Elon Musk fired Twitter’s board, making himself the sole director | Business and Economy


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The CEO of Tesla has become the sole manager of the social media giant after completing a $44 billion acquisition.

Elon Musk has fired Twitter’s board of directors, giving himself unrestricted control of the social media giant, according to one company.

Musk became the “sole director” of Twitter after completing his $44 billion acquisition of the company last week, according to documents filed with the U.S. Securities and Exchange Commission (SEC) on Monday.

The Tesla CEO tweeted later on Monday that the arrangement would be “temporary,” without further details.

Musk, who also runs spaceflight company SpaceX and neurotech startup Neuralink, kicked off his tenure at the company on Thursday by firing senior leadership, including CEO Parag Agrawal and chief financial officer Ned Segal.

Musk also offered to buy back all of Twitter’s outstanding bonds, according to a Securities and Exchange Commission filing.

Musk, the world’s richest person, completed the purchase of the company through a combination of his own wealth, investment funds and bank loans.

A separate request from the Securities and Exchange Commission showed that Saudi Prince Al-Waleed bin Talal has become the second largest shareholder in Twitter.

Chris Murphy, a Democrat from Connecticut, said he would ask the Committee on Foreign Investment to study the national security implications of Saudi Arabia’s investment in the platform.

Musk’s takeover of the influential social network has sparked an intense debate about the balance between freedom of expression and protecting vulnerable groups from harm online.

Musk, who described himself as an “absolute of free speech,” criticized Twitter’s moderation policies and accused the company of bias toward left-wing views.

Although Musk did not elaborate on his exact plans for the platform, it is widely expected that he will relax the rules of moderation and cut a significant portion of the company’s workforce.

While Musk acknowledged that Twitter cannot be a “free arena for all,” he stressed the need for a “common digital city arena” where a wide range of viewpoints can be expressed and discussed.

Musk, who has expressed unease with Twitter’s reliance on ads, has indicated his interest in requiring users to pay for the blue check mark used to verify high profile accounts and to offer different versions of the platform based on a movie-like rating system.

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