'Chief Twit' Elon Musk named sole director of Twitter, dissolves entire board

After closing the $USD 44 billion twitter acquisition deal last week and taking control of the micro-blogging platform, Tesla Chief Elon Musk on October 31, dissolved the board and became the sole director of the micro-blogging company.

Notably, the dissolution of the board of directors is a major step as Twitter's board members which included Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pechette, Egon Durban, Fei-Fei Li, and Mimi Alemayehou will now no longer serve on the board.

As per reports, the Tesla chief became the sole director of the company ''in accordance with the terms of the Merger Agreement,'' the company informed the Securities and Exchange Commission (SEC).

Earlier this week, Musk arrived at the Twitter headquarters carrying a sink, and said on Twitter, saying "Entering Twitter HQ - let that sink in!" and also updated his Twitter description to "Chief Twit."

On October 27, after becoming the popular micro-blogging platform Twitter's new owner, Elon Musk fired CEO Parag Agrawal, including two other top executives.

The two other top executives who face the brunt are Chief Financial Officer Ned Segal and legal affairs and policy chief Vijaya Gadde. 

Reportedly, Twitter employees have also been told that he will not lay off 75 per cent of the employees as earlier there were reports that Musk would lay off 75 per cent or 5,600 employees from Twitter employees.

It is worth mentioning that with this development, the ongoing dispute between Musk and Twitter for the last several months has also ended. 

Earlier, the Tesla chief had offered $44 billion to buy Twitter, but later he backed out of it following which Twitter dragged him to court.