Nfter the takeover of Twitter, Elon Musk took over sole power in the online network. After the prominent entrepreneur fired top management immediately after completing the $44 billion purchase last week, Twitter also dissolved the board of directors. The group announced this on Monday in a mandatory notification to the US Securities and Exchange Commission.
All nine members of the board of directors, which in US companies is superior to the executive board, similar to a supervisory board, have given up their posts. Musk has named himself the only new director so far.
The tech billionaire bought Twitter on Thursday after months of back and forth and transferred it to private ownership. The company was delisted from the stock market on Friday. The previous Twitter boss Parag Agrawal, CFO Ned Segal and chief legal officer Vijaya Gadde had to leave the company.
Musk had accused Twitter executives of misleading him and investors about the number of fake accounts on the social media platform. According to official information, there are less than five percent “fake accounts”. In the dispute over the documents, Musk had threatened to call off the takeover announced in the spring.