Elon Musk, the richest man in the world and "Chief Twit" of Twitter Inc., announced on Monday in an SEC filing that he will lead Twitter. Along with serving as the CEO of the largest EV company, Tesla, the brain-chip startup Neuralink, the tunnelling company The Boring Company, and the rocket company SpaceX, Musk will also assume this position.
Musk stated that he has dismissed Twitter's entire board of directors and is now the only director of the social media behemoth in another filing on Monday.
Musk in the SEC filing said, "The following persons, who were directors of Twitter prior to the effective time of the merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou."
"This is just temporary," Musk said in response to a tweet that announced the file was made public and garnered media attention.
The action was taken three days after he successfully acquired Twitter for $44 billion. Musk's first order of business was to remove Twitter's senior executives, including its CEO of Indian descent, Parag Agrawal, and its legal director, Vijaya Gadde.
After officially taking over the company, Elon Musk recently fired several high-ranking Twitter employees, including former CEO Parag Agrawal and legal director Vijaya Gadde. It appears that the new owner has discovered a method to avoid paying severance and other prizes, even though Musk would be obligated to pay over $100 million to ousted officials as part of their separation contract, according to Twitter's filing with the US SEC. In an apparent effort to avoid paying severance and exercising unvested stock awards, Musk fired key Twitter executives, including Agrawal and Gadde, "for reason," according to a recent article.
It's interesting to note that, according to previous sources, Musk refuted a story that he might lay off more Twitter staff prior to November 1 in order to avoid paying the stock grants to laid off employees. He tweeted about Twitter's disorganised organisational structure at the same time, suggesting that he could be reorganising teams shortly. A portion of the Twitter workforce may lose their employment as a result of the restructuring process.