethink the company’s content moderation policies and to impose permanent bans on users who have previously violated the platform’s policies, including former President Donald Trump, though he stated over the weekend that no major decisions have been made.
He is also said to be planning significant layoffs at the company.