Following the completion of his $44 billion acquisition of the social media platform and the dissolution of its corporate board, Elon Musk has been appointed as Twitter’s sole director, according to paperwork submitted to the US Securities and Exchange Commission (SEC) on Monday.
According to the records, the “consummation of the Merger” took place on October 27. At that time, “Mr. Musk became the only director of Twitter,” and the whole board, including CEO Parag Agrawal, was fired.
Musk, who is also the CEO of Tesla and SpaceX, said he planned to take Twitter off the public market when he made his initial buyout bid in April. After that, he said, less public disclosures would be necessary.
Twitter sued Musk in a Delaware court after the erratic billionaire attempted to back out of the agreement.
However, Musk resurrected the agreement in early October as a trial date in October drew near, and last week the buyout was finally completed for $54.20 per share.
Musk allegedly worked over the weekend with Tesla software experts to examine the inner workings of the social media juggernaut and prepare significant layoffs after altering his Twitter bio to “Chief Twit” on Friday.
He promised that the website would not turn into a “free-for-all hellscape” and announced the creation of a content moderation committee in an effort to assuage the concerns of advertisers, Twitter’s primary source of income.
According to the SEC filing, the new Musk-led organisation created as a result of the merger agreement has also offered to buy back all of Twitter’s existing bonds.
Musk, the richest man in the world, used a combination of his own money, money from other investment organisations, and loans from banks that must be repaid to finance the enormous acquisition.
Saudi Prince Al-Waleed Bin Talal is now the second-largest stakeholder in Twitter, according to another document the social media platform submitted to the SEC.
The entrepreneur finally donated the almost 35 million shares he already held after originally rejecting Musk’s offer as being too cheap in comparison to Twitter’s “intrinsic worth.”
Al-Waleed tweeted last Friday informing Elon Musk of the rollover of his shares, “Dear buddy ‘Chief Twit’ @elonmusk.”
With an emoji of two shaking hands, he wrote, “Together all the way.”