Elon Musk dissolves Twitter's board, becomes the sole director after takeover

The Twitter storm after Elon Musk’s takeover continues as he dissolves the board of directors and names himself as the ‘sole director’ of the social media giant.

According to a securities filing on Monday and reports in US media, all previous members of Twitter’s board, including recently ousted CEO Parag Agrawal and chairman Bret Taylor, are no longer directors “in accordance with the terms of the merger agreement.” Musk, according to the filing, became “the sole director of Twitter.”

Twitter, which was acquired last week by the billionaire, plans to let go of a quarter of its workforce as part of what is expected to be a first round of layoffs, the Washington Post reported on Monday, citing a person familiar with the matter.

Celebrity lawyer Alex Spiro, a long-time Musk legal representative, led the conversations about the job cuts, according to the report.

Twitter had over 7,000 employees at the end of 2021, according to a regulatory filing and a quarter of the headcount amounts to nearly 2,000 employees.

Musk denied a New York Times report about laying off Twitter employees at a date earlier than November 1 to avoid stock grants due on the day.

Twitter did not immediately respond to a Reuters request for comment.

Musk fired Twitter Chief Executive Parag Agrawal, Finance Chief Ned Segal and Legal Affairs and Policy Chief Vijaya Gadde on completion of a six-month $44 billion buyout saga of the social media platform on Thursday, sources told Reuters.

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