Elon Musk is now the sole — the one and only director of his newly-acquired social media company Twitter, Inc. an SEC 8-K filing from 31st October revealed the details (PDF below).
The entire previous board of directors was fired as Musk took over the company in addition to the CEO Parag Agrawal and other top executives.
Some other Securities and Exchange Commission (SEC) filings also show that the Twitter shares held by Prince Talal Al Saud and Kingdom Holdings are now swiftly transferred to Musk’s X Holdings, Inc.
Item 5.02 of the 8-K filing (001-36164) revealed the names of the departed directors that served the Twitter board till 27th October 2022. The description reads as:
On October 27, 2022, and as a result of the consummation of the Merger, Mr. Musk became the sole director of Twitter. In accordance with the terms of the Merger Agreement, effective as of the effective time of the Merger, the following persons, who were directors of Twitter prior to the effective time of the Merger, are no longer directors of Twitter: Bret Taylor, Parag Agrawal, Omid Kordestani, David Rosenblatt, Martha Lane Fox, Patrick Pichette, Egon Durban, Fei-Fei Li, and Mimi AlemayehouTwitter SEC 8-K filing No. 001-36164
Chief Twit and Twits — A Shift in Twitter’s Management Style
As soon as Elon Musk took over Twitter, Inc. as the new owner, he changed his tagline on Twitter to Chief Twit.
Co-workers at Twitter used to call each other Tweeps but Elon Musk says they will now be called Twits. “Tweeps will be twits going forward, as the latter has vastly more gravitas,” he said.
When he was asked by one of his friends and Tesla retail investor Omar if he wants to be the CEO of Twitter for a while, “My title is Chief Twit right there in the bio. No idea who the CEO is,” Musk replied.
Musk also noted that the management culture of Twitter is not what he expected it to be. “There seem to be 10 people “managing” for every one person coding,” he said.
Tesla & SpaceX where Elon Musk is the CEO, have a different work culture that is result-oriented and based on constant innovation. Now Twitter management engineers will have to adopt the same work ethic that Elon Musk himself believes in and practices everyday.