Elon Musk became the sole director of Twitter after it was completed $44 billion purchase Documents filed Monday with the US Securities and Exchange Commission (SEC) showed the social networking site and the dissolution of the company’s board of directors.
The documents indicate that the “conclusion of the merger” occurred on October 27, at which time “Musk became the sole director of Twitter,” while the entire board of directors, including CEO Parag Agrawal, was let go.
When he made the initial takeover bid in April, Musk — also the CEO of Tesla and SpaceX — stated he intended to divest. Twitter from the public market, and then fewer public disclosures will be required.
When the unpredictable billionaire tried to walk away from the deal, Twitter sued Musk in a Delaware court.
But with an October trial looming, Musk revived the deal in early October, finally closing the acquisition at $54.20 a share last week.
After changing his Twitter bio to “Chief Twit,” Musk reportedly worked over the weekend with software engineers from Tesla to look under the social media giant’s hood, as well as plan mass layoffs.
He tried to calm the nerves of advertisers, Twitter’s main source of revenue, by assuring them that the site would not become a “free-for-all” site, and announced the formation of the Content Management Council.
The new Musk-led entity formed under the merger agreement also offered to buy back all of Twitter’s outstanding securities, according to an SEC filing.
Musk, the richest person in the world, financed the mega deal with a combination of his own money, money from other investment groups, and loans from banks that would have to be repaid.
According to another Twitter document filed with the Securities and Exchange Commission, Saudi Prince Al-Waleed bin Talal became the site’s second largest shareholder.
The businessman, who initially dismissed Musk’s bid as too low compared to Twitter’s “intrinsic value,” eventually contributed about 35 million shares he already owned.
“Dear friend, ‘Chief Twit’elonmusk,” Alwaleed wrote on Twitter last Friday, with a statement announcing the trading of his shares.
“Together all the way,” he added, with an emoji of shaking hands.