Status: 10/31/2022 10:00 p.m
First the management, now the board of directors: just days after the takeover, Elon Musk radically restructures the short message service Twitter. The multi-billionaire now stands alone at the top of the platform.
Shortly after the takeover of the short message service Twitter, the new owner Elon Musk dissolved the board of directors of the short message service. According to a statement to the US Securities and Exchange Commission, the boss of the electric car manufacturer Tesla and the richest man in the world is now the “sole director” of the online platform. The nine previous directors, including board chairman Bret Taylor, would no longer hold their posts.
Committee had an important control function
The board of directors of US corporations is a mixture of management board and supervisory board, as is the case with German stock corporations. The tasks of the body include, among other things, the selection, advice and control of top management as well as fundamental decisions on the direction and development of the company.
The multi-billionaire took over Twitter last Thursday for $44 billion after months of wrangling and immediately fired the company’s boss, Parag Agrawal, and other key managers.