Elon Musk has dissolved the board of directors of Twitter and has indeed become the sole leader of the social network he has just bought, according to official documents submitted Monday to the American market authority, the SEC, by the California group.
“On October 27, 2022, following the completion of the acquisition, Mr. Musk became the sole director of Twitter,” one of the documents reads, noting that the nine members of the board of directors, including the former Managing Director Parag Agrawal, were let go.
When he made his takeover offer in April, the boss of Tesla and SpaceX immediately clarified that he intended to take Twitter out of the stock market, and therefore no longer have the same accounts to render as listed companies.
The operation took six months to complete, after several U-turns by Elon Musk, acrimonious exchanges with Mr Agrawal and other executives, and the launching of lawsuits by Twitter that nearly resulted in a resounding lawsuit mid -october.
The richest man in the world wasted no time in taking over the platform, where he is followed by more than 112 million people.
The whimsical leader — who renamed himself “Chief Twit” on his profile (“ tweet meaning “moron” in English) – brought in Tesla engineers to examine the work of Twitter employees and proceeded with layoffs.
He tried to reassure advertisers, the group’s main source of income, by assuring them that Twitter would not become “hellish” and by announcing the upcoming formation of a “content moderation council”. At the same time, he promised users that people who had been “suspended for minor or questionable reasons” would be “released from Twitter prison”.
His new venture has also offered to buy back all outstanding Twitter-issued bonds, according to the SEC filing.
Elon Musk financed the transaction with his personal fortune, contributions from investment funds and other large fortunes, as well as bank loans that the blue bird company will have to repay.
According to another document submitted to the SEC, Saudi Prince Al-Waleed Bin Talal became the site’s second largest shareholder.
The businessman, who had initially rejected Elon Musk’s offer, deeming it too low compared to the “intrinsic value of Twitter”, finally brought him the almost 35 million shares he already owned .
“Dear friend “Chief Twit” @elonmusk. Together until the end @Twitter,” Al-Waleed Bin Talal tweeted Friday with a “handshake” emoji, in response to Elon Musk’s “Bird is released” tweet.