The board that oversaw Twitter during its tumultuous buyout by Elon Musk has been dissolved, with the Tesla CEO now serving as the social media company’s sole director.
In a document with the Securities and Exchange Commission (SEC), Twitter announced that the nine members of its former board are no longer directors as of the consummation of the US$44 billion merger, which was closed on Thursday. last fair, after six months of doubts about the fate of the agreement.
Musk had always intended to assume the sole director role under the terms of the merger agreement, according to the document.
Following the closing of the purchase, the company’s new owner immediately fired top Twitter executives, posting hours later that “the bird is released” in an apparent reference to the social network, which has a blue bird as its logo.
The dissolution of the board was disclosed in a broader securities filing that specified other formalities as part of the closing of the deal, including repayment of debt under a revolving credit agreement, a notice of closing of shares and stating that each share issued was canceled and converted into a right to receive the merger consideration of $54.20 per share.
According to the filing, each outstanding share-based award was canceled and converted into the right to receive cash, based on how much was acquired at the time.