Elon Musk fires Twitter board, making him sole director | Business and economy

Elon Musk fires Twitter board, making him sole director | Business and economy

A Tesla executive has become the sole director of the social media giant after finalizing a $44 billion takeover.

Elon Musk has fired Twitter’s board of directors, giving himself unfettered control over the social media giant, according to a company filing.

Musk subsequently became the “sole director” of Twitter finalizing its $44 billion takeover of the company last weekaccording to documents filed with the US Securities and Exchange Commission (SEC) on Monday.

Tesla’s CEO tweeted later Monday that the arrangement would be “temporary” without elaborating.

Musk, who also runs spaceflight company SpaceX and neurotechnology startup Neuralink, began his tenure at the company on Thursday by firing top management, including Chief Executive Officer Parag Agrawal and Chief Financial Officer Ned Segal.

Musk also offered to buy back all of Twitter’s outstanding bonds, according to the SEC filing.

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

A separate SEC filing showed that Saudi Prince Alwaleed bin Talal has become Twitter’s second largest shareholder.

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

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

Musk, a self-described “free speech absolutist,” criticized Twitter’s moderation policy and accused the company of being biased toward left-wing views.

While Musk has yet to spell out his exact plans for the platform, he is expected to relax moderation rules and cut a significant portion of the company’s workforce.

While acknowledging that Twitter cannot be a “free hell,” Musk stressed the need for a “common digital town square” where a wide range of opinions can be expressed and debated.

Musk, who has expressed discomfort with Twitter’s reliance on advertising, has also hinted at an interest in requiring users to pay for a blue tick used to verify featured accounts and offering different versions of the platform based on a movie-like rating system.

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