Elon Musk becomes Twitter's sole director, dissolves board

Musk's purge of the previous Twitter leadership comes amid other promised changes to the company.

Published: October 31, 2022 5:04pm

Updated: October 31, 2022 5:27pm

Twitter has dissolved its board of directors and named Elon Musk its sole director, Securities and Exchange Commission filings confirmed.

The restructuring came "in accordance with the terms of the Merger Agreement," the company told the SEC, per The Hill. Musk completed his purchase of the social media platform last week, firing CEO Parag Agrawal, CFO Ned Segal, and others. News broke on Friday that the company would be de-listed from the New York Stock Exchange in November.

Musk's purge of the previous Twitter leadership comes amid other promised changes to the company. His original announcement that he would purchase the company delighted some conservatives given his vows to reinstate the account of former President Donald Trump and curtail the company's content moderation practices. He has since announced that he would create a "content moderation council" to review any such decisions.

He also reportedly plans to run the platform with roughly one quarter of its previous workforce, dropping the total number of employees from about 7,500 to around 2,000. Prior to the purchase's completion, the Tesla founder told employees that, under him, "work expectations would be extreme."

Musk's buyout of Twitter concludes a roughly half-year process that saw the billionaire negotiate the $44 billion purchase then back out over concerns related to bot accounts on the platform, after which the company sued him to complete the deal. Musk ultimately secured a stay in that lawsuit by offering to honor his original deal and buy Twitter.

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