Elon Musk Names Twitter ‘Sole CEO’ After Disbanding Board, Plans to Cut Only 25% of Workers

Elon Musk has dissolved the board of directors of Twittercomposed of nine people, and at the same time named as “sole director” social networks.

According to a recently released document filed with the Securities and Exchange Commission (SEC), after the acquisition is completed on October 27, 2022, those who were directors of Twitter, they ceased to be.

The list of now former directors includes Parag Agrawal, former CEO, as well as Bret Taylor, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li and Mimi Alemayehou.” added to those already thrown out Ned Segal, CFO, Vijaya Gadde Legal Director and Sean Edgett, General Counsel.

As reported by the The New York Timesmost likely Musk will appoint now a new board made up of friends and investors who helped finance the acquisition, and will be responsible for charting the company’s trajectory as a private company after it ceases to be listed on the New York Stock Exchange.

The movement has already been announced several times

In addition to revealing the tycoon’s next step after buying the social network, Reuters has reported that Musk now intends to fire only a quarter of the workforce as part of the first round of layoffs. This means that Twitter, with more than 7,000 employees at the end of 2021, will be without approximately 2,000 workers.

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Image: Alexander Shatov on Unsplash

Recall that Musk himself denied the report of New York times, where it was mentioned that the layoffs of staff would be completed before November 1 to avoid giving bonuses to their actions, however, the clip topic has never been removed discussions.

In June 2022, this issue was already discussed at a meeting of the tycoon with the company’s employees, saying that there is a need to “meal” number of employees, facing better financial health and reduced costs.

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