Fakoyejo Olalekan
Elon Musk, on assumption of duties Chief Executive Officer of Twitter after his long-awaited $44 billion acquisition was finalised on Friday, has dissolved the Twitter Board . At least 8 members of the Board were shown the way out.
The billionaire became the sole director, relieving the board of directors, consisting of former chief executive, Parag Agrawal, Omid Kordestani, and David Rosenblatt.
Join our WhatsApp ChannelOther board members affected are Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou. A filing submitted by Twitter to the United States’ Securities and Exchange Commission (SEC), on Monday, disclosed.
The filing reads: “The following persons, who were directors of Twitter before the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou.”
The move by Musk to acquire Twitter 100 per cent follows his plan to take over the company and make certain changes on content policies guiding tweets by users of the platform.
Musk has of late come to be known in the media as ”free-speech absolutist”
He had initially tried to pull out of the deal, citing breach of contract, and accusing the Twitter Board of hiding vital user information from him. He had argued that Twitter misled the public on the number of bot accounts.
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According to Musk, the percentage of fake accounts on Twitter is more than the less than five percent Agrawal claimed in previous filings with the Securities and Exchange Commission.
In response, Twitter’s Board denied Musk’s claims and took him to court to enforce the acquisition agreement and ensure he buys the company for $44 billion. This came after the Chief Executive of Tesla insinuated that the acquisition fee should be reduced based on the percentage of bots he allegedly discovered.
Since the acquisition on Friday, Musk has sacked Agrawal, Twitter Chief Financial Officer, Ned Segal, and the firm’s Chief Legal Officer, Vijaya Gadde.
