A US Securities and Exchange Commission filing made by Twitter on Monday shows that before he completed his $44 billion acquisition of the company, Elon Musk dissolved the board in place and appointed himself chief executive of Twitter.
The social media platform told the Securities and Exchange Commission that Musk became the sole director of the company in accordance with the terms of the merger agreement and that Twitter’s board members will no longer serve on the board.
He also reportedly let go of some of the company’s top executives after the acquisition, including Chief Executive Officer Parag Agrawal, Chief Financial Officer Ned Segal, and the head of legal policy Vijaya Gadde.
Musk tweeted on Tuesday morning that his role as sole director is just temporary, changing his Twitter bio to “Twitter Complaint Hotline Operator” after he called himself “Chief Twit” last week.
After a six-month process, the billionaire Tesla and SpaceX CEO assumed ownership of the company last week and the disbanding of the board is among the string of changes he put in place since.
Musk announced on Friday his plans to create a content moderation council with widely diverse viewpoints that will be responsible for making most of the major content decisions, including about reinstating accounts.
Critics expressed concerns about Musk’s ownership, pointing out he might peel back content moderation policies on the platform that will lead to more hate speech and misinformation and might even allow back on the platform users who have had accounts banned in the past, including Trump.
According to the Washington Post’s report on Friday, there has been an increase in racist and antisemitic tweets on Twitter after Musk’s takeover.
Musk also informed on Monday that Twitter is revising the way it verified users who have a blue tick and with regards to speculation that the platform might impose a monthly fee potentially as high as $20, he commented that Twitter cannot rely entirely on advertisers and needs to pay the bills somehow.
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