Elon Musk Fires Entire Twitter Board, Becomes Sole Director

Elon Musk. CEO of Tesla (NASDAQ: TSLA) and SpaceX, is now the sole director of Twitter. Today’s filings show that Musk fired the entire board of Twitter and is now listed as a sole director.

“On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter. In accordance with the terms of the Merger Agreement, effective as of the effective time of the Merger, the following persons, who were directors of Twitter prior to 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,” it is said in an 8-k filing.

Moreover, the company filed to buy all outstanding 3.875% 2027 senior notes.

Musk also plans to cut 25% of its workforce in the first round of layoffs, according to the Washington Post. Layoffs are expected to begin tomorrow, Nov. 1. The report cited a source familiar with the deal that total staff cuts may come closer to 50%.

The report also said that Musk’s lawyer, Alex Spiro, is taking an active role in managing teams at Twitter, including legal, government relations, policy, and marketing.

Twitter became a private company on Friday after Musk completed the $44 billion buyout.

By Senad Karaahmetovic

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