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Elon Musk consolidated his control of Twitter on Monday after the entire board was dismissed.
Musk, 51, completed his purchase of Twitter last week for US$44 billion and immediately started molding the company to his liking. One of the first steps he took was to fire four of the most senior executives of the company, including Parag Agrawal, the chief executive officer. Calling himself Chief Twit, Musk plans to effectively run the company himself in the immediate term, people familiar with his plans have said.
On Monday, Musk became the sole director of the social media company after the removal of all nine other board members, in accordance with the terms of the merger agreement, according to a securities filing. It wasn’t clear who Musk would nominate to fill the board. At the other companies he runs, including Tesla Inc., the boards are packed with Musk loyalists. His brother Kimbal Musk, is a board member at Tesla, for example.
As a result of the closing of the merger, Twitter will purchase outstanding 3,875 percent senior notes due 2027 and 5 percent senior notes due 2030 at an offer price of 101 percent of principal plus accrued and unpaid interest, according to the filing. T
The bond agreements required Twitter to offer to buy back its debt in the event of a change in control of the company. Musk has also asked a judge to dismiss a lawsuit over his attempt to pull out of the acquisition now that the deal has closed. – Bloomberg
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