Elon Musk dissolves Twitter’s board of directors

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Elon Musk has dissolved ’s board of directors, effectively ceding control of the company to him.

The billionaire took over the social media company last week, putting an end to months of wrangling over the $44 billion deal.

He has quickly made his mark on the service, which is used by politicians and journalists all over the world.

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Changes to how Twitter verifies accounts, as well as job cuts, are among the reforms he is considering.

Read Also Elon Musk says Twitter will have a “content moderation council” to review cases of banned accounts

According to the Washington Post, the first round of layoffs could affect 25% of the company’s workforce.

Twitter did not respond to the BBC’s request for comment on the report.

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Top executives have already been fired as Mr Musk brings in high-profile allies.

Jason Calacanis, a tech investor who changed his Twitter bio to “chief meme officer,” said he was “hanging out at Twitter a bit… during the transition.”

He used the social media site to solicit feedback on a variety of topics ranging from advertising to video.

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He also inquired as to how much people would pay to be verified, following reports that Twitter may charge users $20 per month to maintain the blue ticks that indicate verified accounts.

Mr Elon Musk, the , has changed his bio on the social media platform to “Chief Twit.

According to a filing with the US Securities and Exchange Commission on Monday, he is now the sole director of Twitter.

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Former chairman of the board Bret Taylor and former CEO Parag Agrawal are among the nine directors who have been fired.

Baroness When approached by the BBC, Martha Lane Fox, the current president of the British Chambers of Commerce and one of the board members who will be removed under the merger agreement, declined to comment.

National-security issue’.

Mr Musk’s takeover has drawn widespread scrutiny, as he signals plans to overhaul how Twitter has moderated the spread of information on its platform, including from sources such as state media, politicians and celebrities.

Mr Musk said the company would create a new council to govern those decisions and that no changes would occur yet.

On Monday, Senator Chris Murphy, a Democrat, said that he had asked the government to review the national security implications of the deal, given the large stake in the company held by firms tied to , which has an increasingly tense relationship with the US.

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“We should be concerned that the Saudis, who have a clear interest in repressing political speech and impacting US politics, are now the second-largest owner of a major social media platform,” Mr Murphy wrote on Twitter.

“There is a clear national-security issue at stake and CFIUS [the Committee on Foreign Investment in the United States] should do a review.”

Mr Musk financed his takeover with his own money, a group of other investors and roughly $13bn in debt financing.

Analysts say that the increase in debt is likely to constrain the firm, which has struggled to expand its user base and not turned a profit in years.

Together, Prince Alwaleed bin Talal bin Abdulaziz Al Saud and the Kingdom Holding Company are the second largest investor in the newly private company, according to a filing with the US government.

Prince Alwaleed, who was a major Twitter investor before the Musk deal, has tweeted the stake aligns with Kingdom Holding Company’s “long-term investment strategy”.

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