Elon Musk dissolves Twitter board of directors and appoints himself sole boss

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Business After takeover

Board of Directors dissolved – Elon Musk is sole Twitter boss

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“It could have been cheaper”

After months of back and forth, Elon Musk is now letting the facts speak and buying Twitter. Musk is paying $44 billion for this. “All in all, something can really come of it,” says Alfred Maydorn, editor-in-chief of the maydornreport.

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Twitter dissolved its board of directors after being taken over by Elon Musk. Musk appointed himself the only new director, giving him sole control of the tech company.

Nfter the takeover of Twitter, Elon Musk took over sole power in the online network. After the entrepreneur fired top management immediately after completing the $44 billion purchase last week, Twitter also dissolved the board of directors. The group announced this on Monday in a mandatory notification to the US Securities and Exchange Commission.

All nine members of the Board of Directors have given up their posts. Musk has appointed himself the only new director so far. The board of directors of US corporations is a mixture of executive 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.

Tech billionaire Musk bought Twitter on Thursday after months of back and forth and made it private. Immediately afterwards he fired Twitter boss Parag Agrawal, chief financial officer Ned Segal and chief legal officer Vijaya Gadde. The company was delisted from the stock market on Friday. Musk had accused Twitter executives of misleading him and investors about the number of fake accounts on the social media platform.

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After the acquisition, Musk announced that he would create a new body to deal with controversial content. Before such a council meets, there will be no major decisions on content policy or account recovery, he wrote on Twitter. The activation of ex-President Donald Trump’s account, which Musk had been discussing in the past few months, should therefore not be expected immediately.

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At the same time, Musk promised in a tweet over the weekend: “Anyone who has been banned for minor and dubious reasons will be released from Twitter jail.” He was also open to lifting the 280-character limit on tweets. According to media reports, fees will be charged for verified Twitter accounts in the future.

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