Elon Musk has dissolved Twitter’s board of directors which makes him the ‘sole director’ of the social media giant on Monday.
Gatekeepers News reports that the world’s richest man lodged a securities filing which states that all previous members of the board are no longer directors ‘in accordance with the terms of the merger agreement’.
The Tesla CEO, who has given himself the title of ‘Chief Twit’, fired four executives shortly after taking over, who had been owed millions under the merger agreement – lodging the dissolvement on Thursday.
The former CEO Parag Agrawal had been set to receive up to $60million alone, but Musk sacked them all ‘for cause’ – though it is unclear his reasons behind the move.
According to Daily Mail, it is possible the firings could void the payout agreement, but the executives are ‘deliberating’ their next steps.
Agrawal and chairman Bret Taylor are no longer on the board of directors after Musk’s $44bn takeover.
Martha Lane Fox, Omid Kordestani, David Rosenblatt, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou have also been ousted from their positions after the SpaceX chief’s overhaul.
Musk also fired CFO Ned Segal, Chief Legal Officer Vijaya Gadde and General Counsel Sean Edgett.
Meanwhile, Gatekeepers News earlier reported Musk wants to launch a pay-for-play verification system in which verified users are charged $20 per month.
