Elon Musk ousts Twitter board, named sole director

The board that oversaw Twitter during its sale to Elon Musk has been dissolved, with the Tesla chief now serving as the company’s sole director.

Elon Musk has has taken control of Twitter and fired its top executives and board.

The board that oversaw Twitter Inc. during its tumultuous sale to Elon Musk has been dissolved, with the Tesla Inc. 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 $US44 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.

According to the filing, each outstanding equity-based award was canceled and converted into the right to receive cash, based on how much was vested at the time.

The Wall Street Journal