ENJOY YOUR “DEMOCRATIC CENTRALISM,” LEFTIES: Elon Musk Ousts Twitter Board, Named Sole Director: Overhaul of nine-member board comes after billionaire completed $44 billion deal.
The board that oversaw Twitter Inc. during its tumultuous sale to Elon Musk has been dissolved, with the Tesla Inc. TSLA -0.43%decrease; red down pointing triangle chief now serving as the social-media company’s sole director.
Twitter said in a securities filing Monday that the nine members of its former board are no longer directors as of the consummation of the $44 billion merger, which closed last Thursday after six months of hand-wringing over the deal’s fate.
Mr. Musk always intended to take over as sole director under the terms of the merger agreement, according to the filing.
The San Francisco-based company’s new owner immediately fired Twitter’s top executives after the deal closed, tweeting hours later that “the bird is freed” in an apparent reference to Twitter, which has a blue bird as its logo.
The dissolution of the board was disclosed in a broader securities filing that spelled out other formalities as part of the deal closing, including repaying debt under a revolving credit agreement, a notice of delisting shares and stating that each issued share was canceled and converted into the right to receive the merger consideration of $54.20 a share.
Stay tuned. Plus: Twitter to lay off 25% of workforce in first round of job cuts.
