Posted on 10/31/2022 12:31:34 PM PDT by simpson96
Elon Musk has dissolved Twitter’s board of directors and appointed himself the company’s “sole director,” according to a Monday securities filing.
Immediately after completing his $44 billion acquisition of Twitter on Thursday, Musk fired several senior executives, including CEO Parag Agrawal. The board included nine directors.
Musk’s move is the latest in a series of overhauls he is planning on implementing.
(Excerpt) Read more at nationalreview.com ...
I believe he rents a house somewhere near Austin.
That is what he said during his last Joe Rogan interview. He would rather spend his time getting to Mars than building a house.
If you want to get something done, give it to a busy man.
Yep
Swamp is now draining.
SpaceX is being run by Gwynne Shotwell, and she is focussed on making SpaceX successful. Elon Musk does not have to spend too much time on SpaceX. He appoints talented people to get work done in his absence.
The guy owns the company. He can do whatever he wants.
All of the employees and users should thank the shareholders. Those are the guys who sold them down the diver.
That’s not how government works. In fact, there were laws passed to prevent that exact thing from happening.
The problem with this type of thinking is that the end result will always come up short.
Is it wrong to just chortle with satisfaction over this? 😉
Boards of Directors exist to represent the interests of the shareholders, appoint the top executives and hold them accountable to the shareholders. It’s why I object to CEOs also being chairman of the board, it’s a clear conflict of interest. But that’s another story.
Bottom line: there are no shareholders now. Just Musk. Arguably his financiers too, depending on the terms of the loans. There is no need for a board of directors, they cannot direct him and hence they are a waste. So he dismissed them.
I think they really believed he couldn’t get the deal funded and they would get the breakup fee if they pushed.
yup, they got what they wanted... 8^)
The people who seem to be squealing loudest about this are the same ones who used to preach at us, “Change is Good!” You just can’t please these folks...
His financiers include Larry Ellison to the tune of $7.14 billion. Also former chief Jack Dorsey, a Saudi Prince billionaire, and others. No board of shareholders necessary, he has financiers who can help direct the company. Musk supposedly has mentioned taking the company public again in a few years.
Good. They were a bunch of leftists for the most part.
He owns it, there is no need of a board.
Love to see Elon ask Trump to go with him through Twitter HQ and stop by the executive offices and have Trump stick his head in the door and utter “You’re Fired” and then move to the next door. hahaha
Hope not cuz I think it’s hilariously schadenfreudish !
Last year there was a story that he owns a house near SpaceX that he lives in while on-site.
Evidence at the time pointed to 26 Weems St.
That was set to happen in the takeover agreement. It is only the media that is surprised by it. The directors themselves knew what the agreement said and that their departure was at Musk’s call, whenever he chose to announce it.
I thought Twitter is a public company
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