Elon Musk Dissolves Twitter Board, Becomes 'Sole Director': Report

As per a securities filing, all previous members of Twitter's board, including former CEO Parag Agrawal and former chairman Bret Taylor, are no longer directors.

Elon Musk acquired Twitter for $44 billion

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Elon Musk is now the "sole director of Twitter" after the billionaire dissolved the microblogging platform's board of directors last week, according to a regulatory filing to the US Securities and Exchange Commission on Monday.

As per the securities filing, all previous members of Twitter's board, including former CEO Parag Agrawal and former chairman Bret Taylor, are no longer directors "in accordance with the terms of the merger agreement".

Last week, CEO Agrawal, legal executive Vijaya Gadde, Chief Financial Officer Ned Segal and General Counsel Sean Edgett were ousted after Musk completed his $44 billion deal to acquire Twitter.

READ | Elon Musk Denies News Report On Sacking Twitter Employees' To Avoid Payouts

Musk had earlier accused them of having misled him about the number of fake accounts on the platform.

Earlier in the day, Musk denied a report by New York Times about laying off Twitter employees at a date earlier than November 1 to avoid stock grants due on the day. Such grants typically represent a significant portion of employees' pay.

In a response to a Twitter user asking about the layoffs, Musk tweeted: "This is false."

The New York Times (NYT) on Saturday said that Musk has ordered job cuts across the company, with some teams to be trimmed more than others and that layoffs would take place before November 1 date, when employees were scheduled to receive stock grants as part of their compensation.

A separate report also pointed out that Musk might fire 75 per cent of Twitter's staff, bringing the headcount down from 7,500 to 2,000. The billionaire has also denied this.

The Tesla CEO has promised to transform Twitter by loosening the service’s content moderation rules, making its algorithm more transparent and nurturing subscription businesses.