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Elon Musk dismisses the Twitter board and takes over as CEO

 


In a move that would make him the new CEO of the firm, Elon Musk has disbanded the Twitter

Board of Directors. 

Following the resignation of former Twitter CEO Parag Agrawal and other key executives from the tech business last week, the Board was disbanded. 

Musk, who this week finalized the $44 billion acquisition of Twitter, previously altered his Twitter bio to "Chief Twit" in an allusion to his impending transfer.

Musk revealed in a securities filing that he is now the CEO of Twitter. He stated that as a result of the takeover in another filing on Monday that he now serves as Twitter's lone director. He stated the following in the legal document announcing the Board's dissolution: 

Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou are among those who were no longer on Twitter's board of directors as of the merger's effective time.

When asked how long Musk would continue as CEO of Twitter, Twitter refuses to say. The business remained mum over whether Musk will name someone to run the business. 

What to anticipate from Musk as CEO of Twitter: Elon Musk will lead Twitter as CEO in addition to his other businesses, which include Tesla, SpaceX, Neuralink, a company developing brain chips, and the Boring Company, a tunneling company. 

Since the takeover last week, Musk has already declared that Twitter will establish a Content Moderation Council to oversee choices over what content is approved for the platform and whose accounts are blocked.

Musk used his own cash, the money of a number of other investors, and around $13 billion in debt financing to fund the acquisition. 

According to a filing with the US government, Prince Alwaleed bin Talal bin Abdulaziz Al Saud and the Kingdom Holding Firm are the second-largest investors in the newly private company. 

The stake fits with Kingdom Holding Company's "long-term investment plan," according to tweets from Prince Alwaleed, who was a significant Twitter investor before to the Musk acquisition.

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