Elon Drops Bomb on Twitter's Entire Board of Directors - His Plan is Ready
“Chief Twit” Elon Musk is now the “sole director” of Twitter, and big changes are coming down the pipeline for the social media giant.
According to a TechCrunch report Monday, the paperwork with the Securities and Exchange Commission regarding his purchase of Twitter enabled Musk to dissolve Twitter’s board, giving him the ultimate power to hire, fire, and chart Twitter’s new path forward into what Musk has promised will truly become a free speech platform.
That’s a pretty big deal, considering Musk just walked into the company headquarters on Friday, carrying a sink. (So employees and Twitter users could let the news “sink” in.)
BREAKING: Elon Musk dissolves Twitter’s board to serve as sole director – WSJ
— Bitcoin Magazine (@BitcoinMagazine) October 31, 2022
“On October 27, 2022, pursuant to the terms of the Merger Agreement, Acquisition Sub merged with and into Twitter (the “Merger”), with Twitter surviving the Merger and becoming a wholly owned subsidiary of Parent (the “Surviving Corporation”). Parent is majority-owned and controlled by Mr. Musk,” the SEC filing stated.
The SEC filing also named the previous board members who are no longer part of the company.
“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,” the filing stated.
Chief Financial Officer Ned Segal and Vijaya Gadde, the head of legal policy, were also let go in the first few days of Musk’s ownership.
Banishing a long list of Twitter’s former directors and executives is one of many moves Musk made in the opening days of his formal takeover of the company. Many hope it will lead to the return of a fair playing field for conservatives who once used the platform, many of whom have been banned for years, including former President Donald Trump.
Musk addressed that issue in a Monday tweet.
If I had a dollar for every time someone asked me if Trump is coming back on this platform, Twitter would be minting money!
— Elon Musk (@elonmusk) October 31, 2022
On Friday, Musk announced that no major decisions about account reinstatements would be made until they could be studied by a “content moderation council,” which has yet to be formed.
And for his part, Trump has said he probably won’t return to the social media giant, even under new ownership.
As the Washington Examiner noted, multiple changes to Twitter are expected to happen in the coming days and weeks.
In recent days, reports have swirled regarding possible significant changes to Twitter’s premium “Blue” service, including the possibility that users might be able to obtain verification with the upgraded service for a $20 monthly fee.
JUST IN: Twitter Blue will soon reportedly include a verification badge for $20/month.
— Watcher.Guru (@WatcherGuru) October 31, 2022
“The whole verification process is being revamped right now,” Musk tweeted, confirming the report.
The whole verification process is being revamped right now
— Elon Musk (@elonmusk) October 30, 2022
On Monday, The Washington Post reported that Musk plans to axe some 25 percent of Twitter’s workers in a first round of layoffs. The outlet noted that the layoffs would likely happen in departments such as sales, product, engineering, legal, and trust and safety. The report suggested the layoffs could come within the coming days.
Liberal pundits and Hollywood elitists have provided a steady stream of pearl-clutching tweets and comments in the wake of Musk’s Twitter takeover, presumably because they now understand that the playing field has been leveled, and they no longer have the strong upper hand they once had.
Moving forward, game-changing revelations, like the Hunter Biden laptop story, will likely no longer be censored and swept away before major elections, at least not on Twitter.
It’ll be fascinating to see how Musk’s monumental changes to the platform play out in the coming years and, most importantly, the 2024 election.
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